Chapter07 - Chapter 7Contract Law MULTIPLE CHOICE 1 All of...

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Chapter 7—Contract Law MULTIPLE CHOICE 1. All of the following are real estate contracts EXCEPT a. an exclusive right to sell listing. b. a sales agreement. c. a closing statement. d. a lease. ANS: C This is not a contract. PTS: 1 DIF: M REF: 106 | 105 2. A meeting of the minds creating enforceable rights is called PTS: 1 DIF: M REF: 108 | 105 3. The agency relationship of a real estate broker with his client is most often established by PTS: 1 DIF: M REF: 106 | 115 4. A lease is an example of a PTS: 1 DIF: M REF: 106 | 104 5. A contract that results when a promise is exchanged for a promise is called a. bilateral contract. b. unilateral contract. c. express contract. d. implied contract.
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ANS: A A contract that results when a promise is exchanged for a promise is called a bilateral contract. PTS: 1 DIF: M REF: 106 | 104 6. When one party to a contract makes a promise without first receiving any promise of performance from the other, it is called PTS: 1 DIF: M REF: 107 | 104 7. Assuming that no fraud is intended, what is the status of a contract signed by an illiterate 没受教育的 person? PTS: 1 DIF: M REF: 106 | 105 8. A real estate contract can be declared void if PTS: 1 DIF: M REF: 106 | 105 9. In the absence of a special provision for such an event, an offer to purchase will probably be voided a. by the death of either buyer or seller before acceptance. b. if the seller changes his mind after accepting the offer. c. if not accepted within 24 hours. d. if the seller should receive a higher offer from another buyer. ANS: A An offer to purchase will probably be voided by the death of either buyer or seller before acceptance. PTS: 1 DIF: M REF: 114 | 114
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