Law Of Contracts Champions Exam

LAW OF CONTRACTS CHAMPIONS EXAM, PRACTICE EXAM AND STUDY GUIDE EXAM 2024-2025 QUESTIONS and ANSWERS The rights that extend above the surface of land without limitation are known as rights. (a) improvement (b) subsurface (c) surface (d) air - ANSWER--(d) air are man-made additions to the land that are permanent and considered to become part of the land. (a) Surface rights (b) Improvements (c) Fixtures (d) Personal properties - ANSWER--(b) Improvements Another name for personal property is . (a) Furniture (b) Fixutre (c) Subsurface rights (d) Personalty - ANSWER--(d) Personalty In order to comply with the , contracts for the conveyance of an interest in real estate or leases for a term of more than one year must be in writing. a. SAFE Act b. Statute of Fraudsc. Statue of Limitations d. RESPA - ANSWER--b. Statute of Frauds A unilateral contract is said to lack . a. Mutuality b. Fairness c. Agreement d. Signatures - ANSWER--a. Mutuality Contracts with a person who lacks mental capacity can be either void or a. Implied b. Unilateral c. Voidable d. Express - ANSWER--c. Voidable is often referred to as a meeting of the minds. (a) A contract (b) Mutual consent (c) Consideration (d)