Question 1

Stan orally agreed to sell his house to Humphrey and Humphrey made a down payment.Humphrey wanted it ready for his family quickly, so he had a new roof put on, new carpeting installed, and renovated the kitchen.Stan now thinks the place looks great and has decided not to sell.A business law student told him he could refuse to sell because the agreement was oral.Can he? Explain.

Accepted Answer

The answer of Stan orally agreed to sell his house...

Question 2

Which of the following promises does not have to be evidenced by writing in order to be enforceable?

Accepted Answer

A) Jones' agreement with Smith to sell his condominium for $100,000 
B) Stewart's promise to work for Austin for a two-year period 
C) Dad's promise to the credit union that he will make payments on his son's truck if his son does not pay 
D) Mindy's agreement with Susan to buy her bike for $400

Question 3

The statute enacted by Congress which makes electronic records and signatures valid and enforceable for many transactions affecting interstate or foreign commerce is the:

Accepted Answer

A) UETA. 
B) UCC, Article 2E. 
C) Electronic Signatures in Global and National Commerce Act. 
D) Interstate and Foreign Commerce Electronic Transactions Act.

Question 4

E-Sign provides consumers must:

Accepted Answer

A) evidence their consent on paper to conducting transactions with electronic records after being informed of the types of hardware and software required. 
B) receive a "clear and conspicuous" statement informing them of their right to withdraw consent to receiving electronic records. 
C) receive a "clear and conspicuous" statement informing them of their right to have the record provided only in electronic form. 
D) All of these.

Question 5

Clara types a letter to David setting forth the terms of their contract that falls within the statute of frauds.At the end of the letter, she types her name but does not sign her signature to it.If David wants to use the letter to satisfy the writing requirement, he may do so.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following need NOT be contained in a memorandum, which satisfies the general statute of frauds writing requirement?

Accepted Answer

A) The names of the parties to the contract 
B) The signature of the party being sued 
C) The signature of the party suing 
D) The subject matter and essential terms of the unperformed promises

Question 7

Which of the following would not be subject to the writing requirements of Article 2 of the UCC?

Accepted Answer

A) An unborn puppy whose mother is an AKC champion 
B) Trees that will be cut from a ten-acre tree farm 
C) Food served in the banquet room of a Florida resort 
D) Medical care received in a hospital

Question 8

The statute of frauds has to do with fraud in the inducement of a contract.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following would be admissible under the parol evidence rule? Assume the written contract was made on June 1, 2010, and that it is an integrated document.

Accepted Answer

A) A letter dated July 9, 2010, reciting agreement to new delivery terms 
B) A chart showing the dates for delivery written on August 16, 2009 
C) A copy of two letters while the parties were in the negotiation stage of their contract which showed agreement to a term not included in the June 1, 2010 contract 
D) A copy of common carrier rules on the duty of delivery persons for uncrating merchandise, which is dated December 1, 2006

Question 10

Which of the following is untrue with regard to the interpretation of contracts?

Accepted Answer

A) Express terms prevail over course of performance, and course of performance prevails over course of dealing. 
B) Technical terms will always be given technical meaning even where a different intent is manifested by the parties. 
C) Handwritten or typed terms are given greater weight than preprinted terms. 
D) All writings that are part of the same transaction are interpreted together.

Question 11

The parol evidence rule applies to partially written agreements.

Accepted Answer

A) True 
 B)False

Question 12

Under the Code an oral contract for specially manufactured goods costing $500 is enforceable even if the seller has not begun their manufacture.

Accepted Answer

A) True 
 B)False

Question 13

Define the statute of frauds and give an example.

Accepted Answer

The answer of Define the statute of frauds and give...

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

With regard to the interpretation of a contract, 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

Accepted Answer

The answer of With regard to the interpretation of a...

Question 16

On March 20, Gordon orally agrees to work for Carrham, Inc.for a period of one year commencing on June 1.No writing is necessary here, because the contract can be performed within one year.

Accepted Answer

A) True 
 B)False

Question 17

The suretyship provision has been interpreted to include promises made to a debtor.

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

The parol evidence rule does not apply to:

Accepted Answer

A) a typographical error that obviously does not represent the agreement of the parties. 
B) evidence showing one of the parties to the contract lacks contractual capacity. 
C) The parol evidence rule does not apply to the evidence in either of these situations. 
D) The parol evidence rule applies to the evidence in both of these situations.

Question 20

The computation of time for the one-year provision of the statute of frauds starts when the agreement is made, not when the performance is to begin.

Accepted Answer

A) True 
 B)False

Exam 15: Contracts in Writing

Which of the following promises does not have to be evidenced by writing in order to be enforceable?

The statute enacted by Congress which makes electronic records and signatures valid and enforceable for many transactions affecting interstate or foreign commerce is the:

E-Sign provides consumers must:

Clara types a letter to David setting forth the terms of their contract that falls within the statute of frauds.At the end of the letter, she types her name but does not sign her signature to it.If David wants to use the letter to satisfy the writing requirement, he may do so.

Which of the following need NOT be contained in a memorandum, which satisfies the general statute of frauds writing requirement?

Which of the following would not be subject to the writing requirements of Article 2 of the UCC?

The statute of frauds has to do with fraud in the inducement of a contract.

Which of the following would be admissible under the parol evidence rule? Assume the written contract was made on June 1, 2010, and that it is an integrated document.

Which of the following is untrue with regard to the interpretation of contracts?

The parol evidence rule applies to partially written agreements.

Under the Code an oral contract for specially manufactured goods costing $500 is enforceable even if the seller has not begun their manufacture.

Define the statute of frauds and give an example.

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

With regard to the interpretation of a contract, 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

On March 20, Gordon orally agrees to work for Carrham, Inc.for a period of one year commencing on June 1.No writing is necessary here, because the contract can be performed within one year.

The suretyship provision has been interpreted to include promises made to a debtor.

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

The parol evidence rule does not apply to:

The computation of time for the one-year provision of the statute of frauds starts when the agreement is made, not when the performance is to begin.