Under the TREC contract, all of the following contract terms may be changed through a TREC Amendment EXCEPT:
Correct Answer
B) The fundamental nature of the promulgated form itself
An amendment cannot change the fundamental nature of the promulgated form. If a different form is needed (such as switching from a Resale Contract to a Farm and Ranch Contract), a new contract must be executed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
More Promulgated Contract Forms Questions
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Under the TREC contract, a TREC Amendment is effective when:
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