Section 4 mini quizzes chapter 1

Which of the following is an example of a termination of a contract by operation of law...? A buyer has entered into a contract to purchase a commercial property but the city has now rezoned the property as residential The property was substantially damaged in a fire The buyer could not obtain financing to purchase the property The parties agreed to terminate the contract

A Buyer has entered into a contract to purchase a commercial property but the city has now rezoned the property as residential

Which of the following is an example of a bilateral contract...? Listing contract Sales contract Independent contractor agreement All of the above

All of the above

Which of the following is an example of a termination of a contract...? Substantial performance Partial performance Impossibility of performance All of the above

All of the above

Which of the following is an example of consideration...? Money Personal services Cash All of the above

All of the above

Which of the following may be used as an alternative to novation...? Transfer the existing contract Discharge the existing contract Amend the existing contract None of the above

Amend the existing contract

A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as a/an...? Assignment Amendment Novation Bulletin

Assignment

A valid contract must be .......... and enforceable? Binding Waived Notarized Recorded

Binding

A violation of any of the terms or conditions of a contract without legal reason leads to a/an...? Assignment of contract Breach of contract Amendment of contract Novation of contract

Breach of contract

An assignment can occur when a contract is...? Executory Executed Void Enforced

Executory

Which of the following real estate contracts does not have to be in-writing...? Real estate sales contract Leases under one year Listing contracts All real estate contracts must be in writing

Leases under one year

In order to be considered a competent party, an individual must be of the age of the...? Majority Minority Other party None of the above

Majority

If one of the parties to a contract does not voluntarily agree to the contract, this element of a valid contract is violated...? Mutual agreement Consideration Competent parties Lawful objective

Mutual Agreement

A contract in which there is fraud by either commission or omission is voidable by the...? Either the non-fraudulent or fraudulent party Fraudulent party The contract is not voidable Non-fraudulent party

Non-fraudulent party

Which of the following is an example of a forbearance contract...? Listing contract Options contract Sales contract All of the above

Options contract

The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? Consideration Novation Performance Void

Performance

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 Frauds Statute of Limitations Statute of Contracts Statute of Records

Statute of Frauds

A law establishing the time period within which certain lawsuits may be brought is known as the...? Statute of frauds Statute of law Statute of limitations Statute of contracts

Statute of limitations

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, it is referred to as a...? Unilateral contract Bilateral contract Void contract Exclusive contract

Unilateral Contract

A contract that is missing one or more of the elements of a valid contract is considered...? Enforceable Executed Expired Void

Void

To have no force or effect is referred to as a .......... contract? Void Valid Enforceable Executed

Void

That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract? Unenforceable Voidable Executed Expired

Voidable

A contract in which one of the parties is a minor is considered a...? Void contract Executed contract Voidable contract Waived contract

Voidable contract

A contract in which each party promises to do something is referred to as a...? Unilateral contract Bilateral contract Void contract Exclusive contract

bilateral Contract

The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties is known as...? Amendment Bulletin Novation Assignment

novation

An options contract is an example of a/an...? Unilateral contract Bilateral contract Void contract Unenforceable contract

unilateral contract