Test 7 Flashcards
1
Q
- What are the two parties to a contract called? ____________________________
A
offeror offeree
2
Q
- A contract is a ____________________________________________________.
A
legally enforceable agreement
3
Q
- UCC stands for ___________________________________________________.
A
Uniform Commercial Code
4
Q
- All contracts must have four elements: _______________________________
A
Agreement, Consideration, Capacity, lawful object
5
Q
- A failure to preform under a contract is a __________________________.
A
a breach of contract
6
Q
- Consideration is a _____________________________________________________.
A
Bargained-for exchange
7
Q
- Why aren’t gratuitous promises enforceable? ________________________________.
A
they lack consideration
8
Q
- What is one way in which an offer is terminated? ______________________________.
A
offeree makes counter offer
9
Q
- The 3 kinds of contracts covered by the statute of frauds are: _______________________ _____________________________, and ___________________________________.
A
Purchase of land, Purchase of goods $500 or more, Contracts that can not be completed in 1 year
10
Q
- What is required if the contract is covered by the statute of frauds? __________________ ________________________________________________________________________
A
Contract must be in writing
11
Q
- A contract, the terms of which are either written or oral, is called an _______________________________.
A
express
12
Q
- A ____________________________ occurs when a spouse who owns a home as separate property dies, leaving behind another spouse who wants to continue to live in the house.
A
life estate
13
Q
- In Texas, what adjective precedes the word “Executor” in a will? __________________________________.
A
Independent
14
Q
- What does that mean? ______________________________________________________
A
Free from oversight from the court
15
Q
- What kind of trust is created if there is a minor child who cannot inherit money until the age of 18? ______________________________________________
A
contingent
16
Q
- What is the last page that’s attached to a will called? _______________________________________________
A
self proving affidavit
17
Q
- MPOA stands for _____________________________________________________.
A
Medical Power of Attorney
18
Q
- To give someone the power to make financial decisions for you, you execute a ________________________________________________________________.
A
durable power of attorney
19
Q
- In Texas, ___ witnesses must sign the will and they must be at least _____ years of age.
A
2 14
20
Q
- What is an “in terrorem” clause? ______________________________
A
a no contest clause
21
Q
- A provision in a will that indicates that a beneficiary cannot grant his interest in a future inheritance to a creditor is called a ______________________________________.
A
spendthrift provision
22
Q
- If a person dies without a will, that person is said to have died ____________________.
A
intestate
