RE Fundamentals 11

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10 Questions - Developed by: - Developed on: - 864 taken

  • 1
    1) If the party who has the option to disaffirm a voidable contract does so within the period prescribed by law, the courts will consider the contract valid.
  • 2
    2) Pennsylvania has a law to protect consumers from making contracts they do NOT understand by promoting the use of plain language in contracts for borrowing money.
  • 3
    3) In Pennsylvania, a party may sue up to two years from the date a contract is breached, according to the statute of limitations.
  • 4
    4) An express contract must be in writing.
  • 5
    5) Novation is a transfer of rights and/or duties under a contract.
  • 6
    6) A real estate sales contract is a bilateral contract.
  • 7
    7) To evidence that something of value was given in exchange for the promise made, there must be a definite statement of consideration in the contract.
  • 8
    8) A contract must be in writing to be enforceable.
  • 9
    9) A contract may be either void or voidable due to the doctrine of reality of consent.
  • 10
    10) A contract could be breached if the parties fail to meet their obligations by certain dates when those dates are specified as "time is of the essence."

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