Contracts and Contract Law Flashcards
7 cards from real Arizona Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Contracts and Contract Law flashcards as text
In Arizona, a real estate purchase contract must be in writing to be enforceable because of which legal doctrine?
Answer: Statute of Frauds
The Statute of Frauds requires contracts for the sale of real property to be in writing and signed to be enforceable.
What is the term for a contract in which only one party makes an enforceable promise?
Answer: Unilateral contract
A unilateral contract involves a promise by only one party that is accepted through the performance of the other party.
A buyer signs a purchase offer but dies before the seller accepts it. What is the status of the offer?
Answer: The offer terminates
The death of the offeror before acceptance terminates the offer automatically.
Which element is NOT required for a valid real estate contract in Arizona?
Answer: Notarization of both parties' signatures
Notarization is not required to form a valid purchase contract, though offer, acceptance, consideration, capacity, and legal purpose are.
When an offeree responds to an offer by changing the price, this response is legally considered a:
Answer: Counteroffer
Any material change to the terms constitutes a counteroffer, which rejects the original offer.
A contract entered into by a person legally declared mentally incompetent is generally:
Answer: Void
A contract made by a person adjudicated mentally incompetent is void because that person lacks legal capacity.
In Arizona, an 'as-is' clause in a purchase contract primarily relieves the seller from:
Answer: Making repairs to the property
An as-is clause means the seller need not make repairs, but it does not eliminate the legal duty to disclose known material defects.