Texas Promulgated Contracts questions with 100%
Correct Answers | Updated 2025 | Guaranteed A+
addenda - ✔✔additions to a completed contract that specify supplementary information to the contract
amendment - ✔✔change or modification to an already agreed-upon contract
bilateral contract - ✔✔a contract wherein both parties are obligated to perform in an exchange of
promises
buyer rebate - ✔✔anything during a transaction that causes money to go back to the buyer, either at or
after closing, without the knowledge of the lender
casualty loss - ✔✔a sudden, unexpected event like a fire, flood, storm, earthquake that causes damage
to a property
consideration - ✔✔something of value exchanged by the parties as evidence of agreement to the terms
of a contract
contract - ✔✔a legally enforceable and binding agreement between parties wherein a promise to do or
not do something is given in exchange for valuable consideration
counteroffer - ✔✔a contract proposal submitted in response to a previous offer, modifying the terms of
the original offer; considered a rejection of the original offer
disability - ✔✔a physical or mental impairment that substantially limits one or more major life activities,
the record of such impairment, or being regarded as having such an impairment
earnest money - ✔✔funds paid to confirm or commit to a contract
effective date - ✔✔the date a contract becomes binding between the parties
