Law Of Contracts Exam Prep Questions N Answers 2024/2025

By agreement, one party to a contract was discharged and another party took her place, an act known as: A) recission B) reformation C) novation D) accord and satisfaction {Ans: C) novation}A buyer accepts the acts of an agent without any written agreement. What kind of situation is this? A) expressed agency B) association by act C) implied agency D) agency by ratification {Ans: C) implied agency}The agent has a fiduciary relationship that includes duties of: A) accounting, care, loyalty and obedience B) satisfaction, enlightenment and care C) seriousness, loyalty and understanding D) professionalism, integrity and competancy {Ans: A) accounting, care, loyalty and obedience}Which of the following is NOT an objective or function of the Broker-Lawyer Committee? A) Promote and encourage understanding between lawyers and brokers B) To consider controversies between brokers and lawyers and, if necessary to refer such matters to the Commission of the State Bar C) To educate the public in the correct form to use for their transaction and the proper method for completing the form D) To draft and revise uniform types of standard forms {Ans: C) To educate the public in the correct form to use for their transaction and