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.

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

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.

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

743. A voidable contract remains binding upon the parties until the contract is:

A. Invalidated;

B. Rescinded;

C. Discovered;

D. Qualified.

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B. Rescinded;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Voidable – Binding until rescinded

652. If a person obtains a contract through duress, that contract is:A. Valid;

B. Void;

C. Voidable;

D. Unenforceable.

652. If a person obtains a contract through duress, that contract is:A. Valid;

B. Void;

C. Voidable;

D. Unenforceable.

Voidable – Duress

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.

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

882. Which of the following would not make a contract voidable:A. Illegal purpose;

B. Fraud;

C. Duress;

D. Undue Influence.

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

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.

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

683. Which of the following is not a necessary element in the formation of a contract:A. Offer;

B. Acceptance;

C. Consideration;

D. Performance.

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

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.

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

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.

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

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.

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

855. “Valuable,” “good,” “sufficient,” and “adequate” are terms most closely associated with:A. Performance;

B. Compensation;

C. Consideration;

D. Bilateral contracts.

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

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.

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

End of session