Exam 14: Written Contracts

An integrated contract is a contract with more than one subject or part.

An oral contract may be enforceable if there is no way to avoid injustice except to enforce the promise.

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

A primary obligation is created when a party agrees to pay for something on the condition that a certain other party does not make the payment.

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

Dixie May enters into a contract to buy one hundred pounds of pecans from Margaret.The contract must be in writing if the pecans cost

A written con?tract for a transfer of land is usually enforceable.

Clay buys an iPad for $800 and a pair of stereo speakers for $600 from a Discount City store,and downloads $300 worth of digital music from eMusic.com.Which contract does NOT need to be in writing to be enforceable?

Under the Statute of Frauds,all written contracts are enforceable.

Pacific Applications,Inc.,and Quality Resale Company (QRC) enter into an oral contract for Pacific's sale to QRC of six used forklifts for $1,900 each.Before QRC takes posses?sion of the items,this contract is enforce?able by

Fact Pattern 14-1 (Questions 32-33 apply) Kelly 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 14-1.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

Fact Pattern 14-2 (Questions 34-35 apply) Odell and Paula sign a contract for the sale of Odell's Pizza Parlor to Paula.The parties intend their written contract to be a final statement of most,but not all,of the terms of their agreement-Odell must first buy the building from Quin,after which Odell and Paula will negotiate a final price. -Refer to Fact Pattern 14-2.The writing that Odell and Paula signed is a contract that is

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

Martha buys a candy bar for $5 and signs a contract for delivery of fresh flowers to her mother's nursing home every week for the rest of her mother's life.She then enters into a contract to assume George's debt to FastCars Dealership.Martha receives no personal benefit from assuming George's debt.The Statute of Frauds covers

Under the Statute of Frauds,fixtures,such as buildings,growing crops and minerals,are treated as real property.

Retail Sales Company and Standard Purchasing Corporation enter into a contract for a sale of goods.To be enforceable,the contract should be in writing if the goods are valued at more than

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

Evermore Corporation and Trendy Goods,Inc.,enter into a contract.To be enforceable,the contract must include

An oral contract for a sale of goods for more than $5,000 is NOT enforceable even if the parties to it admit to its existence in court.

Oral evidence of the modification of a contract after its making can be introduced at a trial.