Course 3: Texas Law of Contracts: Chapter 3

LISTING CONTRACT

A contract in which a property owner employs a real estate broker to market the property described in the contract.

Executory contract

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

EXECUTED CONTRACT

A contract that has been fully performed.

Minor

A voidable contract is typically used by a ...?

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...?

Consideration

Anything given or promised by a party to include another to enter into a contract is called....?

VALID

Having force, or binding force; legally sufficient and authorized by law.

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 ..?

Executed Contract

A contract that has been fully performed is considered a/an....?

EXPRESS CONTRACT

A contract that has been put into words, either spoken or written.

CONTRACT

A legally enforceable agreement to do, or not to do something

Contract

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

All of the above Consideration Offer and acceptance Legal purpose

A valid contract must include which of the following...?

IMPLIED CONTRACT

An agreement that has not been put into words, but is implied by the actions of the parties

Bilateral Contract

An independent contractor agreement is considered what type of contract...?

OPTION

An irrevocable right to buy a property at an agreed upon price

Option

An irrevocable right to buy a property at an agreed upon price is called a/an...?

CONSIDERATION

Anything given or promised by a party to include another to enter into a contract, e.g., personal services or even love and affection. It may be a benefit conferred upon one party or a detriment suffered by the other.

yes because both parties would have agreed and thus there would have been consideration

If buyer Kyle would have agreed to give seller george his prized possession and $50,000 in cash, would the contract still be valid?

no because earnest and option monies are not a requirement for a valid contract

Since Buyer Kyle did not discuss anything about earnest money and/or option monies, could Seller George come back and void the contract?

VOIDABLE

That which is capable of being adjusted void, but is not unless action is taken to make it so.

VOID

To have no force or effect; that which is unenforceable.

ASSIGNMENT

a transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract.

BREACH OF CONTRACT

a violation of the terms or conditions of a contract without a legal excuse

RESCISSION OF CONTRACT

the abrogation or annulling of contract; the revocation or repealing of contract by mutual consent by parties to the contract, or for cause by either party to the contract

NOVATION

the substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties

STATUTE OF FRAUDS

A State law, based on an Old English statute, requiring certain contracts to be in writing and signed before they will be enforceable at law, e.g. contracts for the sale of real property, contracts not be performed within one year.

BILATERAL CONTRACT

A contract in which each party promises to do something

EXECUTORY CONTRACT

A contract in which something remains to be done by one or both of the parties.

Neither a or b a: incompetent clause b: consideration clause

If Seller George were over 65 years of age and was going into a retirement home, he could void the contract under which legal reasoning?

Performance

If a contract requires a party to do something, it is referred to as..?

UNILATERAL CONTRACT

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; the contract is formed only if the other party does perform the requested act.

All of the above Sales Contract Net listing agreement Exclusive right to sell agreement

Which of the following is considered a bilateral contract...?