Ch 17 MC – Flashcards
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An oral contract to sell a house is binding if:
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the buyer paid the price and received the deed of conveyance.
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An oral understanding is not binding if:
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the parties intended to formalize their understanding with a written agreement.
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An oral contract can be enforced when it relates to:
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the purchase of a television set for $200
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The one-year performance requirement for an oral contract begins:
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on the day following the agreement.
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The standard statute of frauds:
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requires that a contract for the sale of land be evidenced by a writing.
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A promise to pay a debt must be in writing if:
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the promise is to pay the debt of another.
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An oral contract containing a promise by an executor to pay estate debts from estate funds is:
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binding.
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When there is full disclosure and representation, promises made in consideration of marriage:
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are only valid if they are signed after the marriage actually takes place.
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The Uniform Commercial Code contains a statute of frauds rule relating to sales of personal property, specifically:
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goods
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A writing that satisfies the requirement of a writing under the statute of frauds could be evidenced by:
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all of the above
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The writing required by the statute of frauds in the case of a contract for the sale of land must:
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describe the land to be sold
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When the statute of frauds applies and there is no written proof of the contract, the contract is:
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voidable by a party who has not signed
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When a person has performed services under an oral contract that cannot be enforced because of the statute of frauds, such person:
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can recover the agreed payment for the services because there is a quasi contractual duty to pay for the benefit received from such services.
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The defense of noncompliance may be raised:
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by the parties of oral contract
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The parol evidence rule:
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applies to complete written contracts
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The parol evidence rule does not prohibit proof that:
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all of the above
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Parol evidence generally is admissible to explain:
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ambiguous terms
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Parol evidence may be admitted to show that a provision was omitted as the result of:
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all of the above
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Parol evidence may be admissible to:
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prove the modification or termination of a contract
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The parol evidence rule may not apply if:
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the contract is materially incomplete
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A contract is interpreted to give effect to:
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the intent of the parties
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In interpreting an ambiguous contract, one part of the contract:
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must be viewed in connection with the rest of the contract.
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A contract is created by which the terms are stated to be for consideration in the amount of $3,000. If typewritten in the contract is the term "four thousand dollars," while the amount of $3,000 is printed within the form:
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the contract will be interpreted to be for $4,000.
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When an insurance policy is ambiguous, the policy is interpreted:
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against the insurer
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When a contract proves to be a bad bargain:
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parties are generally still bound by the terms of the contract.
