Promulgated Contract Forms (Champions) Study Guide with Complete Solutions Latest Updated
2024/2025
mutual consent - Correct Answer a "meeting of the minds" unilateral contract - Correct Answer a contract in which only one party is obligated to perform unenforceable contract - Correct Answer a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable contract - Correct Answer COLIC (competent parties, offer and acceptance, legal purpose, in writing, consideration) amendment - Correct Answer changes to the contract; common ones include changes to the closing date, changes to the sales price, down payment or amount finances, repairs the the seller agrees to perform, removal or waiver of contingencies addenda - Correct Answer an attachment that adds or further describes the rights and duties of the parties assignment - Correct Answer transfers all of the rights related to the contract to another party known as assignee novation - Correct Answer when a new contract is substituted fro an existing one statute of limitations - Correct Answer limits the time you may file suit. In Texas, it's two years for oral agreement and four years for a written agreement reasons for termination - Correct Answer mutual agreement; partial performance; substantial performance; impossibility; operation of law; breach of contract 1 / 2
bilateral contract - Correct Answer a contract of sale between a buyer and seller executory contract - Correct Answer a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed promulgated forms - Correct Answer contract forms published by TREC counteroffer - Correct Answer a rejection of the original offer coupled with a new offer offeror - Correct Answer the party making the offer Buyer's or Seller's Temporary Residential Lease - Correct Answer for no more than 90 days offer must be presented... - Correct Answer phone, fax, email, letter, hand delivery options when responding to an offer - Correct Answer do nothing; reject; accept; counteroffer acceptance - Correct Answer means that the accepting party does so with no change to the contract whatsoever net sheet - Correct Answer an estimate of the net proceeds to the seller and should be prepared based upon the offer being considered Broker-Lawyer committee - Correct Answer 13 members; write residential contract forms that are generally mandatory for license holders TREC - Correct Answer comprised of 9 members communication - Correct Answer also referred to as notification
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