TX Promulgated Contract Forms Quiz Questions (80 questions)

The date a contract starts is known as the...?

• Effective date

• Legal date

• Commencement date

• Signature date

A valid and enforceable contract must include which of the following elements...

• Consideration

• Mutual agreement

• Competent parties

• All of the above

Additional pages of material that are added to and become part of a contract are referred to as a/an...?

• RFP

• Addendum

• Amendment

• Bulletin

A typical real estate sales contract between a buyer and seller is considered a/an...?

• Unenforceable contract

• Forbearance contract

• Performance contract

• Void contract

An executory contract is...?

• Void

• Completed

• In-progress

• Unenforceable

A change in a legal document made by adding, altering, or omitting a certain part or term is referred to as a/an...?

• RFP

• Bulletin

• Amendment

• Addendum

A contract that has been fully performed is known as a/an...?

• Executory contract

• Expired contract

• Executed contract

• Unenforceable contract

John is about to enter into a contract with Amy, to purchase Amy's house. The real estate sales contract between John and Amy...?

• May be oral

• May lack consideration

• Must be in-writing

• May be in-writing or oral

Anything given or promised by a party to induce another to enter into a contract is referred to as...?

• Performance

• Novation

• Acknowledgement

• Consideration

A lease with a term of less than one year...?

• Must be in writing

• May be oral or in-writing

• Must be notarized

• Must be oral