26. A contract that has all the legal elements and is enforceable only between t

Question

26. A contract that has all the legal elements and is enforceable only between the parties is?

A. Violation of Statute of Frauds                                                              C. Void

B. Void                                                                                                                 D. Unenforceable

28. Amy has transferred all of her rights and duties in her rental contract to Joe. Amy has:

A. Become the landlord to Joe                                                                  C. Assigned her contract to Joe

B. Novated her contract to Joe                                                                 D. Exceeded the statute of limitation

29. Additional conditions that must be satisfied before a sales contract is fully enforceable are called:

A. Disclosures                                                                                                   C. Contingencies

B. Options                                                                                                          D. Sales Contract

30. A contract for purchase in which the sellers keeps the title in his name until the property has been fully paid off and executed is which type of contract:

A. Contract for deed                                                                                      C. Option Contract

B. Contract that has been executed                                                       D. Contingency contract

31. Under the statute of Frauds, all contracts for the sale of real estate must

A. Have an earnest money check accompany it

B. Be backed by a real estate brokerage

C. Be in writing to be enforceable

D. Have the appraisal performed first on the property before coming to an agreement on price

32. Mary and John are making an offer on a house that real estate agent Andrew showed them. The sales contract will only go thru based upon the approval of Mary’s father who is providing the down payment for them. This condition in the contract is called a (an):

A. Addendum

B. Warranty

C. Guarantee

D. Contingency

33. The period of time after John and Mary has accepted an offer from buyer Alice and Fred on their house but before title actually passes, the status of the contract is

A. Implied

B. Voidable

C. Executory

D. Executed

34. A buyer and seller are under contract. The seller breaches the sales contract. The buyer is suing for the transfer of property. This best describes which of the following?

A. Liquidated damages

B. Actual damages

C. Addendum for performance

D. Specific performance

35. A legally enforceable agreement is written up between the buyer and seller. The two parties promise to cooperate and do everything they can to perform on their promise. The buyer promises to do everything to acquire the loan and the seller promises to do everything to make the house qualify to sell. This is known as

A. A bilateral contract

B. A unilateral contract

C. Escrow Agreement

D. An option contract

Explanation / Answer

26. B. Valid

28. C. assigned her contract to Joe

29. C. Contingencies

30. A. Contract for deed

31. C. Be in writing to be enforceable

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