Exam 14: Statute of Frauds and Equitable Exceptions

The doctrine of part performance allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if performance is necessary to avoid injustice.

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

The ________ states that if the main purpose of a transaction and an oral collateral contract is to provide pecuniary benefit to the guarantor, the collateral contract does not have to be in writing to be enforced.

Section 2A-201(1) of the Uniform Commercial Code (UCC) states which of the following?

Good Faith Consultants partnered with QuickFind IT Solutions for a period of six months. After three months, they wanted to extend the contract by two years. According to the Statute of Frauds, which of the following is true of the 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?

The signature of the person who is enforcing the contract is necessary.

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

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

Section 2-201(1) of the Uniform Commercial Code (UCC) states that ________.

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

Which of the following phrases explains the term lease?

________ stipulates that the contract is a complete integration and the exclusive expression of the parties' agreement.

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

If there is an ambiguity in a contract, the ambiguity will be resolved in favor of the party who drafted the contract.

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.

Trees, crops, minerals, and timber are barred from being included in contracts involving interests in real property.

The primary contract in a guarantee situation is between the debtor and the creditor.

A(n) ________ occurs when one person agrees to answer for the debts or duties of another person.

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