question

The primary purpose of The Statute of Frauds, passed by the English Parliament in 1677, was to: a. create a system of punishment for those who practiced fraud. b. make certain that only men could enter into enforceable contracts. c. ensure that, for certain kinds of contracts, there was reliable evidence of the contracts and their terms. d. make it illegal to knowingly sign a fraudulent contract.

answer

C

question

Contracts that fall "within" or "under" the Statute of Frauds and therefore are required to be in writing or evidenced by a written memorandum or record include: a. contracts involving interests in land. b. contracts that cannot by their terms be performed within one year from the day after the date of formation. c. promises made in consideration of marriage. d. All of these choices.

answer

D

question

The Statute of Frauds operates as a defense to the enforcement of a(n): a. oral contract for the sale of land. b. written contract for the sale of land. c. written contract for the sale of personal property. d. oral contract for the rental of machinery.

answer

A

question

The test for determining whether an oral contract is enforceable under the one-year rule of the Statute of Frauds is whether performance is possible—not whether it is likely— within one year from the day: a. after the date of contract formation. b. before the date of contract formation. c. work pertaining to the contract is begun. d. None of these choices.

answer

A

question

A writing that satisfies the Statute of Frauds includes a(n): a. e-mail. b. invoice. c. sales slip. d. All of these choices.

answer

D

question

Under the UCC, a writing evidencing a contract for the sale of goods need only be signed by the party to be charged and state: a. the quantity of goods. b. the quality of goods. c. the origin of goods. d. the category of goods.

answer

A

question

If a court finds that the parties intended their written contract to be a complete and final statement of their agreement, then it will not allow either party to present: a. circumstantial evidence. b. direct evidence. c. parole evidence. d. scientific evidence.

answer

C

question

Exceptions to the parole evidence rule include: a. contracts subsequently modified. b. contracts containing ambiguous terms. c. incomplete contracts. d. All of these choices.

answer

D

question

The Convention on Contracts for the International Sale of Goods (CISG) provides rules that govern international sales contracts between: a. citizens of countries that have ratified the convention and citizens of countries that have not. b. countries that have ratified the convention and countries that have not. c. citizens residing only within countries that have ratified the convention. d. citizens of countries that have ratified the convention

answer

D

question

Article 11 of the CISG accords with the legal customs of most nations, which: a. no longer require contracts to meet certain formal or writing requirements to be enforceable. b. require contracts to meet certain formal or writing requirements to be enforceable. c. fail to recognize the validity of electronic contracts. d. None of these choices.

answer

A

question

In 1677 England passed the law "An Act for the Prevention of Frauds and Abuses." Certain types of contracts must be in writing and signed by the party against whom enforceable is sought to be enforceable. Today, almost every state has a _______.

answer

Statutes of Frauds

question

To be enforceable, the following types of contracts must be in ... : Contracts involving Interest in Land, Contracts involving "One-Year Rule," Collateral or Secondary Contracts, Promise Made in Consideration of Marriage, Contracts for the Sale of Goods priced at $500 or more.

answer

Writing and Signed

question

Land is real property, and includes all physical objects that are permanently attached to the soil, such as buildings, fences, trees, and the soil itself. The statute of frauds operates as a defense to the enforcement of an oral contract for the sale of land. All contracts for the transfer of any interest in land: mortgages and leases.

answer

Contracts Involving Interest in Land

question

a contract that cannot, by its own terms, be performed within one year from the date it was formed. One-year period begins to run the day after the contract is made. Whether performance is possible (although unlikely) within one year.

answer

One-Year Rule

question

if the contract can possible be performed within a year, the contract does not have to be in writing to be enforceable.

answer

Date of Contract Formation

question

secondary promise made to a third party to assume the debts and obligations of the primary debtor.

answer

Collateral Promises

question

Contract does not need to be in writing.

answer

Primary

question

contract must be in writing to be enforceable

answer

Secondary

question

oral contract is enforceable if main purpose is benefit to guarantor.

answer

Main Purpose Rule

question

to make monetary payment or gift in consideration of a promise to marry must be in writing. Same applies to prenuptial agreements

answer

Unilateral promise

question

UCC requires a writing or memorandum for the sale of goods priced at $500 or more.

answer

Contracts for the Sale of Goods

question

court will grant specific performance if partially performed.

answer

Partial Performance

question

admissions, promissory estoppel, special exceptions under the UCC.

answer

Exceptions to Statute of Frauds

question

requires "Written Memorandum" written electronic signed by the party against whom enforcement is sought.

answer

Statute of Frauds

question

the essential terms: quantity, signed by party to be charged, names of parties, subject matter, consideration. Sales of land must state the price and description with sufficient clarity

answer

Sufficiency of the Writing

question

Oral representations or promises made prior to the contract's formation or at the time the contract was created, may not be admitted in court. Exceptions: Contracts subsequently modified, voidable or void contracts, contracts containing ambiguous terms, incomplete contracts, prior dealing, course of performance, or usage of trade, Contracts subject to orally agreed-on conditions precedent, contracts with an obvious or gross clerical error.

answer

Parol Evidence Rule

question

written contract, intended to be a complete and final embodiment of the terms of the parties' agreement

answer

Fully Integrated

question

written contract, omits on agreed-on term that is consistent with the parties' agreement

answer

Not Fully Integrated

question

written contract, for example, evidence of a prior negotiation that contradicts a term of the written contract would not be admitted

answer

Parol evidence inadmissible

question

written contract, for example, if the contract is incomplete and lacks one or more of the essential terms, parol evidence may be admitted.

answer

Parol Evidence Admissible

question

does not incorporate statute of frauds provisions. relies on the accord of legal customs of most countries.

answer

Article 11

question

At early common law, parties to a contract were: a. not allowed to testify. b. allowed to testify. c. allowed to contract outside their local community. d. not allowed to contract outside their local community.

answer

A

question

A secondary promise is one that is ancillary to a principal transaction or primary contractual relationship. This is also called a: a. subsidiary promise. b. primary promise. c. collateral promise. d. tertiary promise.

answer

C

question

An oral promise to answer for the debt of another is covered by the Statute of Frauds unless the guarantor's main purpose in incurring a secondary obligation is to secure a: a. personal benefit. b. corporate benefit. c. business benefit. d. None of these choices.

answer

A

question

A unilateral promise to make a monetary payment or to give property in consideration of a promise to marry must be in writing to satisfy the Statute of Frauds. This rule applies to: a. post-nuptial agreements. b. prenuptial agreements. c. all marriage agreements. d. None of these choices

answer

B

question

A memorandum or note evidencing the oral contract needs to contain: a. the essential terms of the contract, not every term. b. every term of the contract. c. only the signatories to the contract. d. None of these choices.

answer

A

question

Because only the party against whom enforcement is sought must have signed the writing, a contract may be enforceable by: a. both parties. b. all parties in and outside the contract, if they know of the contract and its terms. c. one of its parties, but not by the other. d. None of these choices.

answer

C

question

The key in determining whether parole evidence will be allowed is whether the written contract is intended to be a complete and final statement of the terms of the agreement. If it is so intended, extraneous evidence is excluded and the contract is referred to as an: a. implied contract. b. express contract. c. integrated contract. d. executed contract.

answer

C

question

If an integrated contract contains all of the terms of the parties' agreement, then it is said to be: a. completely integrated. b. partially integrated. c. nominally integrated. d. integrated in full.

answer

A

question

Article 11 of the Convention on Contracts for the International Sale of Goods (CISG): a. incorporates only one Statute of Frauds provision. b. incorporates all Statute of Frauds provisions. c. does not incorporate any Statute of Frauds provisions. d. None of these choices.

answer

C

question

Even England, the nation that created the original Statute of Frauds in 1677, has repealed all of it except the provisions relating to: a. collateral promises and to transfers of interests in land. b. promises made in consideration of marriage. c. contracts that cannot be performed within one year from the day after the date of formation. d. contracts involving e-commerce.

answer

A

question

The Statute of Frauds requires that statutes must be in writing. a. True b. False

answer

B

question

A contract involving property of any kind must be in writing to be enforceable. a. True b. False

answer

B

question

An oral contract for a transfer of an interest in land is never enforceable. a. True b. False

answer

B

question

An oral contract for a sale of land may be enforceable if the contract has been partially performed. a. True b. False

answer

A

question

Evidence of prior agreements that differ from the written terms of a contract can be introduced in court to alter the contract. a. True b. False

answer

B

question

Grandiloquent Properties, Inc., and Investment Capital Corporation enter into a contract for a sale of land. To be enforceable, the contract must be in writing if the land is valued at a. any price. b. more than $5,000. c. more than $500. d. more than $50,000

answer

A

question

Clay buys an MP3 player for $200 and a pair of stereo speakers for $600 from a Discount City store, and downloads $300 worth of digital music from E-Music.com. To be enforceable, the contract that must be in writing is the purchase of a. the digital music, the MP3 player, and the speakers. b. the speakers only. c. the MP3 player and the speakers only. d. the MP3 player only.

answer

B

question

Elle buys a new textbook for $100 and a used car for $5,000, and signs a one-year lease for an apartment for $1,000 monthly rent to start at the beginning of the next month. The Statute of Frauds covers a. the textbook and car purchases only. b. the apartment lease only. c. the apartment lease, and the textbook and car purchases. d. the apartment lease and the car purchase only.

answer

D

question

Pablo and Melia enter into an oral contract for Pablo's sale to Melia of a laptop computer for $400. Assuming the terms can be proved, the contract is enforceable by a. the manufacturer of the laptop. b. any third party who overheard the parties making the agreement. c. the seller or the buyer. d. none of these choices.

answer

C

question

Uri and Vicky orally agree on the sale of Uri's Nite Club to Vicky and note terms on a pair of the Club's napkins, which they both sign. A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain a. the qualitative terms. b. the preliminary terms. c. every term. d. the essential terms.

answer

D

question

agreements made before marriage that define each partner's ownership rights in the other partner's property.

answer

Prenuptial Agreements

question

if a court finds that the parties intended their written contract to be a complete and final statement of their agreement, then it will not allow either party to present parol evidence (testimony or other evidence of communications between the parties that are not contained in the contract itself)

answer

Parol Evidence Rule

question

Contracts subsequently modified. Voidable or void contracts, contracts containing ambiguous terms, incomplete contracts, prior dealing, course of performance, or usage of trade, Contracts subject to an orally agreed-on condition precedent, contracts with an obvious or gross clerical error that clearly would not represent the agreement of the parties.

answer

Exceptions to the parol Evidence Rule

question

the courts look to common law rule governing the admissibility in court of oral evidence.

answer

Parol Evidence

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