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REE 4433 EXAM 2 Bailey FSU (Case Studies Test Bank).pdf
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REE 4433 EXAM 2 Bailey FSU (Case Studies Test Bank).pdf
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REE 4433 EXAM 2 Bailey FSU (CaseStudies/Test Bank)
Donna and Ray enter into an agreement whereby Donna is to purchase Hellacre.
Before closing, the house on Hellacre burns down. - D. In the absence of a provision in
the contract covering this event, the parties would be excused from performance
because the subject of the contract has been destroyed.
John assigned his right to receive a deed from Trudy to Hannah. - Hannah will be
entitled to the deed.
Consideration is a necessary element of a contract except when - the doctrine of
promissory estoppel is applicable.
Harry offers in writing to sell Lynn Blackacre. Lynn accepts, thinking that the offer refers
to Greenacre. In fact, Harry made the offer thinking that it referred to Greenacre. Either
party may rescind the contract because - both parties had a mistaken belief about a
material matter in the contract.
Builders, Inc. contracted with Allison to build her home for $200,000 in accord with
specifications stated in the contract. After Builders started construction, the price of
particular masonry block required in the contract and imported from a foreign country
skyrocketed due to an unforeseeable shortage caused by civil war. As a result, it would
,cost Builders $200,000 just to obtain the block. Which of the following is Builder's best
argument to excuse it from performance? - Commercial impracticality
Where an offer to contract is made by mail, acceptance takes place at the time - the
offeree deposits the acceptance in the mail.
On July 1, Thomas sent an offer by mail to sell Panacre to Mariah for $170,000. Mariah
received the offer and deposited the letter of acceptance in the mail on July 3. Later that
day, Thomas called Mariah and said, "I revoke my offer." - There was a contract formed
on July 3.
An offer is terminated when - the offeree makes a counteroffer.
Pamela contracts with Bronwyn to build a house. Pamela specifies in the contract that
the house is to have a fireplace. Bronwyn completes the house without a fireplace.
Pamela refuses to pay Bronwyn. In court, - Pamela will lose because Bronwyn
substantially performed and Pamela will have to pay Bronwyn the contract price less the
cost of the fireplace.
A person who is adjudicated insane - has no capacity to enter into a contract
Mr. Jones agreed to purchase Wax City, an auto detailing service, from Mr. Anderson
with a contract that was signed on April 20, with closing set for September 10. During
,the summer, sales in Wax City to plummeted, the market value of Wax City dropped
and Jones defaulted on the sales contract. Will damages be due to Anderson? - Yes,
Anderson is entitled to Jones's earnest money and the difference between the purchase
price and the market price.
Which of the following is not needed to satisfy the Statute of Frauds? - Proof of
marketable title
The parol evidence rule - does not exclude the introduction of evidence of a subsequent
agreement that alters the previous writing.
The writing that contains essential terms in satisfaction of the statute of frauds is
referred to as the - memorandum.
The date the buyer is entitled to possession of the real property is - governed by the
contract.
Mills was old. He contacted the Handbergs and orally agreed to will his farm to them if
they moved in with him and took care of him and the farm. They did. The Handbergs are
- entitled to the property because of the part performance doctrine.
Some states prevent a real estate broker from drafting a purchase contract because it -
constitutes the practice of law.
, When a general warranty deed is used in a real estate transaction, the seller warrants
that the property is free and clear of encumbrances through - personal warranty.
If the parties to a contract agree within the contract that time is of the essence, - a day's
delay on the part of a party would be deemed a breach of contract.
The Statute of Frauds requires that - certain contracts be evidenced by a writing.
Under the seller assist program - in a conventional loan the seller is limited to paying
3% of the buyer's closing costs
Which of the following activities demonstrates a broker's responsibility for being the
procuring cause of a sale? - Introducing the buyer and seller
Foster is the agent for the seller of a large home that has been in one family for 50
years. Foster noticed that the roof of the sun porch leaked during an unusually heavy
storm. The owners reacted with surprise, noting that it had never happened before.
What is TRUE about Foster's liability in this situation? - Foster is responsible for having
the leak repaired
A real estate sales associate - is an employee, as he or she is required by law to be
associated with a broker.
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