Section 3- Basics of Contract Law

All brokerages allow Dual Agency

• True

• False

Which one is NOT a fiduciary duty?

• Obedience

• Availability

• Disclosure

• Accounting

While you must disclose material facts, you must keep any information about your clients' ___________ confidential.

Which fiduciary duty is impossible in Dual Agency?

• Loyalty

• Confidentiality

• Accounting

• Disclosure

Agency is created solely through ______ _________--NOT compensation

What is the purpose of the Statute of Frauds?

• States a time limit for the contract

• Lists the names & contact information of everyone involved in the contract

• Prevent injury from fraudulent conduct

What does UETA stand for?

• Universal Electronic Transaction Administration

• Uniform Electronic Transactions Act

• Uniform Executive Transaction Account

• Universal Education, Technology, & Advertising

How do you know how to notify, deliver, & accept a contract?

• All of the details should be in the contract

• There is a meeting with all parties before making the contract

• Contact the other party and decide what would be best

• Verbal Communication

When there is a breach of contract, both parties have the option to terminate the contract.

• True

• False