The statute of frauds applies to all contracts of $500 or
The statute of frauds applies to all contracts of $500 or
The statute of frauds applies to all contracts of $500 or more. (Points : 1) True False Question 2.2. Under federal law, electronic transactions transmitted through e-mail will not satisfy the Statute of Frauds. (Points : 1) True False Question 3.3. The statute of frauds covers real estate mortgages. (Points : 1) True False Question 4.4. The statute of frauds covers all contracts that are for an indefinite period of time. (Points : 1) True False Question 5.5. The statute of frauds covers contracts in which marriage is the consideration. (Points : 1) True False Question 6.6. In order to satisfy the writing requirement of the statute of frauds, both parties must sign the writing. (Points : 1) True False Question 7.7. Some courts allow promissory estoppel to bind parties to oral contracts that otherwise would be unenforceable under the statute of frauds. (Points : 1) True False Question 8.8. Parol evidence can be used to contradict the terms of a partially integrated contract. (Points : 1) True False Question 9.9. Parol evidence can be used to resolve ambiguities in a completely integrated written contract. (Points : 1) True False Question 10.10. The parol evidence rule does not block evidence of subsequent agreements that modify a completely integrated written contract. (Points : 1) True False Question 11.11. Big Bank is a major creditor of Bonwill Department Store. After a major loss in profits due to poor holiday sales, Big Bank decides to help keep Bonwill from bankruptcy by orally promising Mary Tudor, a supplier to Bonwills, that it will guarantee Bonwill’s payment for goods that Mary sells to Bonwill. Most likely, Big Bank’s oral agreement: (Points : 1) is unenforceable under the statute of frauds. is unenforceable because it is a collateral contract. is enforceable under the Ac€A?main purposeAc€?? or Ac€A?leading objectAc€?? exception to the statute. is enforceable because a collateral contract is not covered under the statute of frauds. Question 12.12. The Electronic Signatures in Global and National Commerce Act (E-Sign): (Points : 1) clarifies that a contract may not be denied legal effect or enforceability solely because an electronic transaction was used in its formation. states that electronic transactions on subjects covered by the statute of frauds require an additional writing. invalidates agreements between parties to conduct transactions by electronic means. none of the above. Question 13.13. A and B entered into a completely integrated written contract. Before the written contract was completed, A made an oral statement to B regarding the terms of the contract. This statement was not contained in the written contract. Under the parol evidence rule, evidence of A’s oral statement would be admissible if it were used to: (Points : 1) Contradict a term of the written contract. Clarify an ambiguous term in the written contract. Prove an additional term that is not in the written contract, but is consistent with it. Change the terms of the written contract. Question 14.14. In order to satisfy the Statute of Frauds, the parties’ writing must: (Points : 1) Be signed by both parties. Be notarized. Be signed by the Ac€A?party to be charged.Ac€?? Contain all the necessary contract terms in one document. Question 15.15. S and B make an oral contract whereby S agrees to sell B 480 widgets (goods) at a price of $480. Later, the parties want to modify the contract so that the price would become $520. This modification: (Points : 1) Must be in writing. Must be oral because the first contract was oral. Can be oral but need not be. Is unenforceable because the first contract is unenforceable. Question 16.16. D wants to borrow $1000 from C. C, however, wants some additional security. Thus, D gets S to agree to pay D’s debt in the event that D first defaults. This agreement: (Points : 1) Is covered by the Statute of Frauds because it is for an amount exceeding $500. Is covered by the Statute of Frauds because it is a collateral contract. Is not covered by the Statute of Frauds because S is not the executor or administrator of an estate. Is not covered by the Statute of Frauds because it is an original contract rather than a collateral contract. Question 17.17. Smith and Benson make an oral contract for the sale of some land at a price of $500,000. After paying Smith $400,000 of the purchase price, Benson takes possession of the land. One month later, Smith wants to boot Benson off the land. His argument is that the parties’ oral agreement is unenforceable under the Statute of Frauds. Which of the following is most correct? (Points : 1) Smith is correct, because the contract is for an amount greater than $500. Smith is correct, because it is less than one year from the making of the contract. Smith is correct, because this is an oral contract for the sale of real estate. Smith is incorrect, because Benson paid part of the purchase price and took possession. Question 18.18. Bruce told Adam that he was selling his house in Syracuse, New York. Adam sent Bruce an e-mail containing an offer of $300,000 for the house. Bruce responded via e-mail that he wanted $315,000 for the house. After further e-mails, the parties finally agreed on a sale with a price of $310,000. A series of e-mails contained the terms of the sale, and all included a salutation containing their typewritten names. However, Bruce later decided to sell the house to Marty for $325,000. Adam sued Bruce, claiming that Bruce breached their contract for the sale of the house. Most likely, Adam will: (Points : 1) Lose, because the contract does not meet the statute of frauds. Lose under the parol evidence rule. Win, because the essential terms of the contract were set forth in the signed e-mails. Win, because of the partial performance exception to the statute of frauds. Question 19.19. Which of the following is not admissible with respect to a partially integrated contract? (Points : 1) Evidence that supplements its provisions. Evidence that resolves ambiguities in the contract. Evidence that the contract is conditional on the happening of some event. Evidence that contradicts the contract’s provisions. Question 20.20. This question concerns the statute of frauds provision for contracts that can’t be performed within one year. In most states, which of the following is not covered by this provision of the statute of frauds? (Points : 1) A unilateral contract. A contract for an indefinite time period. A contract to do something for the life of the promisee. All of the above are outside this provision of the statute of frauds.
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