Question 1

The test under the one-year provision of the statute of frauds is based on the likelihood that the contract will be completed within one year.

Accepted Answer

A) True 
 B)False

Question 2

The word "parol" literally means release.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is an exception to the suretyship provision requirement under the statute of frauds?

Accepted Answer

A) A collateral promise made to the creditor 
B) A promise, the leading object of which is to obtain an economic benefit for oneself 
C) A collateral promise where there are three parties and two contracts involved 
D) A promise by an executor to pay the debts of the decedent from the executor's own funds 
A) A collateral promise made to the creditor 
B) A promise, the leading object of which is to obtain an economic benefit for oneself 
C) A collateral promise where there are three parties and two contracts involved 
D) A promise by an executor to pay the debts of the decedent from the executor's own funds

Question 4

The parol evidence rule would allow evidence to be introduced to explain what the parties meant by the term
"serrated."

Accepted Answer

A) True 
 B)False

Question 5

Bob sends Fred a letter offering to sell Fred his car for $2,500.Fred writes back that he'll take it.They now must get together and write a memorandum because it is a sale of goods for over $500.

Accepted Answer

A) True 
 B)False

Question 6

A usage of trade is a practice or method of dealing, regularly observed and followed in a place, vocation, or trade.

Accepted Answer

A) True 
 B)False

Question 7

The parol evidence rule only applies to written contracts.

Accepted Answer

A) True 
 B)False

Question 8

In an employment agreement with Karl, Arnold promises to work for Karl for the rest of his life.This promise must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 9

The parol evidence rule prohibits introduction of all evidence that would result in modifying written contracts.

Accepted Answer

A) True 
 B)False

Question 10

Blevins, Inc.calls the Widget Corporation of America to order 400 widgets at $2 a widget.Widget accepts the oral order and then sends out an order confirmation form, with the pre-printed name Widget Corporation of America on the top of the form.The form states that an order has been received for "300" widgets and that it will be filled promptly.In this case:

Accepted Answer

A) the order acceptance form fails to meet the writing requirement in the UCC, because it isn't signed. 
B) Blevins can enforce the contract for 300 widgets, but not for 400 widgets. 
C) if Blevins signs and returns the form, it will be able to sue for the extra 100 widgets later. 
D) the contract is enforceable for 400 widgets, because it has been partially performed. 
A) the order acceptance form fails to meet the writing requirement in the UCC, because it isn't signed. 
B) Blevins can enforce the contract for 300 widgets, but not for 400 widgets. 
C) if Blevins signs and returns the form, it will be able to sue for the extra 100 widgets later. 
D) the contract is enforceable for 400 widgets, because it has been partially performed.

Question 11

Most courts consider a merger clause to be conclusive proof of an integrated contract.

Accepted Answer

A) True 
 B)False

Question 12

An example of language creating a suretyship as meant under the statute of frauds would be the following: "If my business partner does not write out the check for the supply bill for our company, I will."

Accepted Answer

A) True 
 B)False

Question 13

A part performance exception to the statute of frauds in many states requires both that the transferee has paid at least a portion of the purchase price and has either taken possession of the real estate or has started to make valuable improvements on it.

Accepted Answer

A) True 
 B)False

Question 14

What is another name for the main purpose doctrine?

Accepted Answer

A) The collateral promise rule 
B) The possibility test 
C) The leading object rule 
D) The suretyship provision 
A) The collateral promise rule 
B) The possibility test 
C) The leading object rule 
D) The suretyship provision

Question 15

Most types of contracts are valid without being written.

Accepted Answer

A) True 
 B)False

Question 16

The UETA has been adopted by all of the states to give full effect to emergency transactions.

Accepted Answer

A) True 
 B)False

Question 17

Brent loans Manuel $1,600 on his oral promise to repay the loan in three annual installments.Most courts would hold
Manuel's promise is unenforceable under the one­year provision of the statute of frauds.

Accepted Answer

A) True 
 B)False

Question 18

E-Sign:

Accepted Answer

A) preempts the Uniform Electronic Transactions Act. 
B) requires persons to agree to use or accept electronic records or electronic signatures, provided they are informed of the types of hardware and software required and they have the required equipment. 
C) defines the included transactions narrowly. 
D) ensures that the electronic form of Internet and e-mail agreements will not make them unenforceable because of the statute of frauds. 
A) preempts the Uniform Electronic Transactions Act. 
B) requires persons to agree to use or accept electronic records or electronic signatures, provided they are informed of the types of hardware and software required and they have the required equipment. 
C) defines the included transactions narrowly. 
D) ensures that the electronic form of Internet and e-mail agreements will not make them unenforceable because of the statute of frauds.

Question 19

The parol evidence rule does not prevent the use of evidence that a party would like to use to establish the defense of fraud, duress, or undue influence.

Accepted Answer

A) True 
 B)False

Question 20

In interpreting a contract, terms which have been separately negotiated are given priority over standardized, pre- printed terms.

Accepted Answer

A) True 
 B)False

Exam 15: Contracts in Writing

The test under the one-year provision of the statute of frauds is based on the likelihood that the contract will be completed within one year.

The word "parol" literally means release.

Which of the following is an exception to the suretyship provision requirement under the statute of frauds?

The parol evidence rule would allow evidence to be introduced to explain what the parties meant by the term "serrated."

Bob sends Fred a letter offering to sell Fred his car for $2,500.Fred writes back that he'll take it.They now must get together and write a memorandum because it is a sale of goods for over $500.

A usage of trade is a practice or method of dealing, regularly observed and followed in a place, vocation, or trade.

The parol evidence rule only applies to written contracts.

In an employment agreement with Karl, Arnold promises to work for Karl for the rest of his life.This promise must be in writing to be enforceable.

The parol evidence rule prohibits introduction of all evidence that would result in modifying written contracts.

Most courts consider a merger clause to be conclusive proof of an integrated contract.

An example of language creating a suretyship as meant under the statute of frauds would be the following: "If my business partner does not write out the check for the supply bill for our company, I will."

A part performance exception to the statute of frauds in many states requires both that the transferee has paid at least a portion of the purchase price and has either taken possession of the real estate or has started to make valuable improvements on it.

What is another name for the main purpose doctrine?

Most types of contracts are valid without being written.

The UETA has been adopted by all of the states to give full effect to emergency transactions.

Brent loans Manuel $1,600 on his oral promise to repay the loan in three annual installments.Most courts would hold Manuel's promise is unenforceable under the one­year provision of the statute of frauds.

E-Sign:

The parol evidence rule does not prevent the use of evidence that a party would like to use to establish the defense of fraud, duress, or undue influence.

In interpreting a contract, terms which have been separately negotiated are given priority over standardized, pre- printed terms.

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature, Formation, and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Decedents Estates

51: The Legal Environment Of Business

52: Contracts.

53: Agency.

54: Sales

55: Negotiable Instruments

56: Unincorporated Business Association

57: Corporations

58: Debtor and Creditor Relation

59: Regulation of Business

60: Property.

Filters

Brent loans Manuel $1,600 on his oral promise to repay the loan in three annual installments.Most courts would hold Manuel's promise is unenforceable under the oneyear provision of the statute of frauds.