Exam 14: Statute of Frauds and Equitable Exceptions

A lease is an interest in real property given to a lender as security for the repayment of a loan.

In most states, contracts for the lease of goods with payments of $2000 require to be in writing.

Statute of Frauds is a state statute that requires certain types of contracts to be in writing.

The ________ says that agents' contracts to sell property covered by the Statute of Frauds must be in writing to be enforceable.

A life estate will be transferred to another party in the event of the holder's death.

Section 2-201(1)of the Uniform Commercial Code is the basic Statute of Frauds provision for ________.

An easement contract occurs when one person agrees to answer for the debts or duties of another person.

________ stipulates that the contract is a complete integration and the exclusive expression of the parties' agreement.

Which of the following grants a person the right to use real property for a specified period of time?

The transfer of the right to use real property for a specified period of time is known as a lease.

________ is an equitable doctrine that permits enforcement of oral contracts that should have been in writing.

Explain the creation and working of guaranty contracts.

Which of the following statements is true of a guaranty contract?

The ________ requires certain contracts to be in writing.

Which of the following is an instance of a mortgage?

Any writing-including letters, telegrams, invoices, sales receipts, checks, and handwritten agreements written on scraps of paper-can be an enforceable contract.

________ says that if a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract.

Placing several documents in the same envelope indicates implied integration.

If Johnny made an oral contract with Peter to sell Peter his truck for $15, 000, Johnny's eventual refusal to sell the truck is considered breach of contract.

Santos told his friend Ernesto that he would sell Ernesto his car for $5, 000.However, on the day of the sale, Santos refused to sell the car for the agreed-upon price and demanded more money.Which of the following statements is true in this context?