Question 1

Under which of the following conditions does a promissory estoppel provide for the enforceability of an oral contract?

Accepted Answer

A) when the promise induces action or forbearance of action by another 
B) when the reliance on the oral promise was unforeseeable 
C) when enforcing the oral promise provides for faster resolution of the case 
D) when the oral promise provides for reduced damages to the defendant 
A) when the promise induces action or forbearance of action by another 
B) when the reliance on the oral promise was unforeseeable 
C) when enforcing the oral promise provides for faster resolution of the case 
D) when the oral promise provides for reduced damages to the defendant

Question 2

Which of the following interests in real property transfers to another person after the present holder's death?

Accepted Answer

A) easement 
B) mortgage 
C) EMI 
D) life estate 
A) easement 
B) mortgage 
C) EMI 
D) life estate

Question 3

In a guarantee situation, the guarantor's liability is secondary.

Accepted Answer

A) True 
 B)False

Question 4

Jim's landlord insists on a written agreement to lease his apartment for $25, 000 in order to comply with ________ of the UCC.

Accepted Answer

A) Section 2-201(1) 
B) Section 2A-201(1) 
C) the merger clause 
D) the equal dignity rule 
A) Section 2-201(1) 
B) Section 2A-201(1) 
C) the merger clause 
D) the equal dignity rule

Question 5

Trees, crops, minerals, and timber are barred from being included in contracts involving interests in real property.

Accepted Answer

A) True 
 B)False

Question 6

Any oral or written words outside the four corners of the written contract are called parol evidence.

Accepted Answer

A) True 
 B)False

Question 7

Ida moves to New York from Poland and wants to live in an apartment.However, she does not have sufficient money to buy one.Her colleague Henry allows Ida to live in his old apartment for a year, if she pays him $25, 000.This contract would be considered a(n)________.

Accepted Answer

A) lease 
B) mortgage 
C) installment 
D) easement 
A) lease 
B) mortgage 
C) installment 
D) easement

Question 8

The ________ states that an executory contract which cannot be performed by its own terms within one year of its formation must be in writing.

Accepted Answer

A) parol evidence rule 
B) common law of contracts 
C) merger clause 
D) one-year rule 
A) parol evidence rule 
B) common law of contracts 
C) merger clause 
D) one-year rule

Question 9

Which of the following is an exception to the Statute of Frauds?

Accepted Answer

A) contracts under promissory estoppel 
B) agents' contracts 
C) merger clause 
D) prenuptial agreement 
A) contracts under promissory estoppel 
B) agents' contracts 
C) merger clause 
D) prenuptial agreement

Question 10

The main purpose exception to the Statute of Frauds allows oral collateral contracts to be enforced if there is a monetary benefit to the guarantor.

Accepted Answer

A) True 
 B)False

Question 11

Under the Statute of Frauds, any contract that transfers an ownership interest in real property must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 12

An easement is a form of real property security given by a borrower to a lender.

Accepted Answer

A) True 
 B)False

Question 13

________ refers to the integration made by express reference in one document that refers to and incorporates another document within it.

Accepted Answer

A) Implied integration 
B) Incorporation by reference 
C) Executory contract 
D) Merger clause 
A) Implied integration 
B) Incorporation by reference 
C) Executory contract 
D) Merger clause

Question 14

The ________ states that if the main purpose of a transaction and an oral collateral contract is to provide pecuniary benefit to the guarantor, the collateral contract does not have to be in writing to be enforced.

Accepted Answer

A) merger clause 
B) leading object exception 
C) collateral contract rule 
D) parol evidence rule 
A) merger clause 
B) leading object exception 
C) collateral contract rule 
D) parol evidence rule

Question 15

Which of the following statements is true of the writing requirement of contracts, according to the Statute of Frauds?

Accepted Answer

A) Contracts for the sale of goods for $500 need not be in writing. 
B) Contracts for the lease of goods with payments of $101 must be in writing. 
C) Finder's fee contracts need not be in writing. 
D) Promises made in consideration of marriage must be in writing. 
A) Contracts for the sale of goods for $500 need not be in writing. 
B) Contracts for the lease of goods with payments of $101 must be in writing. 
C) Finder's fee contracts need not be in writing. 
D) Promises made in consideration of marriage must be in writing.

Question 16

Built-in cabinets in a house would be considered as permanent parts of the real property.

Accepted Answer

A) True 
 B)False

Question 17

If a modification of the lease contract increases the lease payment to $1, 000 or more, the modification has to be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 18

If a provision in a contract refers to the subject matter as "dollars, " which of the following specific terms would qualify the general term?

Accepted Answer

A) currency 
B) pounds 
C) bills 
D) Australian dollars 
A) currency 
B) pounds 
C) bills 
D) Australian dollars

Question 19

Which of the following contracts is required to be in writing in most states?

Accepted Answer

A) contracts for the sale of goods for $100 
B) contracts for the lease of goods with payments of $500 
C) promises to write a will 
D) contracts falling under the promissory estoppel 
A) contracts for the sale of goods for $100 
B) contracts for the lease of goods with payments of $500 
C) promises to write a will 
D) contracts falling under the promissory estoppel

Question 20

Good Faith Consultants partnered with QuickFind IT Solutions for a period of six months.After three months, they wanted to extend the contract by two years.According to the Statute of Frauds, which of the following holds true for the contract?

Accepted Answer

A) The modification to the duration of the contract should be in writing. 
B) A new contract must be formed. 
C) The contract can be oral both before and after modification. 
D) Only the original contract should be in writing. 
A) The modification to the duration of the contract should be in writing. 
B) A new contract must be formed. 
C) The contract can be oral both before and after modification. 
D) Only the original contract should be in writing.

Exam 14: Statute of Frauds and Equitable Exceptions

Under which of the following conditions does a promissory estoppel provide for the enforceability of an oral contract?

Which of the following interests in real property transfers to another person after the present holder's death?

In a guarantee situation, the guarantor's liability is secondary.

Jim's landlord insists on a written agreement to lease his apartment for $25, 000 in order to comply with ________ of the UCC.

Trees, crops, minerals, and timber are barred from being included in contracts involving interests in real property.

Any oral or written words outside the four corners of the written contract are called parol evidence.

Ida moves to New York from Poland and wants to live in an apartment.However, she does not have sufficient money to buy one.Her colleague Henry allows Ida to live in his old apartment for a year, if she pays him $25, 000.This contract would be considered a(n)________.

The ________ states that an executory contract which cannot be performed by its own terms within one year of its formation must be in writing.

Which of the following is an exception to the Statute of Frauds?

The main purpose exception to the Statute of Frauds allows oral collateral contracts to be enforced if there is a monetary benefit to the guarantor.

Under the Statute of Frauds, any contract that transfers an ownership interest in real property must be in writing to be enforceable.

An easement is a form of real property security given by a borrower to a lender.

________ refers to the integration made by express reference in one document that refers to and incorporates another document within it.

The ________ states that if the main purpose of a transaction and an oral collateral contract is to provide pecuniary benefit to the guarantor, the collateral contract does not have to be in writing to be enforced.

Which of the following statements is true of the writing requirement of contracts, according to the Statute of Frauds?

Built-in cabinets in a house would be considered as permanent parts of the real property.

If a modification of the lease contract increases the lease payment to $1, 000 or more, the modification has to be in writing to be enforceable.

If a provision in a contract refers to the subject matter as "dollars, " which of the following specific terms would qualify the general term?

Which of the following contracts is required to be in writing in most states?

Good Faith Consultants partnered with QuickFind IT Solutions for a period of six months.After three months, they wanted to extend the contract by two years.According to the Statute of Frauds, which of the following holds true for the contract?

Legal Heritage and the Digital Age

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Judicial,Alternative,and E-Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

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Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

E-Commerce and Digital Law

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

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Creation of Negotiable Instruments

Holder in Due Course and Transferability

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Limited Partnerships and Special Partnerships

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Corporate Governance and the Sarbanes-Oxley Act

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Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Businesses

Investor Protection, E-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

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Environmental Protection

Antitrust Law and Unfair Trade Practices

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