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LAW OF CONTRACTS CHAMPIONS EXAM, PRACTICE EXAM AND STUDY GUIDE EXAM QUESTIONS and ANSWERS
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LAW OF CONTRACTS CHAMPIONS EXAM, PRACTICE EXAM AND STUDY GUIDE EXAM QUESTIONS and ANSWERS
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LAW OF CONTRACTS CHAMPIONS EXAM, PRACTICE EXAM AND STUDYGUIDE EXAM 2024-2025 QUESTIONS and ANSWERS
The rights that extend above the surface of land without limitation are known as rights.
(a) improvement
(b) subsurface
(c) surface
(d) air - ANSWER--(d) air
are man-made additions to the land that are permanent and considered to become part
of the land.
(a) Surface rights
(b) Improvements
(c) Fixtures
(d) Personal properties - ANSWER--(b) Improvements
Another name for personal property is .
(a) Furniture
(b) Fixutre
(c) Subsurface rights
(d) Personalty - ANSWER--(d) Personalty
In order to comply with the , contracts for the conveyance of an interest in real estate or
leases for a term of more than one year must be in writing.
a. SAFE Act
b. Statute of Frauds
,c. Statue of Limitations
d. RESPA - ANSWER--b. Statute of Frauds
A unilateral contract is said to lack .
a. Mutuality
b. Fairness
c. Agreement
d. Signatures - ANSWER--a. Mutuality
Contracts with a person who lacks mental capacity can be either void or
a. Implied
b. Unilateral
c. Voidable
d. Express - ANSWER--c. Voidable
is often referred to as a meeting of the minds.
(a) A contract
(b) Mutual consent
(c) Consideration
(d) An offer - ANSWER--(b) Mutual consent
is defined as something given in exchange for a promise.
(a) Agreement
,(b) Consideration
(c) Mutual assent
(d) Competent parties - ANSWER--(b) Consideration
Which of the following occurs when a new contract is substituted for an existing one?
(a) Switch
(b) Breach of contract
(c) Assignment
(d) Novation - ANSWER--(d) Novation
A is also known as an option contract where only one party is obligated to perform.
(a) A bilateral contract
(b) Binding on both parties
(c) A unilateral contract
(d) Illegal in Texas - ANSWER--(c) A unilateral contract
Which of the following is not a requirement of a valid contract?
(a) Mutual consent
(b) Consideration
(c) Earnest Money
(d) Legal purpose - ANSWER--(c) Earnest Money
ll of the land in the U.S. is held under the system.
(a) Feudal
(b) Freedom
, (c) Statutory
(d) Allodial - ANSWER--(d) Allodial
Pur autre vie is:
(a) Based on the lifespan of the life tenant
(b) A type of freehold estate
(c) Based on the life of another
(d) Both b. and c. - ANSWER--(d) Both b. and c.
In many states, recognized statutory estates include .
(a) community property
(b) riparian right
(c) reservation
(d) encroachment - ANSWER--(a) community property
The main reason(s) for homestead laws include(s):
(a) Preventing the foreclosure of the homestead under any circumstances
(b) Protection of a creditor's interests in a debtor's property
(c) Prevention of the forced sale of a home by creditors
(d) All of these are correct - ANSWER--(b) Protection of a creditor's interests in a debtor's
property
The is an employment contract.
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