53 d The answer is unenforceable An unenforceable contract is an agreement that

53 d the answer is unenforceable an unenforceable

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53. d The answer is unenforceable. An unenforceable contract is an agreement that had all six elements at the time it became an executory contract but, due to a change in conditions, no longer meets the requirements of law and no longer can be upheld by a court. Learning Objective 1.2. 54. a The answer is changes the contract. An amendment is a change or modification to the existing content of a contract. Learning Objective 1.5. 55. b The answer is when the last party signs the form and the other party has been notified of the acceptance. The effective date is filled in above the signature lines by the broker after the last party, usually the seller, has signed, and the other party, usually the buyer, has been notified of the acceptance. Learning Objective 1.4. 56. a The answer is void. This agreement lacks mutual agreement, which means that the parties must enter the contract freely and voluntarily. Without mutual agreement, the agreement is void. Learning Objective 1.2. 57. b The answer is legally competent parties. The parties must be of legal age and have enough mental capacity to understand the nature or consequences of their actions in the contract. Learning Objective 1.1. 58. b The answer is executed contract. At closing, after the seller has conveyed the property to the buyer and the seller has received the sales price amount, the contract is considered an executed contract. Learning Objective 1.3. ©2016 Kaplan, Inc. May be reproduced for educational uses only.
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Texas Promulgated Forms, Second Edition Update 59. a The answer is a contract for the sale of real estate. In Texas, the statute of limitations for filing a legal suit on a written contract is four years. Remember that the statute of frauds requires agreements affectingtitle to or interest in real estate in Texas to be in writing to be enforceable, so the statute of limitations ona contract for the sale of real estate is four years. Learning Objective 1.6. 60. b The answer is an amendment is completed after a contract has been executed, but addenda are completed at the same time as the sales contract. An amendment is a change or modification to the existing content of a contract, and an addendum contains additional information that is part of the original contract/agreement. Learning Objective 1.5. 61. c The answer is an example of terminating a contract by operation of law. A contract entered into with a minor is voidable at the option of the minor. Learning Objective 1.7. 62. d The answer is Addendum for Coastal Area Property. The six promulgated contract forms and four addenda include time is of the essence: Addendum for Sale of Other Property by Buyer, Addendum for Back-Up Contract, Third Party Financing Addendum, and Short Sale Addendum. Learning Objective 1.4. 63. a The answer is is a change to the existing content in the contract. The use of an amendment and an addendum are often confused. An amendment is a change to what is in the original contract; an addendum is material being added to the contract. In either case, the other party must sign off on the change or addition for the contract to remain in full force. Learning Objective 1.5. ©2016 Kaplan, Inc. May be reproduced for educational uses only.
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