252. a broker used the following clause in his exclusive listing contract: “in consideration of...
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252. A broker used the following clause in his exclusive listing contract: “In consideration of the execution of the foregoing, the undersigned broker agrees to use diligence in procuring a purchaser.” This clause:A. Is superfluous and unnecessary in current
contracts;B. Is necessary for the creation of a unilateral
contract;C. Is important to the creation of a bilateral contract;D. Requires that the broker advertise the property.
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252. A broker used the following clause in his exclusive listing contract: “In consideration of the execution of the foregoing, the undersigned broker agrees to use diligence in procuring a purchaser.” This clause:A. Is superfluous and unnecessary in current
contracts;B. Is necessary for the creation of a unilateral
contract;C. Is important to the creation of a bilateral contract;D. Requires that the broker advertise the property.
Bilateral – Diligence
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253. An executed contract is a contract:
A. Completed and fully performed by both parties;
B. Under the jurisdiction of the probate court;
C. Signed, notarized, and recorded;
D. That requires a novation.
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253. An executed contract is a contract:
A. Completed and fully performed by both parties;
B. Under the jurisdiction of the probate court;
C. Signed, notarized, and recorded;
D. That requires a novation.
Executed – Completely performed
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743. A voidable contract remains binding upon the parties until the contract is:
A. Invalidated;
B. Rescinded;
C. Discovered;
D. Qualified.
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743. A voidable contract remains binding upon the parties until the contract is:
A. Invalidated;
B. Rescinded;
C. Discovered;
D. Qualified.
Voidable – Binding until rescinded
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652. If a person obtains a contract through duress, that contract is:A. Valid;
B. Void;
C. Voidable;
D. Unenforceable.
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652. If a person obtains a contract through duress, that contract is:A. Valid;
B. Void;
C. Voidable;
D. Unenforceable.
Voidable – Duress
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856. Tenant A agrees to perform certain property repairs for owner B. Despite repeated promises, A fails to perform the repairs. B then writes up a contract, and compels A to sign it by threatening to evict him if he doesn't. Such a contract would be:
A. Void;
B. Voidable;
C. Enforceable;
D. Illegal.
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856. Tenant A agrees to perform certain property repairs for owner B. Despite repeated promises, A fails to perform the repairs. B then writes up a contract, and compels A to sign it by threatening to evict him if he doesn't. Such a contract would be:
A. Void;
B. Voidable;
C. Enforceable;
D. Illegal.
Voidable – Menace or threats
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882. Which of the following would not make a contract voidable:A. Illegal purpose;
B. Fraud;
C. Duress;
D. Undue Influence.
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882. Which of the following would not make a contract voidable:A. Illegal purpose;
B. Fraud;
C. Duress;
D. Undue Influence.
Voidable – Not illegal purpose
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256. All of the following are essential elements of every valid contract, except:A. A meeting of the minds;
B. Adequate capacity of parties;
C. A legal act;
D. The payment of money.
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256. All of the following are essential elements of every valid contract, except:A. A meeting of the minds;
B. Adequate capacity of parties;
C. A legal act;
D. The payment of money.
Legal Essentials of a Valid Contract – Not money
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683. Which of the following is not a necessary element in the formation of a contract:A. Offer;
B. Acceptance;
C. Consideration;
D. Performance.
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683. Which of the following is not a necessary element in the formation of a contract:A. Offer;
B. Acceptance;
C. Consideration;
D. Performance.
Legal Essentials of a Valid Contract – Not performance
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638. All of the following are essentials of each and every contract, except:A. Lawful object;
B. Mutual consent;
C. Capable parties;
D. A proper writing.
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638. All of the following are essentials of each and every contract, except:A. Lawful object;
B. Mutual consent;
C. Capable parties;
D. A proper writing.
Legal Essentials of a Valid Contract – Not writing
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257. In order for an agreement for a transfer of real property to be binding on the buyer and seller, it must:
A. Contain an offer and an acceptance;
B. Contain an acknowledgment;
C. Be recorded;
D. All of the above.
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257. In order for an agreement for a transfer of real property to be binding on the buyer and seller, it must:
A. Contain an offer and an acceptance;
B. Contain an acknowledgment;
C. Be recorded;
D. All of the above.
Offer and acceptance – Must have for real estate contracts
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262. In the absence of court approval, which of the following acts may legally be taken by a minor or incompetent person:A. Acquire real property through gift or
inheritance;
B. Give a valid power of attorney to encumber real property;
C. Sell the real property through a guardian;
D. All of the above.
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262. In the absence of court approval, which of the following acts may legally be taken by a minor or incompetent person:A. Acquire real property through gift or
inheritance;
B. Give a valid power of attorney to encumber real property;
C. Sell the real property through a guardian;
D. All of the above.
Capable parties – Minors can acquire
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855. “Valuable,” “good,” “sufficient,” and “adequate” are terms most closely associated with:A. Performance;
B. Compensation;
C. Consideration;
D. Bilateral contracts.
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855. “Valuable,” “good,” “sufficient,” and “adequate” are terms most closely associated with:A. Performance;
B. Compensation;
C. Consideration;
D. Bilateral contracts.
Consideration – Valuable, good, sufficient, adequate
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265. A contract which, according to the Statute of Frauds, must be in writing in order to maintain a court action for enforcement is:A. The employment of a business opportunity broker
to sell the stock, fixtures, and goodwill of a business;
B. The employment of a business opportunity broker to find a business to be purchased by his principal;
C. The employment of a broker to exchange leases on properties zoned for retail business;
D. Any agreement which is not to be performed within one year.
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265. A contract which, according to the Statute of Frauds, must be in writing in order to maintain a court action for enforcement is:A. The employment of a business opportunity broker
to sell the stock, fixtures, and goodwill of a business;
B. The employment of a business opportunity broker to find a business to be purchased by his principal;
C. The employment of a broker to exchange leases on properties zoned for retail business;
D. Any agreement which is not to be performed within one year.
If not to be performed within one year – Must be written
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End of session