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Law of Contracts Champions Study Guide Questions and Complete Solutions Graded A+
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Law of Contracts Champions Study Guide Questions and Complete Solutions Graded A+
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Law of Contracts Champions StudyGuide Questions and Complete
Solutions Graded A+
in the even of default by the buyer:
the seller can choose to accept the buyers earnest money as ________ _________, releasing all parties
from any further obligation under the contract. these are damages that are established in the contract -
Answer: liquidated damages
in the even of default by the buyer:
the injured party may "seek such other relief as may be provided by law." this would be an award of
________ _________ by the court. because ____________ __________ are awarded by the court, one
never knows what they will be until the court rules - Answer: monetary damages
in the even of default by the buyer:
the injured party files a court action seeking an order of the court directing the defaulting party to
perform according to the terms of the contract. ________ __________ is the only remedy that would
possibly result in the full execution (closing) of the transaction - Answer: specific performance
when a party to a contract fails to perform under the contract - Answer: party is in default
also known as breach of contract
when a party is in default or has breached the contract, other party is known as the _____________ -
Answer: injured party
________ _________ punish the defaulting party - Answer: punitive damages
,_________ ___________ are set to cover the actual injury or economic loss - Answer: compensatory
damages
The buyer may have the following options:
specific performance, monetary damages, refund of earnest money (this terminates the contract
releasing both parties from any further obligation under the contract - bc this is a refund of the buyers
earnest money, it is not considered liquidated damages) - Answer: in the even of default by the seller,
the buyer becomes the injured party
for use when the property is subject to one or more residential leases - Answer: Addendum Regarding
Residential Leases
for use when the property is subject to one or more fixture leases. - Answer: Addendum Regarding
Fixture Leases
TREC promulgated lease form:
for use when the buyer occupies the property for no more than 90 days prior to closing. - Answer:
Buyer's Temporary Residential Lease
TREC promulgated lease form:
for use when the seller occupies the property for no more than 90 days after closing. - Answer: Seller's
Temporary Residential Lease
giving the tenant the right to purchase the leased property by matching or bettering any offer before the
property will be sold to someone else - Answer: right of first refusal
gives the tenant occupancy in the present time and the right to purchase at a future date - Answer:
lease-purchase agreement
, a buyer receives __________ of the property upon closing and funding
closing and funding occur simultaneously or at least within a few hours of each other - Answer:
possession
For states (like Texas) that use standard contract forms, a blank space is usually provided to allow for
_______________ to the contract. This space is where terms can be addressed that are not covered in
standard contracts or addenda forms - Answer: special provisions
The contract will address possible ________________ should the property be damaged or destroyed by
flood, fire, or another disaster - Answer: casualty loss
What are common issues addressed by addenda form? - Answer: Property owner association
information, Lead-based paint disclosures, Environmental disclosures, Back-up contract, Oil and gas
reservation addendum, Financing contingencies, Residential leases and fixture leases
a benefit that every buyer with a military background should consider.
To participate in the program, the Veteran obtains an FHA, VA, or conventional loan from a participating
lender. The qualification process is the same as for any other FHA, VA, or conventional loan.
The difference is that the loan is sold to the Texas Veterans Land Board (VLB), as opposed to a secondary
market purchaser such as Fannie Mae or Freddie Mac. The primary benefit to the Veteran is that the
rate on the Veterans Land Board loan is often up to one percent below prevailing market rates. -
Answer: Texas Veterans Land Board Housing Assistance Program (VHAP)
PHYSICAL CHARACTERISTICS OF LAND:
the fact that land cannot be destroyed. It remains, no matter what happens to it. It may go underwater,
become a crater, or be added to. In any case, the land will still be there; it is permanent. - Answer:
Indestructibility or durability
PHYSICAL CHARACTERISTICS OF LAND:
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