Ontario Mortgage Agent Practice Exam

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Study for the Ontario Mortgage Agent Exam. Prepare with flashcards and multiple choice questions, each question includes hints and explanations. Get ready for your test!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What occurs when one party in a contract fails to fulfill their obligations?

Breach
Condition Precedent
Acceptance
Mistake

The correct answer is: Breach

When one party fails to fulfill their obligations in a contract, this is known as a breach. It means that they have not fulfilled their end of the agreement, which could lead to legal consequences. The other options are not correct because acceptance refers to both parties agreeing to the terms of the contract, mistake refers to an error in the contract itself, and condition precedent refers to a condition that must be met before the contract can be enforced. These options do not address the issue of one party failing to fulfill their obligations.