section 8 unit 3: Contract Modifications and Electronic Signatures in South Carolina

What is the full name of South Carolina's version of UETA, which was enacted in July of 2004? a. South Carolina's Electronic Statute Article b. South Carolina's Electronic Transmission Act c. South Carolina's Escalation Signature Process d. South Carolina's Uniform Electronic Transactions Act

d. South Carolina's Uniform Electronic Transactions Act

Which three transactions aren't covered by the Uniform Electronic Transactions Act? a. An order for prescription drugs b. A law governing the creation and execution of wills, codicils, or testamentary trusts. c. The cancellation or termination of utility services (including water, heat, and power) d. contracts and lease agreements

a. An order for prescription drugs b. A law governing the creation and execution of wills, codicils, or testamentary trusts. c. The cancellation or termination of utility services (including water, heat, and power) These three types of transactions are all exceptions to South Carolina's Uniform Electronic Transactions Act.

Which two documents constitute a contract between the buyer and the seller? a. The agreement of sale, as signed by the parties b. Any associated addenda signed by the parties c. The signed agency agreement

a. The agreement of sale, as signed by the parties b. Any associated addenda signed by the parties A signed sales contract and any signed associated amendments or addenda constitute the contract between buyer and seller.

______ was enacted to give electronic signatures, records, and contracts legal recognition equal to that of paper records and signatures. a. The federal Uniform Electronic Transactions Act b. The National Real Estate License Act c. the statue of frauds d. the statue of limitations

a. The federal Uniform Electronic Transactions Act

Your buyer, Billy, wants to make an offer on the craftsman house he saw today, but he wants the sellers to start the paperwork for a tax reassessment before closing. This isn't part of the standard sales contract in your area. What will you use to accomplish this request? a. addendum b. amendment c. annotation d. appendix

a. addendum

Changes the original terms of the sales contract a. amendment b. addendum

a. amendment

South Carolina enacted its version of UETA in July of 2004. a. true b. false

a. true

South Carolina's Uniform Electronic Transactions Act requires consumer consent for electronic records and signatures to be used and considered valid. a. true b. false

a. true

The E-Sign Act requires the consumer's consent for electronic records and signatures to be used and considered valid. a. true b. false

a. true

The use of electronic transmission and signatures with real estate contracts is supported by both federal and state law. a. true b. false

a. true

Does the electronic transmission of a sales contract constitute agreement acceptance if signed by all parties? a. yes b. no

a. yes Electronic transmission of the contract, if signed by all parties, constitutes acceptance of the agreement.

A change to an existing document a. amendment b. addendum

amendment

Your client, Tim, has owned his house for more than 30 years. He wants to sell it and buy a condo in Hawaii. Electronic signatures will be used throughout the sale to help expedite the process, while Tim's traveling back and forth. Tim knows this will make things easier, but he's used to having an original signed document, and is worried about conducting the sale of his home using electronic signatures. you should tell him: a. Electronic signatures may not be legal. We should probably meet to sign everything in person. b. Federal and state law allow the use of electronic signatures. Provided we follow protocol, an electronic record can be retained as the original document.

b. Federal and state law allow the use of electronic signatures. Provided we follow protocol, an electronic record can be retained as the original document. Tim knows you're on the ball. You addressed his concern, and signing documents electronically will be a huge time saver. Be sure to get his written permission to utilize electronic signatures. You can obtain this in person or electronically.

Which of the following statements about electronic transmission and the sales contract is true? a. Although the electronic transmission of some real estate documents is allowed, this does not include the sales contract. b. If signed by all parties, the electronic transmission of the sales contract constitutes acceptance of the agreement. c. Only electronic transmission of the buyer's initial offer is acceptable. d. Only the seller has to consent to the use of electronic transmission in a sales contract.

b. If signed by all parties, the electronic transmission of the sales contract constitutes acceptance of the agreement.

An addition to an existing document a. amendment b. addendum

b. addendum

May be added without changing the other terms already agreed to in the sales contract a. amendment b. addendum

b. addendum

Although electronic contracting is supported by law, it's expensive and time-consuming, and should only be used on rare occasions. a. true b. false

b. false

Under South Carolina law, electronic transmission of addenda and amendments to the agreement of sale is not allowed. a. true b. false

b. false