Business Law Chapter 13 quiz (True/False) – Flashcards
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Oral evidence of otherwise clear terms in a contract can be introduced at a trial to contradict those terms.
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False
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A contract involving property of any kind must be in writing to be enforceable.
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False
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A party's oral agreement to pay another's debt is not enforceable if the party's main purpose is to derive a benefit for himself or herself.
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False
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Courts may grant specific performance of an oral contract to transfer an interest in land that has been partially performed.
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True
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Any collateral promise falls outside the Statute of Frauds and does not need to be in writing to be enforceable.
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False
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Under the Statute of Frauds, oral contracts are void.
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False
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The Statute of Frauds is compilation of all the laws and regulations related to fraud.
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False
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A contract for a sale of goods priced at $501 must be in writing to be enforceable.
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True
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Oral evidence of modification of a contract after its making can be introduced at a trail.
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True
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Parol evidence includes testimony about communications between the parties that are not contained in the contract itself.
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True
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Evidence of prior agreements that differ from the written terms of a contract can be introduced in court to alter the contract.
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False
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A primary obligation is created when a party agrees to pay for something on the condition that a certain other party does not make the payment.
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False
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An oral contract may be enforceable if the person making the promise could foresee that the promisee would rely on the promise.
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True
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An agreement that includes an option to purchase real property must be in writing for the option to be enforced.
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True
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An oral contract for a sale of goods more than $5000 is not enforceable
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False
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Oral evidence to "fill in gaps"of a contract with incomplete terms can be introduced at a trail.
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True
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An oral contract may be enforceable if enforcing the promise is the only way to avoid injustice.
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True
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To be enforceable, a memorandum evidencing an oral contract that would otherwise be unenforceable must include the essential terms.
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True
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The primary purpose of the Statute of Frauds is to ensure that all parties to a contract understand all the terms of a contract.
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False
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An integrated contract is a contract with more than one subject or part.
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False
