Quiz
Chapter 11 - Principals of Contract Law
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Questions in this quiz (36)
1All contracts must be in writing to be enforceable
- ATrue
- BFalse
2Consideration is something of legal value offered by one party and accepted by the other as an inducement to act.
- ATrue
- BFalse
3In an implied contract, the actual agreement between the parties is inferred from general or vague statements in the written agreement itself.
- ATrue
- BFalse
4The difference between a bilateral and unilateral contract is the number of parties involved.
- ATrue
- BFalse
5A contract that may be rescinded or disaffirmed by one or both parties based on some legal principal is void, even though it may appear to be valid.
- ATrue
- BFalse
6A contract entered into by a person medically diagnosed as mentally ill is voidable during the illness and for some time after the individual is cured.
- ATrue
- BFalse
7Assignment, is the substitution of a new contract in place or the original one, while novation is a transfer of rights or duties under a contract.
- ATrue
- BFalse
8Pennsylvania's Electronic Transaction Act recognizes an electronic signature as valid with regard to Statute of Frauds requirements
- ATrue
- BFalse
9"Time is of the essence" is an implied principle when parties enter into an agreement of sale.
- ATrue
- BFalse
10A voluntary, legally enforceable promise between legally competent parties to perform (or refrain from performing) some legal act [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FImplied contract
- GMutual assent
- HOfferee
- IUnilateral contract
- JVoid
- KAssignment
- LBreach
- MNovation
- NStatute of Limitations
11A contract in which the parties show their intentions in words [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitation
12A contract established by the acts and conduct of the parties [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
13A contract in which both parties promise to perform some act [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
14A one-sided agreement [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
15A contract that has been completely performed [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
16the status of a real estate sales contract prior to closing [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
17The person who accepts the offer in a contract [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
18Complete agreement about the purpose and terms of a contract [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
19Something of legal value offered by one party and accepted by another as in inducement to act or refrain from acting [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
20State law limiting the time period within which parties to a contract may bring suite to enforce their rights [blank_start]Statute of Limitations[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
21the substitution of a new contract ot replace an earlier one [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
22A violation of any of the terms or conditions of a contract without legal excuse [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
23the transfer of rights or duties under a contract [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
24A contract that is without legal force or effect because it lacks one or more essential elements [blank_start]is[blank_end]
- ABilateral contract
- BConsideration
- CContract
- DExecuted contract
- EExecutory contract
- FExpress contract
- GImplied contract
- HMutual assent
- IOfferee
- JUnilateral contract
- KVoid
- LAssignment
- MBreach
- NNovation
- OStatute of Limitations
25A legally enforceable agreement under which two parties agree to do something for each other is known as
- Aan Escrow agreement
- BA legal promise
- CA valid contract
- Dan option agreement
26A person approaches an owner and says, "I'd like to buy your house." The owner says, "Sure," and they agree to a price. What kind of contract is this?
- AExpress
- BImplied
- CBilateral
- DUnenforceable
27A contract is said to be bilateral if
- Aone of the parties is a minor
- Bthe contract has yet to be fully performed
- Conly one party to the agreement is bound to act
- Dall parties to the contract are bound to act
28During the time after a real estate agreement of sale is signed but before title actually passes, the status of the contract is
- Avoid
- Bexecutory
- CUnilateral
- Denforceable
29A contract for the sale of real estate that does not state the consideration to be paid for the property and is not signed by the parties is considered
- Avoidable
- Bexecutory
- Cvoid
- Denforceable
30The statute of frauds, which requires that a contract be in writing to be enforceable, applies to
- Aall real estate sales agreements
- Ball real estate contracts of any sort
- Call contracts
- Dbilateral contracts only
31The buyer asks the seller to leave the washing machine. The seller said yes, but because the agreement of sale said nothing about the seller's leaving the washing machine, the seller took it with her. The buyer has no right to legal recourse because of the rule of
- APartial performance
- BNovation
- CUndue influence
- DParol evidence.
32A buyer and seller sign a contract to purchase. The seller backs out, and the buyer sues for specific performance. What is the buyer seeking in this lawsuit?
- AMoney damages
- BNew contract
- CDeficiency judgement
- DTransfer of the property.
33If a real estate sales contract states that time is of the essence and the stipulated date of transfer comes and goes without a closing, the contract
- Abinding for only 30 more days
- Bnovated
- Cstill valid
- Dbreached.
34In filling out a sales contract, someone crossed out several words and inserted others. To eliminate future controversy about whether the changes were made before or after the contract was signed, the usual procedure is to
- Awrite a letter to each party listing the changes
- Bhave each party write a letter to the other approving the changes
- Credcaw the entire contract
- Dhave both parties initial or sign and date the margin near the change.
35Under the statute of frauds, contracts for the sale of real estate must be
- Aoriginated by a real estate broker
- Bon preprinted forms
- Cin writing to be enforceable
- Daccompanied by earnest money deposits.
36A man has an executory contract to buy property but would rather let his friend buy it instead. If the contract allows, the friend can take over the man's obligation by the process known as
- Aassignment
- Bsubstantial performance
- Csubordination
- Dmutual consent
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- ICFES/Saber 11 Real Estate Quiz on Chapter 11 - Principals of Contract Law, created by Eileen Loughlin on 17/11/2015.
- Author
- Eileen Loughlin
- Language
- English
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