Exam 14: Statute of Frauds and Equitable Exceptions

If a modification of the lease contract increases the lease payment to $1,000 or more, the modification has to be in writing to be enforceable.

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

Jim's landlord insists on a written agreement to lease his apartment for $25,000 in order to comply with ________ of the Uniform Commercial Code (UCC).

Explain the creation and working of guaranty contracts.

Section 2-201(1) of the Uniform Commercial Code (UCC) is the basic Statute of Frauds provision for ________.

The main purpose exception to the Statute of Frauds allows oral collateral contracts to be enforced if there is a monetary benefit to the guarantor.

Statute of Frauds is a state statute that requires certain types of contracts to be in writing.

Which of the following statements is true of a guaranty contract?

Which of the following is an example of a specific term qualifying general term?

The Uniform Commercial Code (UCC) does not permit several writings to be integrated to form a single written contract.

If Johnny made an oral contract to sell Peter his truck for $15,000, this contract must be enforced.

Why is it a bad idea for Edward and his landlord to make an oral lease contract for $30,000? Suggest an alternative and explain how it is beneficial to an oral contract.

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

Ida moves to New York from Poland and wants to live in an apartment. However, she does not have sufficient money to buy one. Her colleague Henry said Ida can live in his old apartment for a year, if she pays him $25,000. This contract would be considered a(n) ________.

Which of the following grants a person the right to use real property for a specified period of time?

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

Which of the following interests in real property transfers to another person after the present holder's death?

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

________ refers to the integration made by express reference in one document that refers to and incorporates another document within it.

Any oral or written words outside the four corners of the written contract are called parol evidence.