Texas Promulgated Contracts-Champions Study Exam Questions (108 Terms) With Verified Definitions Updated 2024

The State of Texas encourages the parties to resolve all conflicts and disputes through alternative dispute resolution procedures such as: (a) Arbitration (b) Going to court (c) Mediation (d) Termination of the contract {Ans: C}____________________ is defined as something given in exchange for a promise. (a) Consideration (b) Legal subject matter (c) Mutual assent (d) Competent parties {Ans: A}54. A short sale is a transaction wherein: (a) the property is priced well below market so that it can be sold very quickly (b) the property, with the consent of the lender, is flipped (c) the lender has agreed to accept less than the outstanding loan balance at closing (d) the lender has decided to proceed with action to foreclose the property due to the borrower's inability or unwillingness to pay {Ans: C}Damage or destruction of a property under contract prior to closing: (a) Can result in termination of the contract (b) Will result in a lawsuit against the seller (c) Will result in a lawsuit against the broker (d) Is never a legal cause for delay of closing {Ans: A}The Buyer and Seller Temporary Residential Lease forms are good for any period up to: (a) 14