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MA Salesperson Exam Module 6: Contracts and Contracts in Practice Study Guide Solutions
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MA Salesperson Exam Module 6: Contracts and Contracts in Practice Study Guide Solutions contract - ANSWER-legally binding agreements between two or more parties (natural or legal persons) perform - ANSWER-do what you legally promised in the contract essentials of a contract - ANSWER-offer and ...

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  • November 4, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ma salesperson exam module 6 contracts and contra

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  • MA Salesperson
  • MA Salesperson

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




MA Salesperson Exam Module 6: Contracts and

Contracts in Practice Study Guide Solutions


contract - ANSWER✔✔-legally binding agreements between two or more parties (natural or legal

persons)


perform - ANSWER✔✔-do what you legally promised in the contract


essentials of a contract - ANSWER✔✔-offer and acceptance, consideration, legal object, reality of

consent and competence


offer and accpetance - ANSWER✔✔-(meeting of the minds, mutual agreement, mutual assent) as

evidences by signatures or action (making or accepting payment)


consideration - ANSWER✔✔-anything of value exchanged between the parties


valuable consideration - ANSWER✔✔-money


good consideration - ANSWER✔✔-anything besides money deemed valuable, goods or services


legal object - ANSWER✔✔-the purpose of the contract must be legal


reality of consent and competence - ANSWER✔✔-consent, fraud, undue influence, duress, competence


consent - ANSWER✔✔-freedom from misrepresentation


misrepresentation - ANSWER✔✔-misstatement of facts without intent to deceive


fraud - ANSWER✔✔-deliberate misrepresentation


Copyright ©Stuvia International BV 2010-2024 Page 1/7

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


undue influence - ANSWER✔✔-unfair advantage over another due to the relationship between the

parties


duress - ANSWER✔✔-the threat of physical injury or any other threat


competent - ANSWER✔✔-sober, of sound mind, and of legal age or an emancipated minor


void - ANSWER✔✔-a contract that lacks offer and acceptance, consideration, or legal object


voidable - ANSWER✔✔--intended to be contract but lacks consent and competence


-contract is valid unless party whose consent in questions requests that a court voids it


unenforceable - ANSWER✔✔-a valid contract that cannot be enforced because of a legal defense


statute of frauds - ANSWER✔✔-certain types of contacts, including real estate contracts must be in

writing


doctrine of laches - ANSWER✔✔-you lose your rights under the contact if you fail to assert them within a

reasonable time frame and can also be used to render a contract unenforceable (court defines

reasonable time frame)


statute of limitations - ANSWER✔✔-a hard legal limit on when you can bring a certain claim to court


Statute of Limitations in MA - ANSWER✔✔-you might have up to 20 years to file a lawsuit after someone

violates a contract depending on the type of contract


unilateral - ANSWER✔✔-one party makes a promise to do something


bilateral - ANSWER✔✔-simultaneous exchange of promises


executory contract - ANSWER✔✔-have been agreed to but not yet completed (middle of a lease)


Copyright ©Stuvia International BV 2010-2024 Page 2/7

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