Louisiana 45-Hour Salesperson Post-License Course Questions with Correct answers
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Course
LA. POST Certification
Institution
LA. POST Certification
Obligation Correct Answer-A legal relationship in which a person (the obligor) becomes bound to perform in another person's (the obligee's) favor
Contract Correct Answer-An agreement between two or more parties that creates, modifies, or extinguishes obligation(s)
Synallagmatic/bilateral cont...
Louisiana 45-Hour Salesperson Post-License Course
Questions with Correct answers
Obligation Correct Answer-A legal relationship in which a person (the
obligor) becomes bound to perform in another person's (the obligee's)
favor
Contract Correct Answer-An agreement between two or more parties
that creates, modifies, or extinguishes obligation(s)
Synallagmatic/bilateral contract Correct Answer-A contract that
obligates both parties
Unilateral contract: A contract that only obligates one party
Onerous contract: Correct Answer-A contract in which each party
obtains an advantage in exchange for what he or she provides
Gratuitous contract: Correct Answer-A contract in which one party is
obligated to do something for the other's benefit, but doesn't receive
anything in return
Commutative contract: Correct Answer-A contract in which each party's
performance depends on the other party's performance
Aleatory contract Correct Answer-A contract in which performance
depends on an uncertain event
,Accessory contract: Correct Answer-A contract that's made to provide
security for the performance of an obligation
Contract of sale Correct Answer-The instrument of conveyance that
transfers title
Contract to sell Correct Answer-A purchase agreement; obligates one
party to another party
A real estate sales contract is an example of which three of these types
of contracts? Correct Answer-Synallagmatic, Commutative, Onerous
Error: Correct Answer-Error, or mutual mistake, occurs when both
parties to a contract are mistaken about the same material fact.
Fraud: Correct Answer-Fraud occurs when there's an intentional false
representation of a material fact (by words, conduct, or concealment). Its
purpose is to deceive another.
Duress: Correct Answer-Duress includes the use or threat of force, such
as blackmail or bodily harm.
Null: Correct Answer-The contract carries no legal force (the
performance hasn't been met).
,Absolutely null: Correct Answer-The contract is illegal or violates a rule
of public order.
Relatively Null Correct Answer-Fraud or unintentional
misrepresentation occurred, or one of the contract parties is a minor or
incapacitated person. The contract may only be rescinded by the person
lacking contractual capacity (e.g., the minor) or the person who was
wronged.
Valid contracts in Louisiana must contain three essential elements:
Correct Answer-legal capacity, mutual consent, and cause.
Married couples that relocate to Louisiana have one year to decide
whether they'd like to continue living under their previous state's
property rights laws. Correct Answer-True
Revocable Offers Correct Answer-Capable of being rescinded at any
point before offeree acceptance, even if a deadline for acceptance is
included in the offer
Irrevocable Offers Correct Answer-Cannot be rescinded until after the
acceptance deadline
In most states, irrevocable offers are legal. Correct Answer-False
In Louisiana, if an offer includes an acceptance deadline, it's irrevocable
until that deadline. Correct Answer-True
, If no deadline is specified, but the offeror has framed an irrevocable
offer to give the offeree a "reasonable time" to consider it, the offer is
irrevocable during that time. Correct Answer-True
Irrevocable offers are considered received as soon as they're delivered.
Correct Answer-True
Effective revocation occurs when the offeree receives the revocation
after acceptance. Correct Answer-False
A written revocation, rejection, or acceptance is considered received
when the receiver (or his authorized representative) comes into
possession of it. Correct Answer-True
Authentic Act Correct Answer-An authentic act is the official procedure
of having a notary and two witnesses (in addition to the parties to the
transaction) sign a written sale document. The transfer is effective for
third parties once the sale is recorded in the parish in which the
property's located.
Act under Private Signature Correct Answer-This occurs when a party
signs a document without the full panel—notary and witnesses—present.
If the party later, in front of a notary or court officer, acknowledges the
signature as valid (known as an act under private signature duly
acknowledged), it can pass. This practice is rare and can't always be
substituted for a full authentic act.
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