Instructions: Answer each question Legibly by PRINTING True or False, or the appropriate answer in the space provided.

(1 - 3) List the 3 fundamental requirements to form a valid contract:

1. 1. _______________________________________
3. 2. _______________________________________
5. 3. _______________________________________

4. A quitclaim deed transfers whatever ownership rights that the transferring party may have in the property.

(5 - 9) List the 5 categories of contracts that must be written down to satisfy the Statute of Frauds:

1. 5. _______________________________________
3. 6. _______________________________________
5. 7. _______________________________________
7. 8. _______________________________________
9. 9. _______________________________________

(10 - 11) List the 2 main types of contract fraud:

1. 10. _______________________________________
3. 11. _______________________________________

(12 - 14) List the 3 basic types of Concurrent Estates:

1. 12. _______________________________________
3. 13. _______________________________________
5. 14. _______________________________________
8. 15. A tenancy in common is a form of concurrent ownership in which 2 or more individuals possess property simultaneously.

(16 - 17) List the 2 main types of remedies for a unilateral mistake in contract law:

1. 16. _______________________________________
3. 17. _______________________________________

18. Under contract law, consideration is usually money.

19. Under contract law, an acceptance does not have to mirror the offer.

20. Detrimental reliance deals with promissory estoppel.

21. The UCC stands for ____________________________________.

22. Justifiable reliance deals with promissory estoppel..

23. Deeds must be notarized.

24. Deeds must be witnessed by 2 people over the age of 18.

25. A deed must be filed in the County Clerk's Office.

26. If a parent has not been granted custody, he/she cannot be given visitation.

27. In Joint Tenancy, if all of the joint tenants die, the entire estate goes to the last survivor.

1. 28. Joint Tenancy is a form of concurrent ownership by a husband and wife.

29. A minor, under the age of 18 who has entered into a contract, has the right to void the contract.

30. In most cases, the noncustodial parent must pay child support.

31. You can contract for an illegal purpose.

1. - 34) Deeds in their most basic form contain:
2. 32. _______________________________________
4. 33. _______________________________________
6. 34. _______________________________________

35. Palimony refers to alimony paid out of a non-marital union.

(36 - 37) The 2 most common types of property deeds are:

36. _________________________________________________

37. _________________________________________________

(38 - 40) The 3 main equitable remedies in the event that a contract is breached are:

1. 38. _______________________________________
3. 39. _______________________________________
5. 40. _______________________________________