Arizona Real Estate License Contracts and Contract Law 2

Question 1

In Arizona, a real estate purchase contract must be in writing to be enforceable because of which legal doctrine?

Accepted Answer

Statute of Frauds

Answer

Doctrine of Laches

Answer

Parol Evidence Rule

Answer

Statute of Limitations

Question 2

What is the term for a contract in which only one party makes an enforceable promise?

Accepted Answer

Unilateral contract

Answer

Bilateral contract

Answer

Executed contract

Answer

Implied contract

Question 3

A buyer signs a purchase offer but dies before the seller accepts it. What is the status of the offer?

Accepted Answer

The offer terminates

Answer

The offer is automatically accepted

Answer

The estate must complete the purchase

Answer

The offer becomes a counteroffer

Question 4

Which element is NOT required for a valid real estate contract in Arizona?

Accepted Answer

Notarization of both parties' signatures

Answer

Legal purpose

Answer

Consideration

Answer

Mutual assent

Question 5

When an offeree responds to an offer by changing the price, this response is legally considered a:

Accepted Answer

Counteroffer

Answer

Valid acceptance

Answer

Ratification

Answer

Novation

Question 6

A contract entered into by a person legally declared mentally incompetent is generally:

Accepted Answer

Void

Answer

Valid and enforceable

Answer

Voidable at the seller's option only

Answer

Automatically ratified

Question 7

In Arizona, an 'as-is' clause in a purchase contract primarily relieves the seller from:

Accepted Answer

Making repairs to the property

Answer

The duty to disclose known material defects

Answer

Transferring clear title

Answer

Paying property taxes owed