Question 37 When a party can be compelled to observe or forced to obey the terms of the contract there enforceability? Question 38 Revocation is the withdrawal of a contract offer by the offeror. Question 39 Buyer's Breach occurs only when buyer in a contract does fails to meet all of the required obligations. A True B FalseQuestion 40 1.7 Points (9 A third-party beneficiary, in the law of contracts, is a person who has the right to sue on a contract, despite not having originally been a party to the contract andlor a signer of the contract. There are two kinds of third-party beneficiaries: an \"intentional or intended" beneficiary and an \"incidental" beneficiary. An intentional beneficiary under third party requirements is when a non-party to a contract receives benefit from the agreement indirectly. An incidental beneficiary under third party requirements is a third party who benefits from a contract between two other parties, but it is not intended that the third-party benefit. Question 41 1.7 Points A breach in contract occurs when there is the act of breaking the terms set in a contract. Recovery based on Quasi Contracts has all of the following requirements excep (only one answer is the correct choice) (D The party conferred a benefit on other party. The party conferred a benefit without a reasonable expectation of being paid. The party did not act as volunteer in conferring the benefit. The party receiving benefit could be unjustly enriched if allowed to retain the benefit without paying for it. Agreement is the lack of or missing mutual understanding or meeting of the minds between two or more individuals regarding the terms of a contract. Question 44 1.7 Points A contract is set of promises constituting an agreement between parties, giving each a legal duty to the other and the right to seek a remedy for the breach of the promises or duties. Question 45 1.7 Points Threats and coercion to force someone to enter into a contract is called: (only one answer is the correct choice) a mistake undue influence Question 46 1.7 Points Which of the following is not a type of contract? (only one answer is the correct choice) Implied contract B Mixed contract C Express contract Breach contract Question 47 1.7 Points A contract entered into by an intoxicated person can be voidable when: (only one answer is the correct choice) A the person was sufficiently intoxicated to lack mental capacity, the transaction may be voidable. the intoxicated person understood the legal consequences of the agreement. C the intoxicated person enters the contract after work hours. D the intoxicated person is from another state.In the case of Priority Issues, the assignor assigns the same right to two different persons, then there cannot be a question that arises as to which one has prioritythat is, which one has the right to the performance by the obligor. Question 49 Breach of contracts can occur in real estate transactions. Which of the following is not an example of a real estate transaction contract breach? (only one answer is the correct choice) When buyer breaches by failing to obtain adequate financing before the closing date. Most real estate contracts are predicated on the buyers ability to obtain financing. When a buyer breaches when they are unable to sell their current home after closing on the new home and therefore cannot go through with the purchase. 6:) When a buyer breaches by failing to pay on time (ie. Failing to close escrow in the time specified). When a buyer breaches by failing to deliver the deed of property in the correct way Question 50 1.7 Points A_H contracts must be in writing to be enforceable. Question 51 1.7 Points Which of the following is n_ot one of the 3 common types of mistakes? (only one answer is the correct choice) Unilateral mistakes Innocent misrepresentations 6:) Mutual mistakes Common mistakes Question 52 1.7 Points Intent to deceive or wrongful deception committed intentionally is fraud. A True B False Question 53 1.7 Points The courts will only enforce certain contracts in writing which are all of the following except: (only one answer is the correct choice) A Prenuptial agreements B Marriage contracts C Electronic contracts for sale of goods of $500 or more D Expressed contractsQpacity refers to a person or company's legal ability to engage in an agreement with another party and be held liable to the terms of the contract. A breach of contract is the nonperformance of a contractual duty