Exam 14: Statute of Frauds and Equitable Exceptions

If an oral contract that should have been in writing under the Statute of Frauds is already executed,neither party can seek to rescind the contract on the grounds of noncompliance with the Statute of Frauds.

Which of the following phrases explains the term lease?

Which of the following contracts is required to be in writing in most states?

According to the Statute of Frauds,an executory contract that cannot be performed by its own terms within one year of its formation must be in writing.

Incorporation by reference is an integration made by express reference in one document that refers to and incorporates another document within it.

A person's nickname or initials that indicate his or her intent are not considered binding signatures.

Which of the following is considered a real property?

A life estate will be transferred to another party in the event of the holder's death.

Which of the following statements is true of the writing requirement of contracts,according to the Statute of Frauds?

Equal dignity rule says that agents' contracts to sell property covered by the Statute of Frauds must be in writing to be enforceable.

Explain the doctrine of equitable estoppel.

Placing several documents in the same envelope indicates implied integration.

Which of the following statements is true of interpreting contract words and terms?

Any oral or written words outside the four corners of a written contract are termed as ________.

The transfer of the right to use real property for a specified period of time is known as a lease.

Which of the following statements is true of signature on a written contract?

Santos told his friend Ernesto that he would sell Ernesto his car for $5,000.However,on the day of the sale,Santos refused to sell the car for the agreed-upon price and demanded more money.Which of the following statements is true in this scenario?

Which of the following is an exception to the Statute of Frauds?

Section 2A-201(1)of the Uniform Commercial Code (UC C)states that lease contracts involving payments of $1,000 or more must be in writing.

Which of the following does the one-year rule state?