Exam 15: Written Contracts

In a transaction for the sale of a warehouse,Standard Storage Company tells TriCounty Investment Corporation that the office furniture is included.The contract says nothing about office furniture,but does state,"This document supersedes all oral promises relating to the sale." Is the furniture part of the sale? Why or why not?

Free

(Essay)

5.0/5

(42)

Question 1

Correct Answer:

Verified

No,the furniture is not part of this deal.Under the parol evidence rule,if a writing that is integrated,or constitutes the parties' entire agreement,includes a clause that no oral statements are incorporated,then no evidence of prior negotiations,prior agreements,or contemporaneous oral statements may be used to change the terms.In other words,a party cannot introduce in court evidence of any contradictory negotiation or agreement that occurred before the contract was formed or any contradictory oral agreements that were made at the time the contract was formed.Thus,here,the fact that the written contract did not mention the furniture and the clause in the document stated it superseded any oral promises means that the parties do not have a deal for the furniture.

Parol evidence includes testimony about communications between the parties that are not contained in the contract itself.

Free

(True/False)

4.8/5

(42)

Question 2

Correct Answer:

Verified

True

Delta,Inc.,agrees to assume a debt of Excel Company to First State Bank.The agreement is not in writing.To be enforceable,the promise must be for the benefit of

Free

(Multiple Choice)

4.8/5

(35)

Question 3

Correct Answer:

Verified

An oral contract may be enforceable if the person making the promise could foresee that the promisee would rely on the promise.

(True/False)

4.9/5

(27)

Question 4

Hal's True Hardware Stores and Ideal Tools,Inc.,sign a written contract for a sale of goods.To be enforceable,this written contract must include

(Multiple Choice)

4.9/5

(37)

Question 5

Macro Marketing,Inc.,and Nature Foods Corporation (NFC)discuss the terms of a contract.Macro faxes NFC a memo on Macro's letterhead that summarizes the items on which they agree.NFC begins to perform,but Macro refuses to pay.Between Macro and NFC,the memo is

(Multiple Choice)

4.9/5

(26)

Question 6

Under the Statute of Frauds,any contract that is not in writing is void.

(True/False)

5.0/5

(40)

Question 7

Ranchland Properties and Prairie State Investments sign a written contract for a sale of land.In some states,to be enforceable,this contract must include

(Multiple Choice)

4.7/5

(28)

Question 8

Fact Pattern 15-1Millet Grains Cooperative and Corn Cereals, Inc., discuss the terms of a contract for periodic deliveries of corn. Millet Grains then faxes Corn Cereals a memo on Millet Grains's letterhead that summarizes the points on which they agreed, including a two-year term. Millet Grains begins to perform, and Corn Cereals accepts the deliveries but refuses to pay. -Refer to Fact Pattern 15-1.Between Millet Grains and Corn Cereals,there is

(Multiple Choice)

4.8/5

(35)

Question 9

To be enforceable,a memorandum evidencing an oral contract must include all essential terms.

(True/False)

4.8/5

(32)

Question 10

Abner tells a representative of Brass & Woodwind Musical Instruments,Inc.,that he will pay for Claudia's trumpet if she does not.Abner does not secure any personal benefit for this promise.Abner's oral promise is enforceable as a contract by

(Multiple Choice)

4.7/5

(25)

Question 11

Wild Rides Theme Park owes both RollercoasterRepair,Inc.and Hot Dog Harry money.RollercoasterRepair orally agrees to assume Wild Rides's debt to Hot Dog Harry to prevent Hot Dog Harry from filing suit against Wild Rides.This contract is enforceable by

(Multiple Choice)

4.9/5

(33)

Question 12

Ulrich files a suit against Vern to enforce a written contract.If the court finds that the parties intended the contract to be the final statement of their agreement,parol evidence can be admitted to prove

(Multiple Choice)

4.9/5

(39)

Question 13

Fact Pattern 15-1Millet Grains Cooperative and Corn Cereals, Inc., discuss the terms of a contract for periodic deliveries of corn. Millet Grains then faxes Corn Cereals a memo on Millet Grains's letterhead that summarizes the points on which they agreed, including a two-year term. Millet Grains begins to perform, and Corn Cereals accepts the deliveries but refuses to pay. -Refer to Fact Pattern 15-1.Between Millet Grains and Corn Cereals,this contract is most likely enforceable against

(Multiple Choice)

4.8/5

(29)

Question 14

An integrated contract is the final embodiment of the terms of an agreement.

(True/False)

4.9/5

(32)

Question 15

Fact Pattern 15-2Kelly and Lucas sign a written contract for the sale of Kelly's Koffee Kiosk to Lucas. The parties intend their written contract to be a final statement of the terms of their agreement. -Refer to Fact Pattern 15-2.Lucas later disputes some of the provisions of the deal with Kelly.If the dispute results in litigation,a court will most likely exclude evidence that

(Multiple Choice)

4.8/5

(29)

Question 16

A contract involving property of any kind must be in writing to be enforceable.

(True/False)

4.9/5

(32)

Question 17

Whitewater Canyon Adventures,Inc.,and Xtra Overstock Company enter into an oral contract for Xtra's sale to Whitewater of five rafts for $2,000 each.Before Whitewater takes possession of the rafts,this contract is enforceable by

(Multiple Choice)

4.8/5

(38)

Question 18

Written evidence or an electronic record of a contract for a sale of goods priced at $50 or more is required.

(True/False)

4.9/5

(35)

Question 19

Donald and Etta orally agree on the sale of Donald's Electrical Supplies Company to Etta and jot down the terms on the back of one of Donald's blank invoices,which they both sign.A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain

(Multiple Choice)

4.7/5

(28)

Question 20

Showing 1 - 20 of 72

Exam 15: Written Contracts

Parol evidence includes testimony about communications between the parties that are not contained in the contract itself.

Delta,Inc.,agrees to assume a debt of Excel Company to First State Bank.The agreement is not in writing.To be enforceable,the promise must be for the benefit of​

An oral contract may be enforceable if the person making the promise could foresee that the promisee would rely on the promise.

Hal's True Hardware Stores and Ideal Tools,Inc.,sign a written contract for a sale of goods.To be enforceable,this written contract must include​

Macro Marketing,Inc.,and Nature Foods Corporation (NFC)discuss the terms of a contract.Macro faxes NFC a memo on Macro's letterhead that summarizes the items on which they agree.NFC begins to perform,but Macro refuses to pay.Between Macro and NFC,the memo is​

Under the Statute of Frauds,any contract that is not in writing is void.

Ranchland Properties and Prairie State Investments sign a written contract for a sale of land.In some states,to be enforceable,this contract must include​

To be enforceable,a memorandum evidencing an oral contract must include all essential terms.

Abner tells a representative of Brass & Woodwind Musical Instruments,Inc.,that he will pay for Claudia's trumpet if she does not.Abner does not secure any personal benefit for this promise.Abner's oral promise is enforceable as a contract by​

Wild Rides Theme Park owes both RollercoasterRepair,Inc.and Hot Dog Harry money.RollercoasterRepair orally agrees to assume Wild Rides's debt to Hot Dog Harry to prevent Hot Dog Harry from filing suit against Wild Rides.This contract is enforceable by​

Ulrich files a suit against Vern to enforce a written contract.If the court finds that the parties intended the contract to be the final statement of their agreement,parol evidence can be admitted to prove​

An integrated contract is the final embodiment of the terms of an agreement.

A contract involving property of any kind must be in writing to be enforceable.

Whitewater Canyon Adventures,Inc.,and Xtra Overstock Company enter into an oral contract for Xtra's sale to Whitewater of five rafts for $2,000 each.Before Whitewater takes possession of the rafts,this contract is enforceable by​

Written evidence or an electronic record of a contract for a sale of goods priced at $50 or more is required.

Donald and Etta orally agree on the sale of Donald's Electrical Supplies Company to Etta and jot down the terms on the back of one of Donald's blank invoices,which they both sign.A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain​

Introduction to the Law and Our Legal System

Ethics in Business

The Courts and Alternative Dispute Resolution

Constitutional Law

Tort Law

Intellectual Property

Internet Law, social Media, and Privacy

Criminal Law and Cyber Crime

Introduction to Contracts

Offer and Acceptance

Consideration

Capacity

The Legality of Agreements

Voluntary Consent

Third Party Rights

Contract Discharge and Remedies

Introduction to Sales and Lease Contracts

Title and Risk of Loss

Performance and Breach

Warranties and Product Liability

Consumer Protection

The Essentials of Negotiability

Transferability and Liability

Checks and Banking in the Digital Age

Agency

Employment, immigration, and Labor Law

Employment Discrimination

Sole Proprietorships, partnerships, and Limited Liability Companies

Formation and Termination of a Corporation

Management and Ownership of a Corporation

Secured Transactions

Creditors Rights and Remedies

Bankruptcy

Insurance

Personal Property and Bailments

Real Property

Landlord and Tenant Law

Wills and Trusts

Administrative Law

Antitrust Law

International Law

Filters

Delta,Inc.,agrees to assume a debt of Excel Company to First State Bank.The agreement is not in writing.To be enforceable,the promise must be for the benefit of

Hal's True Hardware Stores and Ideal Tools,Inc.,sign a written contract for a sale of goods.To be enforceable,this written contract must include

Macro Marketing,Inc.,and Nature Foods Corporation (NFC)discuss the terms of a contract.Macro faxes NFC a memo on Macro's letterhead that summarizes the items on which they agree.NFC begins to perform,but Macro refuses to pay.Between Macro and NFC,the memo is

Ranchland Properties and Prairie State Investments sign a written contract for a sale of land.In some states,to be enforceable,this contract must include

Abner tells a representative of Brass & Woodwind Musical Instruments,Inc.,that he will pay for Claudia's trumpet if she does not.Abner does not secure any personal benefit for this promise.Abner's oral promise is enforceable as a contract by

Wild Rides Theme Park owes both RollercoasterRepair,Inc.and Hot Dog Harry money.RollercoasterRepair orally agrees to assume Wild Rides's debt to Hot Dog Harry to prevent Hot Dog Harry from filing suit against Wild Rides.This contract is enforceable by

Ulrich files a suit against Vern to enforce a written contract.If the court finds that the parties intended the contract to be the final statement of their agreement,parol evidence can be admitted to prove

Whitewater Canyon Adventures,Inc.,and Xtra Overstock Company enter into an oral contract for Xtra's sale to Whitewater of five rafts for $2,000 each.Before Whitewater takes possession of the rafts,this contract is enforceable by

Donald and Etta orally agree on the sale of Donald's Electrical Supplies Company to Etta and jot down the terms on the back of one of Donald's blank invoices,which they both sign.A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain