Texas Law of Contracts - Chapter 3

Unilateral

A .................. contract exists when one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it? Unilateral Bilateral Executed Void

Statute of Frauds

A State law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as the...? Statute of Limitations Statute of Contracts Statute of Frauds Statute of Agency

Executory contract

A contract in which something remains to be done by one or both of the parties is considered a/an...? Executory contract Executed contract Void contract Open contract

Valid

A contract that is legally sufficient and authorized by law is considered...? Valid Void Unenforceable Formal

Contract

A legally enforceable agreement to do, or not to do something is called a/an...? Option Deed Contract Statement

All of the above

A valid contract must include which of the following...? Legal purpose All of the above Offer and acceptance Consideration

Minor

A voidable contract is typically used by a...? Minor Adult Buyer Seller

Bilateral contract

An independent contractor agreement is considered what type of contract...? Unilateral contract Implied contract Bilateral contract Void contract

Option

An irrevocable right to buy a property at an agreed upon price is called a/an...? Option Lease Purchase contract Listing contract

Performance

If a contract requires a party to do something, it is referred to as...? Forbearance Closing Consideration Performance

Voidable

That which is capable of being adjusted void, but is not unless action is taken to make it so is considered...? Express Implied Voidable Executed

Express contract

A contract that has been put into words, either spoken or written is considered a/an...? Express contract Implied contract Dual contract Void contract

Bilateral contract

A written listing agreement between a broker and his/her principal is considered what type of contract...? Unilateral contract Bilateral contract Implied contract Void contract

Implied contract

An agreement that has not been put into words, but is implied by the actions of the parties is considered a/an...? Express contract Implied contract Dual contract Void contract

Police power

The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public is known as...? Police power Escheat Eminent domain Taxation

Open listing

Which of the following is an example of a unilateral contract...? Open listing Exclusive right to sell agreement Net listing Exclusive agency agreement

All of the above

Which of the following is considered a bilateral contract...? Net listing agreement All of the above Sales contract Exclusive right to sell agreement

Void

A contract that does not have force or effect is considered...? Valid Void Executed Formal

Forbearance

If a contract requires a party to not do something, it is referred to as...? Performance Forbearance Blocking Consideration