Is superfluous and unnecessary in current contracts;

1. 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: • Is superfluous and unnecessary in current contracts; • Is necessary for the creation of a unilateral contract; • Is important to the creation of a bilateral contract; • Requires that the broker advertise the property.

2. 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: • Is superfluous and unnecessary in current contracts; • Is necessary for the creation of a unilateral contract; • Is important to the creation of a bilateral contract; • Requires that the broker advertise the property. Bilateral – Diligence

3. 253. An executed contract is a contract: • Completed and fully performed by both parties; • Under the jurisdiction of the probate court; • Signed, notarized, and recorded; • That requires a novation.

4. 253. An executed contract is a contract: • Completed and fully performed by both parties; • Under the jurisdiction of the probate court; • Signed, notarized, and recorded; • That requires a novation. Executed – Completely performed

5. 743. A voidable contract remains binding upon the parties until the contract is: • Invalidated; • Rescinded; • Discovered; • Qualified.

6. 743. A voidable contract remains binding upon the parties until the contract is: • Invalidated; • Rescinded; • Discovered; • Qualified. Voidable – Binding until rescinded

7. 652. If a person obtains a contract through duress, that contract is: • Valid; • Void; • Voidable; • Unenforceable.

8. 652. If a person obtains a contract through duress, that contract is: • Valid; • Void; • Voidable; • Unenforceable. Voidable – Duress

9. 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: • Void; • Voidable; • Enforceable; • Illegal.

10. 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: • Void; • Voidable; • Enforceable; • Illegal. Voidable – Menace or threats

11. 882. Which of the following would not make a contract voidable: • Illegal purpose; • Fraud; • Duress; • Undue Influence.

12. 882. Which of the following would not make a contract voidable: • Illegal purpose; • Fraud; • Duress; • Undue Influence. Voidable – Not illegal purpose

13. 256. All of the following are essential elements of every valid contract, except: • A meeting of the minds; • Adequate capacity of parties; • A legal act; • The payment of money.

14. 256. All of the following are essential elements of every valid contract, except: • A meeting of the minds; • Adequate capacity of parties; • A legal act; • The payment of money. Legal Essentials of a Valid Contract – Not money

15. 683. Which of the following is not a necessary element in the formation of a contract: • Offer; • Acceptance; • Consideration; • Performance.

16. 683. Which of the following is not a necessary element in the formation of a contract: • Offer; • Acceptance; • Consideration; • Performance. Legal Essentials of a Valid Contract – Not performance

17. 638. All of the following are essentials of each and every contract, except: • Lawful object; • Mutual consent; • Capable parties; • A proper writing.

18. 638. All of the following are essentials of each and every contract, except: • Lawful object; • Mutual consent; • Capable parties; • A proper writing. Legal Essentials of a Valid Contract – Not writing

19. 257. In order for an agreement for a transfer of real property to be binding on the buyer and seller, it must: • Contain an offer and an acceptance; • Contain an acknowledgment; • Be recorded; • All of the above.

20. 257. In order for an agreement for a transfer of real property to be binding on the buyer and seller, it must: • Contain an offer and an acceptance; • Contain an acknowledgment; • Be recorded; • All of the above. Offer and acceptance – Must have for real estate contracts

21. 262. In the absence of court approval, which of the following acts may legally be taken by a minor or incompetent person: • Acquire real property through gift or inheritance; • Give a valid power of attorney to encumber real property; • Sell the real property through a guardian; • All of the above.

22. 262. In the absence of court approval, which of the following acts may legally be taken by a minor or incompetent person: • Acquire real property through gift or inheritance; • Give a valid power of attorney to encumber real property; • Sell the real property through a guardian; • All of the above. Capable parties – Minors can acquire

23. 855. “Valuable,” “good,” “sufficient,” and “adequate” are terms most closely associated with: • Performance; • Compensation; • Consideration; • Bilateral contracts.

24. 855. “Valuable,” “good,” “sufficient,” and “adequate” are terms most closely associated with: • Performance; • Compensation; • Consideration; • Bilateral contracts. Consideration – Valuable, good, sufficient, adequate

25. 265. A contract which, according to the Statute of Frauds, must be in writing in order to maintain a court action for enforcement is: • The employment of a business opportunity broker to sell the stock, fixtures, and goodwill of a business; • The employment of a business opportunity broker to find a business to be purchased by his principal; • The employment of a broker to exchange leases on properties zoned for retail business; • Any agreement which is not to be performed within one year.

26. 265. A contract which, according to the Statute of Frauds, must be in writing in order to maintain a court action for enforcement is: • The employment of a business opportunity broker to sell the stock, fixtures, and goodwill of a business; • The employment of a business opportunity broker to find a business to be purchased by his principal; • The employment of a broker to exchange leases on properties zoned for retail business; • Any agreement which is not to be performed within one year. If not to be performed within one year – Must be written

27. End of session