Exam 15: Contracts in Writing

Under the UCC, a(n) __________ is a sequence of previous conduct between the parties to an agreement which may be fairly regarded as establishing a common basis of understanding for interpreting their conduct under the contract.

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

In which of the following cases will an oral contract for the sale of goods of $750 be enforceable without a writing?

Which of the following would NOT meet the signature requirement for a writing to satisfy the Article 2 statute of frauds provision?

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

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

In order to induce a car dealer to sell her son a car on credit, Mary promises that she will pay for the son's car if the son defaults on his monthly payments to the dealership.Mary's promise must be in writing.

In determining the meaning of a contract under the UCC, which of the following will have first priority?

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.

With regard to the interpretation of a contract that falls within Article 2 of the UCC, what priority is given to each of the following items? a) Course of dealing b) Usage of trade c) Express terms d) Course of performance

The UETA applies only to transactions between parties each of which has agreed to conduct transactions by electronic means.

The UCC requires that all contracts for the sale of goods must be in writing.

A number of courts have used the doctrine of promissory estoppel to displace the requirement of a writing by enforcing oral contracts within the statute of frauds.

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 Restatement and the Code, when can supplemental evidence be used with a written contract?

In order to be sufficient, an agreement required to be written under the statute of frauds must be signed at the bottom and notarized.

An executor personally promises to pay the debts of the decedent's widow.Under what circumstances would the creditor need to have a writing in order to enforce this promise?

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

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

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.