Question 1

Jim promises to marry Cynda if she will buy him a new Ferrari for his birthday.This promise must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 2

A contract contains a provision that states it will be effective for a "year." The plaintiff in a lawsuit claims that a "year" is obviously 12 months.The defendant claims that the contract meant a 10-month school year.Parol evidence:

Accepted Answer

A) cannot be used to explain the term, because the plain meaning of a "year" is 12 months. 
B) cannot be used to explain the term, because it is an integrated document. 
C) can be used to clarify the parties' intent because in this contract the term "year" is ambiguous. 
D) cannot be used, because the contract contains an express term that could have been changed by the parties prior to the contract's execution. 
A) cannot be used to explain the term, because the plain meaning of a "year" is 12 months. 
B) cannot be used to explain the term, because it is an integrated document. 
C) can be used to clarify the parties' intent because in this contract the term "year" is ambiguous. 
D) cannot be used, because the contract contains an express term that could have been changed by the parties prior to the contract's execution.

Question 3

The UCC permits an oral agreement for the sale of goods to be enforced against a party who admits to the contract in court, even though the statute of frauds requires the agreement to be in writing.

Accepted Answer

A) True 
 B)False

Question 4

Yukino pays $500 toward the purchase of a boat from Tyler.Although their agreement for the sale of the boat for
$2,200 is oral, courts agree that her part payment and its acceptance by Tyler make the contract enforceable.

Accepted Answer

A) True 
 B)False

Question 5

The statute of frauds does not prevent the performance of oral contracts if the parties are willing to perform.

Accepted Answer

A) True 
 B)False

Question 6

ABC Corp.is building a new office tower.Ace Plumbing Supplies refuses to provide plumbing materials on credit to the plumbing subcontractor on the building.ABC promises Ace that it will pay for the materials if the subcontractor does not.ABC's promise is unenforceable unless in writing.

Accepted Answer

A) True 
 B)False

Question 7

Under the parol evidence rule, which of the following types of evidence may be used to vary or contradict the written agreement?

Accepted Answer

A) Prior oral or written agreements 
B) Contemporaneous oral or written agreements 
C) Subsequent oral or written agreements modifying the original agreement 
D) None of these. 
A) Prior oral or written agreements 
B) Contemporaneous oral or written agreements 
C) Subsequent oral or written agreements modifying the original agreement 
D) None of these.

Question 8

Barry's Sport Shop calls Champs Tee Shirt Company to order 200 designer tee shirts at $2 per shirt.The next day, Barry decides he can easily sell 100 more.Before the order is filled, he calls to change the order to 300 tee shirts.Champs sends 200.Can Barry force Champs to send the additional 100?

Accepted Answer

A) No, because there is no consideration for the extra 100 shirts 
B) No, because Barry does not have a writing signed by Champs Tee Shirts 
C) Yes, because this is a subsequent modification of the original contract 
D) Yes, because Champs Tee Shirts is a merchant within the meaning of Article 2 of the UCC 
A) No, because there is no consideration for the extra 100 shirts 
B) No, because Barry does not have a writing signed by Champs Tee Shirts 
C) Yes, because this is a subsequent modification of the original contract 
D) Yes, because Champs Tee Shirts is a merchant within the meaning of Article 2 of the UCC

Question 9

Although a contract to purchase an undeveloped lot must be in writing to be enforceable, a contract to run power lines over someone else's lot need not be.

Accepted Answer

A) True 
 B)False

Question 10

The statute of frauds generally requires that both parties sign the writing.

Accepted Answer

A) True 
 B)False

Question 11

Richard agrees to supply Henry with all his needs of specially made shampoo for Henry's beauty salon.Henry believes that Richard is a representative of a famous hair products company, but he finds a letter to a competitor written by Richard two days before the agreement is signed proving that Richard is a fraud.Richard says that this letter may not be admitted to court since the contract is wholly integrated.Is he correct?

Accepted Answer

No, prior and contemporary evi

Question 12

Most states have statutes requiring which of the following contracts to be evidenced by a writing to be enforceable?

Accepted Answer

A) Contracts to make wills. 
B) Contracts for the sale of securities. 
C) Contracts for the sale of personal property for more than $5,000. 
D) Contracts creating certain types of security interests. 
E) All of these. 
A) Contracts to make wills. 
B) Contracts for the sale of securities. 
C) Contracts for the sale of personal property for more than $5,000. 
D) Contracts creating certain types of security interests. 
E) All of these.

Question 13

To satisfy the statute of frauds, the person who wants to bring the lawsuit must sign a memorandum.

Accepted Answer

A) True 
 B)False

Question 14

The suretyship provision rule within the statute of frauds applies to cases involving one party's promising to perform the duty of another party to yet a third party.

Accepted Answer

A) True 
 B)False

Question 15

Requirements for a memorandum that satisfies the statute of frauds include that the writing:

Accepted Answer

A) must be a single document. 
B) must exist at the time of the litigation. 
C) needs to be notarized. 
D) None of these. 
A) must be a single document. 
B) must exist at the time of the litigation. 
C) needs to be notarized. 
D) None of these.

Exam 15: Contracts in Writing

Jim promises to marry Cynda if she will buy him a new Ferrari for his birthday.This promise must be in writing to be enforceable.

A contract contains a provision that states it will be effective for a "year." The plaintiff in a lawsuit claims that a "year" is obviously 12 months.The defendant claims that the contract meant a 10-month school year.Parol evidence:

The UCC permits an oral agreement for the sale of goods to be enforced against a party who admits to the contract in court, even though the statute of frauds requires the agreement to be in writing.

Yukino pays $500 toward the purchase of a boat from Tyler.Although their agreement for the sale of the boat for $2,200 is oral, courts agree that her part payment and its acceptance by Tyler make the contract enforceable.

The statute of frauds does not prevent the performance of oral contracts if the parties are willing to perform.

ABC Corp.is building a new office tower.Ace Plumbing Supplies refuses to provide plumbing materials on credit to the plumbing subcontractor on the building.ABC promises Ace that it will pay for the materials if the subcontractor does not.ABC's promise is unenforceable unless in writing.

Under the parol evidence rule, which of the following types of evidence may be used to vary or contradict the written agreement?

Barry's Sport Shop calls Champs Tee Shirt Company to order 200 designer tee shirts at $2 per shirt.The next day, Barry decides he can easily sell 100 more.Before the order is filled, he calls to change the order to 300 tee shirts.Champs sends 200.Can Barry force Champs to send the additional 100?

Although a contract to purchase an undeveloped lot must be in writing to be enforceable, a contract to run power lines over someone else's lot need not be.

The statute of frauds generally requires that both parties sign the writing.

Most states have statutes requiring which of the following contracts to be evidenced by a writing to be enforceable?

To satisfy the statute of frauds, the person who wants to bring the lawsuit must sign a memorandum.

The suretyship provision rule within the statute of frauds applies to cases involving one party's promising to perform the duty of another party to yet a third party.

Requirements for a memorandum that satisfies the statute of frauds include that the writing:

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.

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