Question 1

A contract for the sale of $400 worth of merchandise must be in writing.

Accepted Answer

A) True 
 B)False  False

Question 2

Which of the following is not an exception to the parol evidence rule?

Accepted Answer

A)  When the written contract contains all the terms and provisions intended by the parties 
B)  When parol evidence is introduced in court to explain vague or confusing terms 
C)  When parol evidence is introduced in court to prove that the written contract lacked certain terms that were originally agreed upon but were accidentally left out of the written contract 
D)  When parol evidence is introduced in court to show that the contract is illegal 
A)  When the written contract contains all the terms and provisions intended by the parties 
B)  When parol evidence is introduced in court to explain vague or confusing terms 
C)  When parol evidence is introduced in court to prove that the written contract lacked certain terms that were originally agreed upon but were accidentally left out of the written contract 
D)  When parol evidence is introduced in court to show that the contract is illegal A

Question 3

A contract to answer for the debt of another person is called a

Accepted Answer

A)  contract of adhesion. 
B)  prenuptial agreement. 
C)  contract of guaranty. 
D)  parol contract. 
A)  contract of adhesion. 
B)  prenuptial agreement. 
C)  contract of guaranty. 
D)  parol contract. C

Question 4

The ____________________ signature was invented to accommodate electronic commerce.

Accepted Answer

The answer of The ____________________ signature was invented to accommodate...

Question 5

All states have a law that requires certain contracts to be in writing.

Accepted Answer

A) True 
 B)False

Question 6

If a contract can be carried out within one year, it need not be in writing.

Accepted Answer

A) True 
 B)False

Question 7

The statute of frauds applies only to executory contracts.

Accepted Answer

A) True 
 B)False

Question 8

The ____________________ keeps oral testimony from being introduced to add, to alter, or vary the terms of a written contract.

Accepted Answer

The answer of The ____________________ keeps oral testimony from being...

Question 9

What is an e-signature? Is the e-signature an acceptable form of signature in the business world?

Accepted Answer

It is an electronic substitute for a man

Question 10

Martinson entered into a contract to purchase a used fax machine from Gruber for $550. Martinson, who did not sign the agreement, changed his mind and refused to buy the fax machine from Gruber. Can Gruber legally enforce the contract?

Accepted Answer

A)  No; the sale was for less than $600. 
B)  No; Martinson did not sign the contract. 
C)  Yes; Gruber signed the contract. 
D)  Yes; the sale contained all the elements of a contract. 
A)  No; the sale was for less than $600. 
B)  No; Martinson did not sign the contract. 
C)  Yes; Gruber signed the contract. 
D)  Yes; the sale contained all the elements of a contract.

Question 11

For a writing to satisfy the statute of frauds, it need only be signed by the party against whom it is to be ____________________.

Accepted Answer

The answer of For a writing to satisfy the statute...

Question 12

Under the provisions of the statute of frauds, one example of a contract that does not have to be in writing to be enforceable is a(n)

Accepted Answer

A)  promise to pay the debts of another living person. 
B)  agreement for the transfer of ownership in real property. 
C)  agreement to rent real property for one year or less. 
D)  agreement for the sale of merchandise valued at $700. 
A)  promise to pay the debts of another living person. 
B)  agreement for the transfer of ownership in real property. 
C)  agreement to rent real property for one year or less. 
D)  agreement for the sale of merchandise valued at $700.

Question 13

Parol evidence is admissible to show changes after the written contract was made.

Accepted Answer

A) True 
 B)False

Question 14

One example of a contract that must be in writing is a contract to

Accepted Answer

A)  rent an apartment for six months. 
B)  care for someone for the rest of her or his life. 
C)  purchase a computer for $350. 
D)  pay a friend's debts. 
A)  rent an apartment for six months. 
B)  care for someone for the rest of her or his life. 
C)  purchase a computer for $350. 
D)  pay a friend's debts.

Question 15

The statute of frauds covers ____________________[a number] major categories of contracts.

Accepted Answer

The answer of The statute of frauds covers ____________________[a number]...

Question 16

Most contracts are made ____________________.

Accepted Answer

The answer of Most contracts are made ____________________....

Question 17

Hill told Tompkins, "Sell Martin a suit of clothes, and charge it to me." Tompkins sold the suit to Martin and sent the bill to Hill. Hill refused to pay, pleading the statute of frauds as his defense. Is Hill liable?

Accepted Answer

Yes. Hill assumed pr

Question 18

A written contract or memorandum must be signed by

Accepted Answer

A)  both parties. 
B)  either party. 
C)  the party to be held liable. 
D)  the party bringing suit. 
A)  both parties. 
B)  either party. 
C)  the party to be held liable. 
D)  the party bringing suit.

Question 19

Candice, who owned a retail dry-cleaning establishment, planned a trip to Florida for health reasons. On March 13 she orally agreed to hire Myron for one year to manage her business while she was away. Myron was to manage the establishment from May 1 of that year to April 30 of the next year. Which of the following statements is correct?

Accepted Answer

A)  The statute of frauds does not apply to this situation. 
B)  The statute of frauds does apply to this situation. 
C)  This agreement is void. 
D)  This agreement is voidable. 
A)  The statute of frauds does not apply to this situation. 
B)  The statute of frauds does apply to this situation. 
C)  This agreement is void. 
D)  This agreement is voidable.

Question 20

The statute of frauds does not apply to agreements in which one person assumes primary responsibility for the payment of a debt.

Accepted Answer

A) True 
 B)False

Exam 11: Memorialize Contracts in Writingstatute of Frauds

A contract for the sale of $400 worth of merchandise must be in writing.

Which of the following is not an exception to the parol evidence rule?

A contract to answer for the debt of another person is called a

The ____________________ signature was invented to accommodate electronic commerce.

All states have a law that requires certain contracts to be in writing.

If a contract can be carried out within one year, it need not be in writing.

The statute of frauds applies only to executory contracts.

The ____________________ keeps oral testimony from being introduced to add, to alter, or vary the terms of a written contract.

What is an e-signature? Is the e-signature an acceptable form of signature in the business world?

Martinson entered into a contract to purchase a used fax machine from Gruber for $550. Martinson, who did not sign the agreement, changed his mind and refused to buy the fax machine from Gruber. Can Gruber legally enforce the contract?

For a writing to satisfy the statute of frauds, it need only be signed by the party against whom it is to be ____________________.

Under the provisions of the statute of frauds, one example of a contract that does not have to be in writing to be enforceable is a(n)

Parol evidence is admissible to show changes after the written contract was made.

One example of a contract that must be in writing is a contract to

The statute of frauds covers ____________________[a number] major categories of contracts.

Most contracts are made ____________________.

Hill told Tompkins, "Sell Martin a suit of clothes, and charge it to me." Tompkins sold the suit to Martin and sent the bill to Hill. Hill refused to pay, pleading the statute of frauds as his defense. Is Hill liable?

A written contract or memorandum must be signed by

The statute of frauds does not apply to agreements in which one person assumes primary responsibility for the payment of a debt.

Foundations of Law and the Role of Ethics in Business

The Legal System in the United States and Its Constitutional Foundation

Personal, Business, and Cyber Crimes and the American Criminal Justice System

Tort Law: Traditional Torts and Cyber Torts

Litigation and Alternatives for Settling Civil Disputes

Contract Law: a Beginning

Agreement: Offer and Acceptance

Consideration

Capacity

Legality

Transfer of Contract Rights and Duties

The Termination of Contracts: Discharge

The Termination of Contracts: Breach of Contract

Formation of Sales and Lease Contracts

The Sales Contract: Transfer of Title and Risk of Loss

The Sales Contract: Performance, Breach, and Remedies for Breach

Product Liability Law

Nature and Types of Negotiable Instruments

Issue, Transfer, Indorsement, and Discharge of Negotiable Instruments

Rights and Duties of Parties

Checks and the Banking System in the Twenty-First Century

Employer-Employee Relationship

Principal-Agent Relationship

Principal-Agent, Employer-Employee, and Third-Party Relationships

Sole Proprietorships, Partnerships, and Limited Liability Organizations

Corporations and Franchising

Government Regulation of Business

Basic Legal Concepts of Property

Renting Real Property

Buying and Selling Real Property

Nature and Types of Bailments

Wills, Intestacy, and Estate Planning

Protecting the Consumer and the Taxpayer

Protecting the Borrower

Protecting the Creditor

Property, Casualty and Automobile Insurance

Personal Insurance

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