Exam 15: Contracts in Writing

Under the UCC, __________ refers to the manner and extent to which the respective parties to a contract have accepted successive tenders of performance by the other party without objection.

The executor-administrator provision applies to promises of an executor of a decedent's estate to the decedent's creditors.

Would a letter written after the execution of a contract and which contained agreements different from those in the written contract be admissible under the parol evidence rule?

In which of the following situations does the parol evidence rule not apply?

The purpose of the statute of frauds is to prevent the performance of oral contracts.

An oral contract for the transfer of an interest in land may be enforced if the party seeking enforcement has so changed his position in reasonable reliance on the contract that a court can prevent injustice only by enforcing the contract.

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

Sam orally agreed to sell his house to Humphrey. Humphrey wanted it ready for his family quickly, so after he paid Sam a 5% deposit, he had a new roof put on, new carpeting installed, and he renovated the kitchen. Sam now thinks the place looks great and has decided not to sell. A business law student told him he could back out of the oral agreement. Can he? Explain.

Under the majority rule, the test under the one-year provision of the statute of frauds is whether it is likely that the contract will be completed within one year.

A written, integrated 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. In this case:

The statute of frauds has to do with fraud in the inducement of a contract.

Under the UCC parol evidence rule, usage of trade will take priority over specific provisions in a written 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."

Which of the following is untrue with regard to the interpretation of contracts?

Parol evidence refers only to any oral evidence that is outside an integrated written contract and not incorporated into it, either directly or by reference.

Under the majority rule, the test under the one-year provision of the statute of frauds is whether the parties believe that the contract cannot be performed within one year.

In which of the following cases would an oral contract be enforceable without a written memorandum?

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 in writing.

Under the UCC, a(n) __________ is a practice or method of dealing regularly observed and followed in a place or vocation or trade.

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