0%(6)0 out of 6 people found this document helpful
This preview shows page 2 - 4 out of 10 pages.
11.Which of these addenda includes “time is of the essence”?a.Addendum for Sale of Other Property by Buyer b.Addendum for Back-Up Contract c.All of these d.Short Sale Addendum 12.After a real estate sales contract is signed but before title actually passes, the status of the contract is 13.Once a contract has been agreed upon and signed by all parties
14.A contract may be discharged for any of the following reasons EXCEPT 15.Which of the following is TRUE for the statute of limitations for contracts for the sale of real estate and oral contracts for leases of less than one year? a.The statute of limitations is four years for the sale and two years for the lease. b.The statute of limitations is four years for both the sale and the lease. c.The statute of limitations is two years for both the sale and the lease. d.The statute of limitations is two years for the sale and four years for the lease. 16.When a contract appears to be valid but may be rescinded or disaffirmed by one or both parties based on some legal principle it is 17.A buyer and seller enter into a contract for the sale of a four-bedroom home. If either party defaults under the contract, the other party has how much time to file a lawsuit for damages? 18.The promise given in exchange for a promise in a contract and serves as the contract’s19.A contract may be discharged under substantial performance when a.one party does not complete all the details exactly as the contract requires but has to a large extent performed on the contract, which may be enough to force payment. b.it’s impossible for one party or the other to complete a given task.c.
one party has considerably more responsibility under the contract than the other.
all but one requirement has been fulfilled by a party that is unsure about proceeding with
the transaction and wants a concession.