Texas Law of Contracts - Chp. 11 Common Contract Mistakes

David's property is owned under the LLC 123 Bank Street LLC. If David decides to sell the property, how should the name of the seller appear on the contract...?

123 Bank Street LLC

David's full name

123 Bank Street

David's full name and the name of the LLC

123 Bank Street LLC

Which of the following is an example of a legal description of a property...?

Address of the property

Name of legal entity that owns the property

Block and lot number

Lot dimensions

Block and lot number

Which of the following should not be included in the Special Provisions part of a contract...?

Factual statements

Business details

Information found in an addendum

All of the above

Information found in an addendum

Which of the following is needed in order to have an executory sales contract...?

The signatures of all parties involved in the contract

The signatures of the brokers involved in the transaction

The signature of the seller's attorney

The signature of the buyer's attorney

The signatures of all parties involved in the contract

Which of the following must be included in a sales contract...?

The date when the contract was drafted

The effective date of the contract

The signature of the seller's attorney

The signature of the buyer's attorney

The effective date of the contract

Each page of the sales contract must be...?

Initialed

Signed

Sealed

Notarized

Initialed

The effective date of a contract serves as the...?

Start date of the contract

End date of the contract

Closing date

Draft date

Start date of the contract

How should a property be described in a typical sales contract...?

AUsing the legal description of the property

BUsing the address of the property

CUsing the name of the legal entity

DUsing the block number only

Using the legal description of the property

The Special Provisions part of a contract are to be used for...?

AFactual statements and business details

BLegal description of the property

CSubjective details

DAll of the above

Factual statements and business details

Which of the following items may be difficult to distinguish as real or personal property...?

AChandeliers

BDoor hardware

CRugs

DStoves

Chandeliers

Which of the following is a common mistake found in contracts...?

AAll of the above

BThe parties do not initial each page of the contract

CThe parties are not listed by their legal names

DThe legal description of the property is not included

All of the below

BThe parties do not initial each page of the contract

CThe parties are not listed by their legal names

DThe legal description of the property is not included

James is in the process of finalizing a contract to purchase a new house. What must James complete with the seller in order to use e-signatures to sign the contract...?

AElectronic Consent Form

BElectronic Addendum

CE-signature Form

DElectronic Agreement Form

Electronic Consent Form

When added to a contract, which of the following should be included in parenthesis...?

ANicknames

BFirst name

CLast name

DMiddle name

Nicknames

The party's signatures in a contract must match which of the following...?

AThe legal names listed at the beginning of the contract

BThe name they are commonly referred to

CThe last name of each party

DThe first name of each party

The legal names listed at the beginning of the contract

Items that are considered personal property should be included in the...?

ANon-realty addendum

BChattel addendum

CReal property addendum

DItemized addendum

Non-realty addendum

The seller must deliver which of the following at closing...?

AMarketable title

BClouded title

CDefective title

DUn-marketable title

Marketable title

When should the buyer and seller negotiate between real and personal property items...?

AAt the very beginning of the transaction

BAt closing

CJust before closing

DRight after closing

At the very beginning of the transaction