XI Contracts

  1. A unilateral contract is enforcable against:




    B. optionor
  2. A legal procedure brought about by one party to a contract to enforce the terms of the contract is:




    C. specific performance
  3. A new contract being substituted for an existing one, relieving the parties of responsibility, is an example of:




    B. novation
  4. If, upon receiving an offer to purchase under certain terms, the seller makes a conditional acceptance, the offeror is:




    C. relieved from the original offer unconditionally
  5. The authority for real estate agents to prepare documents related to real estate transactions is found in:




    A. ariticle XXVI of Arizona Constitution
  6. Assuming that no written provision addresses the death of either party, what is the status of a purchase contract when the seller dies afgter the contract is formed, but before closing:




    D. contract is binding on the heirs of the seller
  7. J and S agree that J will purchase S's house for 125K cash on June 30. This is an example of:




    B. bilateral, express, executory contract
  8. A voidable contract is:




    D. valid until voided
  9. An option does not become a binding contract upon both parties until the:




    A. option is excercised
  10. When a tenant purchases the right to buy the property it is a:




    D. a lease option
  11. A contract for the purchase of real estate made by a 17 year old person who intends to reside in the property is:




    D. voidable
  12. Failure to meet the requirements described in a contract is:




    B. voidable
  13. If a buyer backs out of the contract without a valid reason, who determines what is done with the earnest money?




    B. seller
  14. When all parties to a contract have agreed to its terms, this is referred to as:




    B. meeting of the minds
  15. A contract that depends of the actions of the parties as evidence of a contract is referred to as:

    A. unilateral
    B. Bilateral
    C. implied
    D. express
    implied
  16. To create a binding contract for real property, the offer must be signed by the:




    C. offeror and offeree
  17. A contract was ambiguous in that number written as words, differed from the numberals. Which of the following statement is true?




    B. words take precedence over numerals
  18. What requires most real estate contracts to be in writing

    A. statute of limitations
    B. statute of frauds
    C arizona constitution
    D. supreme court
    B. statute of frauds
  19. What are the exceptions to the statute of frauds relating to real estate contracts?




    C. broker to broker contracts and leases for one year or less
  20. As the listing salesperson you are given a contract to purchase from the selling agent. The seller has rejected offers for a higher price in the recent past. What is your legal obligation?




    D tell the selling agent they will have to get a higher offer
    A. present it to the seller
  21. Vocabulary

    Delay in asserting one's rights...
    Laches
  22. Vocabulary

    Proposal to make a contact...
    Offer
  23. Vocabulary

    Contact seems enforceable on the surface, but may be rescinded by one party
    voidable
  24. Vocabulary

    Option fee
    Consideration
  25. Vocabulary

    Occurs when either party defaults on a contract
    Breach
  26. Vocabulary

    One-sided contract in which one party makes a promise in order to induce a second party to perform
    Unilateral Contract
  27. Vocabulary

    One contract is substituted for another..
    Novation
  28. Vocabulary

    Person to whom an offer is made...
    offeree
  29. Vocabulary

    Laws that prohibit writing contracts on Sunday
    Blue Laws
  30. Vocabulary

    Law that gives brokers and salespersons the right to write contracts relating to real estate..
    Article 26 of the AZ Constitution
  31. Vocabulary

    Preprinted words in a contract
    Boilerplate
  32. Vocabulary

    Contract with all essential elements present that is binding upon both parties
    Valid Contract
  33. Vocabulary

    Unlawful pressure, force or threats by one person againt another
    Duress
  34. T/F

     Consideration in a purchase contract is the earnest money deposit make by the seller...
    False
  35. T/F
     
     The "Time is of the Essence" clause in a contract means it should be completed as soon as possible...
    False
  36. T/F 

    The person who signs to show acceptance of a sales contract is the offeree..
    True
  37. T/F 

    An option is assignable unless prohibited...
    True
  38. T/F 

    Damages for breach of contract in excess of the actuall loss suffered wopuld be compensatory damages...
    False

    That would be punitive damages
  39. T/F 

    If the offeror dies just prior to the offeree's acceptance of the offer the contract is enforceable.
    False

    There was no acceptance and communication back
  40. T/F 

    Offers to purchase must be presented to the seller in a reasonable amount of time...
    True
  41. T/F 

    When the seller makes a change in the amount of earnest money deposit to be made, initials the change and signs the contract, it is considered a counteroffer...
    True
  42. T/F 

    A purchase contract must be in writing and is considered an implied contract...
    False
  43. T/F 

    An executed contract is a contract that has been terminated.
    True
  44. T/F 

    In an option agreement, the party with the most control is the optionee
    True
  45. T/F 

    Voidable means unenforceable until voided...
    False

    It is valid until voided
  46. T/F 

    Parol Evidence is the rule that oral evidence will not be admissible to vary the terms of the written cpontract...
    True
  47. T/F 

    Numerals take precedence over words...
    False
  48. T/F 

    Blue Sky Laws prohibit writing contracts on Sundays...
    False
Author
derekinaz
ID
161085
Card Set
XI Contracts
Description
AZ Real Estate
Updated