Question 1

The statute of frauds requires a written agreement for sales of merchandise costing

Accepted Answer

A)  $250 or more. 
B)  $400 or more. 
C)  $500 or more 
D)  over $750. 
A)  $250 or more. 
B)  $400 or more. 
C)  $500 or more 
D)  over $750.

Question 2

A written contract needs at least one witness to establish its existence and its terms.

Accepted Answer

A) True 
 B)False

Question 3

Jamison orally contracts to sell her house to Fagan. Later, Jamison changes her mind and refuses to transfer the property. Fagan cannot take legal action against Jamison because the contract is ____________________.

Accepted Answer

The answer of Jamison orally contracts to sell her house...

Question 4

Parol evidence may be presented to show that a written contract did not include all the important terms.

Accepted Answer

A) True 
 B)False

Question 5

An executor or administrator is one who handles a deceased person's estate.

Accepted Answer

A) True 
 B)False

Question 6

A memorandum required to satisfy the statute of frauds should contain

Accepted Answer

A)  the names of the parties. 
B)  the subject matter of the agreement. 
C)  the consideration involved. 
D)  all of these. 
A)  the names of the parties. 
B)  the subject matter of the agreement. 
C)  the consideration involved. 
D)  all of these.

Question 7

The evidence needed to satisfy the statute of frauds may be an informal memorandum.

Accepted Answer

A) True 
 B)False

Question 8

The key to determining whether a contract is enforceable under the one-year rule of the statute of frauds is the answer to which of the following questions?

Accepted Answer

A)  Is it possible to carry out the terms of the contract within one year of the date of the agreement? 
B)  Is it likely that the parties will carry out the terms of the contract within one year of the date of the agreement? 
C)  Is it reasonable to expect that the parties will carry out the terms of the contract within one year of the date of the agreement? 
D)  Do the parties wish to carry out the terms of the contract within one year from the date that the contract will actually begin? 
A)  Is it possible to carry out the terms of the contract within one year of the date of the agreement? 
B)  Is it likely that the parties will carry out the terms of the contract within one year of the date of the agreement? 
C)  Is it reasonable to expect that the parties will carry out the terms of the contract within one year of the date of the agreement? 
D)  Do the parties wish to carry out the terms of the contract within one year from the date that the contract will actually begin?

Question 9

Sargent orally agreed to purchase a piece of land from Babson. To confirm the agreement, Sargent wrote a letter to Babson that contained all the terms of the transaction and was signed by Sargent. When Babson refused to sell, Sargent sued for breach of contract, claiming that the sale was in writing. Is Sargent correct?

Accepted Answer

No. A contract for the sale of real prop

Question 10

Today, under modern law, no contract or signature may be denied legal effect solely because it is in electronic form.

Accepted Answer

A) True 
 B)False

Question 11

If the contract put in writing is intended to be the final and complete agreement between the parties then it is considered as a(n) ____________________contract.

Accepted Answer

The answer of If the contract put in writing is...

Question 12

A contract in consideration of marriage is necessary only if the promise to marry is other than a(n) ____________________ promise

Accepted Answer

The answer of A contract in consideration of marriage is...

Question 13

Miller said to Avid, a retail merchant, "Deliver this $1,500 computer to my nephew Ronald McDonald and send the bill to me." Avid did as he was requested, but Miller refused to pay the bill, claiming that the nephew was really not interested in using the computer. Is Miller liable?

Accepted Answer

A)  Yes; an oral promise to pay one's own debt is binding. 
B)  Yes; an oral promise to pay the debt of another is binding. 
C)  No; an oral promise to pay the debt of another is not binding. 
D)  No; there was no consideration for the oral promise. 
A)  Yes; an oral promise to pay one's own debt is binding. 
B)  Yes; an oral promise to pay the debt of another is binding. 
C)  No; an oral promise to pay the debt of another is not binding. 
D)  No; there was no consideration for the oral promise.

Question 14

An executor's written promise to pay a deceased person's debts out of personal funds is valid.

Accepted Answer

A) True 
 B)False

Question 15

The agreement required by the statute of frauds must be signed by both parties.

Accepted Answer

A) True 
 B)False

Question 16

At the very least, what must be included in the written memorandum in order for it to satisfy the statute of frauds?

Accepted Answer

The writing must at least contain the fo

Question 17

Mangin agreed to sell and Restov agreed to buy a small strip of land adjoining Restov's property. This agreement would be binding if made

Accepted Answer

A)  through an exchange of telephone conversations. 
B)  through an exchange of letters. 
C)  orally with a small down payment. 
D)  orally before two witnesses. 
A)  through an exchange of telephone conversations. 
B)  through an exchange of letters. 
C)  orally with a small down payment. 
D)  orally before two witnesses.

Question 18

Oral contracts

Accepted Answer

A)  are unenforceable. 
B)  are just as valid as written contracts. 
C)  for the sale of real property are valid. 
D)  are easier to prove in court than are written contracts. 
A)  are unenforceable. 
B)  are just as valid as written contracts. 
C)  for the sale of real property are valid. 
D)  are easier to prove in court than are written contracts.

Question 19

Under what circumstances can the parol evidence rule be disregarded?

Accepted Answer

When evidence does not change

Question 20

The kind of signature required to satisfy the statute of frauds must be

Accepted Answer

A)  handwritten. 
B)  typed. 
C)  printed. 
D)  all of these. 
A)  handwritten. 
B)  typed. 
C)  printed. 
D)  all of these.

Exam 11: Memorialize Contracts in Writingstatute of Frauds

The statute of frauds requires a written agreement for sales of merchandise costing

A written contract needs at least one witness to establish its existence and its terms.

Jamison orally contracts to sell her house to Fagan. Later, Jamison changes her mind and refuses to transfer the property. Fagan cannot take legal action against Jamison because the contract is ____________________.

Parol evidence may be presented to show that a written contract did not include all the important terms.

An executor or administrator is one who handles a deceased person's estate.

A memorandum required to satisfy the statute of frauds should contain

The evidence needed to satisfy the statute of frauds may be an informal memorandum.

The key to determining whether a contract is enforceable under the one-year rule of the statute of frauds is the answer to which of the following questions?

Today, under modern law, no contract or signature may be denied legal effect solely because it is in electronic form.

If the contract put in writing is intended to be the final and complete agreement between the parties then it is considered as a(n) ____________________contract.

A contract in consideration of marriage is necessary only if the promise to marry is other than a(n) ____________________ promise

Miller said to Avid, a retail merchant, "Deliver this $1,500 computer to my nephew Ronald McDonald and send the bill to me." Avid did as he was requested, but Miller refused to pay the bill, claiming that the nephew was really not interested in using the computer. Is Miller liable?

An executor's written promise to pay a deceased person's debts out of personal funds is valid.

The agreement required by the statute of frauds must be signed by both parties.

At the very least, what must be included in the written memorandum in order for it to satisfy the statute of frauds?

Mangin agreed to sell and Restov agreed to buy a small strip of land adjoining Restov's property. This agreement would be binding if made

Oral contracts

Under what circumstances can the parol evidence rule be disregarded?

The kind of signature required to satisfy the statute of frauds must be

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

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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

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Nature and Types of Negotiable Instruments

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Checks and the Banking System in the Twenty-First Century

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Basic Legal Concepts of Property

Renting Real Property

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Nature and Types of Bailments

Wills, Intestacy, and Estate Planning

Protecting the Consumer and the Taxpayer

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