A subdivision is a land development of one parcel into multiple parcels.
A. True
B. False
Q. 2The main source of tort law is
a. case law
b. statutory law
c. administrative law
d. constitutional law
Q. 3A sophisticated user is a user of a product who should, because of experience and training, know of the particular dangers of that product.
Indicate whether the statement is true or false
Q. 4Phil and Don are playing golf, when Phil offers to sell his house to Don. Don has always liked Phil's house and even told Phil he would be interested in buying it should Phil ever decide to sell. Don accepts Phil's offer to purchase the house for 200,000 . The sale is to take place in two weeks. When the two meet two weeks later, Phil revokes his offer and refuses to convey the property to Don. Most likely:
A. Don may enforce the contract through an action for specific performance
B. Phil may revoke his offer at any time prior to the date of conveyance
C. Don may enforce the contract because all of the elements of a valid contract are present; offer acceptance, consideration, capacity, and legality
D. The contract is not enforceable
Q. 5In real estate development, increasing the number of units built on the same parcel of land reduces the cost per unit through a concept known as:
A. Law of diminishing returns
B. Macroeconomics
C. Eminent domain
D. Economies of scale
Q. 6In jurisdictions where there is an active title insurance industry, the title report represents that the title company insurer will issue insurance if certain objections are involved. This agreement is referred to as a(n):
A. Option contract
B. Title insurance contingency
C. Binder for title insurance
D. Consideration
Q. 7Condominiums made their debut in the 1980's.
A. True
B. False
Q. 8Basil and Manuel are having lunch one day. Manuel knows Basil is studying to be a paralegal and asks him how his studies are coming along. Basil explains that right now he is taking a course in real estate law and he is studying contracts. Manuel replies that he has always been interested in how a contract works but does not know much about what elements are necessary in order to create a valid contract. If you were Basil, how would you fully explain the elements of a valid contract?
What will be an ideal response?
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