Texas Promulgated Contracts EXAM Q&A Latest Update

Content Preview

Texas Promulgated Contracts | Q&A Latest Update 2025/2026 | 100% PASS addenda - Answer -additions to a completed contract that specify supplementary information to the contract amendment - Answer -change or modification to an already agreedupon contract bilateral contract - Answer -a contract wherein both parties are obligated to perform in an exchange of promises buyer rebate - Answer -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 - Answer -a sudden, unexpected event like a fire, flood, storm, earthquake that causes damage to a property consideration - Answer -something of value exchanged by the parties as evidence of agreement to the terms of a contract contract - Answer -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 - Answer -a contract proposal submitted in response to a previous offer, modifying the terms of the original offer; considered a rejection of the original offer