Quiz_5Chapter7-8 - Quiz#5:Chapter7-8 Student: _ This quiz...

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Quiz#5:Chapter7-8 Student: ___________________________________________________________________________ This quiz includes 30 multiple choice questions. You have 20 minutes. Good luck. BE SURE TO WRITE YOUR NAME CLEARLY AND MAKR YOUR ANSWER WITHOUT CONFUSION. 1. To be enforceable, real estate sales agreements must A.contain a granting clause. B.be in writing. C.be acknowledged. D.be recorded. 2. A contract that has no legal effect from its inception is a A.void contract. B.voidable contract. C.quasi contract. D.valid contract. 3. Which of the following is not a way to terminate a contract? A.rescission C.verification B.release D.novation 4. Performance of a contract may be excused if a party can prove which of the following? A.impracticability of performance B.a better deal elsewhere C.novation D.lack of negotiating skill 5. A contract that has yet to be performed is known as a/an A.executed contract. B.express contract. C.implied contract. D.executory contract. 1
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6. When both parties to a contract agree to substitute a new agreement for the present one, this is known as a A.release. C.novation. B.rescission. D.breach. 7. The typical real estate purchase agreement is a/an A.unilateral contract. B.bilateral contract. C.implied contract. D.voidable contract. 8. The Statute of Frauds states that real estate contracts must be in writing to be A.valid C.recorded B.enforceable D.authorized 9. A contract that has been established by the conduct of the parties, without a specific written agreement is a/an A.expressed contract B.quasi contract C.unilateral contract D.implied contract 10. A contract that is a promise for a promise is known as A.bilateral contract. B.voidable contract. C.unilateral contract. D.void contract. 11. Todd Miller made an offer for the Brown residence, and the Browns accepted Todd's offer. On reconsidering, Todd decides to back out of the deal. The Browns agree to let him do so. Todd and the Browns then sign a(n) A.novation of the purchase contract. B.agreement rescinding the purchase contract. C.assignment of the purchase contract. D.agreement reforming the purchase contract. 2
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12. When both parties agree to cancel a contract they effect a A.rescission. B.release. C.novation. D.reformation. 13. The rule for preprinted contract is A.handwriting takes precedence only over printing. B.printing takes precedence over typing. C.handwriting takes precedence over both typing and printing. D.All of the above. 14. A well-drafted real estate purchase contract will include provision for A.the buyer's possession of the property. B.the financing terms.
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This note was uploaded on 02/23/2010 for the course FIN 81824 taught by Professor Mcgrath during the Winter '09 term at CSU San Bernardino.

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Quiz_5Chapter7-8 - Quiz#5:Chapter7-8 Student: _ This quiz...

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