Texas Real Estate Contracts - Chapter 1, Pre-test

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  • 1/5 Questions

    A committee that writes TREC promulgated contract forms.

    • Contract
    • Bilateral Contract
    • Broker Lawyer Committee
    • Statue of Frauds
    • Option
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About This Quiz

This pre-test for Chapter 1 on Texas Real Estate Contracts assesses understanding of key contract types and legal requirements. Topics include bilateral contracts, options, general contract principles, the Statue of Frauds, and the role of the Broker Lawyer Committee in form creation.

Texas Real Estate Contracts - Chapter 1, Pre-test - Quiz

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  • 2. 

    A contract wherein both sides must perform.

    • Contract

    • Bilateral Contract

    • Broker Lawyer Committee

    • Statue of Frauds

    • Option

    Correct Answer
    A. Bilateral Contract
    Explanation
    A bilateral contract is a type of contract where both parties involved are obligated to perform certain actions or fulfill certain obligations. In this type of contract, both parties have mutual promises and responsibilities. Unlike a unilateral contract where only one party is bound to perform, a bilateral contract requires both parties to fulfill their obligations. This means that if one party fails to perform, the other party can take legal action against them for breach of contract. Therefore, a bilateral contract is the correct answer as it best describes a contract where both sides must perform.

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  • 3. 

    A law that requires that certain contracts be in writing in order to be enforceable.

    • Contract

    • Bilateral Contract

    • Broker Lawyer Committee

    • Statue of Frauds

    • Option

    Correct Answer
    A. Statue of Frauds
    Explanation
    The term "Statute of Frauds" refers to a law that mandates certain contracts to be in writing to be legally binding. This law is in place to prevent fraudulent activities and ensure that important agreements are documented. By requiring written contracts, it becomes easier to prove the terms and conditions agreed upon by both parties, reducing the likelihood of disputes or misunderstandings.

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  • 4. 

    An agreement that gives a potential buyer the right for a specified period of time to purchase a property at predetermined price and terms.

    • Contract

    • Bilateral Contract

    • Broker Lawyer Committee

    • Statue of Frauds

    • Option

    Correct Answer
    A. Option
    Explanation
    The correct answer is "Option". An option agreement is a contract that gives a potential buyer the right, but not the obligation, to purchase a property at a predetermined price and terms for a specified period of time. This allows the potential buyer to secure the property and lock in the purchase price, while they decide whether or not to proceed with the purchase.

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  • 5. 

    An agreement between two or more parties to do something or to refrain from doing something.

    • Contract

    • Bilateral Contract

    • Broker Lawyer Committee

    • Statue of Frauds

    • Option

    Correct Answer
    A. Contract
    Explanation
    A contract is a legally binding agreement between two or more parties where they agree to perform certain actions or refrain from doing something. It outlines the rights and obligations of each party involved. Contracts can be written or verbal, but it is recommended to have a written contract for clarity and enforceability. This agreement can cover various aspects such as business transactions, employment terms, or property agreements. Both parties must agree to the terms and conditions stated in the contract for it to be valid and legally binding.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 01, 2013
    Quiz Created by
    Lscottiv
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