Question 1

Buyer and Seller orally agree to a contract for the sale of 400 shirts at $10 per shirt.Seller fails to perform and Buyer sues.This contract is:

Accepted Answer

A)  Enforceable,because the Statute of Frauds does not apply to sales of shirts.
B)  Unenforceable,because the contract is not in writing.
C)  Enforceable;no writing is required because the sale is not over the Statute of Frauds dollar limit.
D)  Unenforceable,unless both parties are merchants.E) B) and C)
F) A) and C)

Question 2

Under the parol evidence rule,which of the following items could be used to interpret,explain,or otherwise affect a complete and final written contract?

Accepted Answer

A)  Evidence of a prior oral agreement.
B)  Evidence of a subsequent oral agreement.
C)  Evidence to explain an unclear term or phrase.
D)  A and C only.
E)  B and C only.F) A) and B)
G) B) and E)

Question 3

In a guaranty situation where the main purpose is not to benefit the guarantor,the guaranty contract must be in writing.

Accepted Answer

A) True 
 B)False

Question 4

The source of the Statute of Frauds today is a federal statute.

Accepted Answer

A) True 
 B)False

Question 5

The equal dignity rule only applies if a private sale by owner of real estate is taking place.

Accepted Answer

A) True 
 B)False

Question 6

Assuming the existence of a complete and final written contract,the parol evidence rule would prohibit evidence of:

Accepted Answer

A)  Prior or contemporaneous oral statements that alter,contradict,or add to the terms of the contract.
B)  Prior or contemporaneous oral statements that explain ambiguities in the contract.
C)  Subsequent oral statements that modify the contract.
D)  A and C.E) None of the above
F) A) and D)

Question 7

The Statute of Frauds requires that the following types of contracts be in writing except:

Accepted Answer

A)  Promises to make a will.
B)  Promises to marry.
C)  Contracts involving the sale of interests in land.
D)  Contracts impossible to perform within a year.E) All of the above
F) A) and B)

Question 8

Ed's Cars is selling a car called the "Whamo" for $499.00 to Jane.The contract between the parties does not have to be in writing.

Accepted Answer

A) True 
 B)False

Question 9

Seller and Buyer negotiate for the sale of 100 acres of land.They orally agree on a price of $100,000,one half in cash at closing and the other half 90 days after closing.Buyer sends Seller a letter in which all the terms are included and is signed by Buyer.Seller never responds.When the closing date arrives,Seller refuses to transfer title.Buyer sues.This contract is:

Accepted Answer

A)  Enforceable,because Buyer had partly performed the contract by sending the letter to Seller.
B)  Unenforceable,because there is no writing signed by Seller.
C)  Enforceable,because Buyer sent a memorandum sufficient against himself,which binds Seller unless Seller objects,which he did not.
D)  Unenforceable,because the parol evidence rule applies.E) A) and C)
F) A) and B)

Question 10

For Statute of Frauds purposes,an interest in land includes:

Accepted Answer

A)  Fixtures.
B)  Mortgages,leases,easements,and life estates.
C)  Insurance contracts on interests in land.
D)  A and B only.
E)  A,B,and C.F) D) and E)
G) B) and C)

Question 11

The part performance exception for contracts involving the sale of an interest in land provides that:

Accepted Answer

A)  The parol evidence rule does not apply.
B)  The contract will be enforced despite the fact that it is not in writing.
C)  Where multiple parties share the performance obligations,the contract need not be in writing.
D)  Once a contract has been partially performed,it must be put in writing if that has not already happened.
E)  Contracts cannot be partly performed until they are put in writing.F) A) and E)
G) A) and B)

Question 12

Which of the following constitutes a sufficient signature under the Statute of Frauds?

Accepted Answer

A)  The complete signature of the party.
B)  A signature affixed by an authorized agent.
C)  A party's first name or nickname.
D)  A and B only.
E)  A,B,and C.F) D) and E)
G) A) and B)

Question 13

What does the parol evidence rule do?

Accepted Answer

A)  It sets the rules for the admissibility of evidence relating to releasing a criminal from a prison term.
B)  It determines which contracts are required to be in writing.
C)  It sets the general rules for the admissibility of evidence in criminal actions.
D)  It limits the ability of parties to written contracts from introducing certain evidence related to the contract.
E)  It determines the types of evidence that can be introduced in connection with oral contracts.F) A) and D)
G) A) and C)

Question 14

A written contract may be enforceable against one party but not the other party.

Accepted Answer

A) True 
 B)False

Question 15

Under the Statute of Frauds:

Accepted Answer

A)  The writing must be contained in a single document.
B)  The writing must be signed by both parties.
C)  Any required signatures must be the complete signature of the person.
D)  Incorporation of other documents by reference is permitted.E) B) and C)
F) A) and D)

Question 16

In order to satisfy the Statute of Frauds sufficiency of writing requirement,generally a writing must:

Accepted Answer

A)  Be a formal,written document.
B)  Be any written memorandum containing the essential terms of the parties' agreement.
C)  Be signed by the party against whom enforcement is sought.
D)  B and C.
E)  A and B.F) C) and D)
G) B) and C)

Question 17

Where there is a contradiction in the terms of a contract,specific terms will control over general terms.

Accepted Answer

A) True 
 B)False

Question 18

For Statute of Frauds purposes,an "interest in land" includes only the land itself and any fixtures attached to the land.

Accepted Answer

A) True 
 B)False

Question 19

John is president and sole shareholder of Photo,Inc.Photo,Inc.wishes to borrow money,but to do so,the bank requires John to orally guarantee to repay the loan if Photo,Inc.cannot.John's guaranty to repay is:

Accepted Answer

A)  Enforceable,because in general,guaranty contracts do not need to be in writing.
B)  Unenforceable,because in general,guaranty contracts need to be in writing.
C)  Enforceable,because the main purpose of the loan and the guarantee was to benefit John.
D)  Unenforceable,because John did not sign any agreement.E) B) and C)
F) A) and B)

Question 20

Incorporation by reference in a contract means that:

Accepted Answer

A)  At least one of the parties is a corporation.
B)  The written contract has incorporated all aspects of the parties' agreement.
C)  The written contract includes all or part of another document as part of the written contract's terms.
D)  No terms other than those in the contract can be admitted as evidence in court.E) A) and B)
F) A) and C)

Exam 6: Writing,formality,and E-Commerce Signature Law

Under the parol evidence rule,which of the following items could be used to interpret,explain,or otherwise affect a complete and final written contract?

Correct Answer
verified

A written contract may be enforceable against one party but not the other party.

Correct Answer
verified

John is president and sole shareholder of Photo,Inc.Photo,Inc.wishes to borrow money,but to do so,the bank requires John to orally guarantee to repay the loan if Photo,Inc.cannot.John's guaranty to repay is:

Correct Answer
verified

For Statute of Frauds purposes,an "interest in land" includes only the land itself and any fixtures attached to the land.

Correct Answer
verified

For Statute of Frauds purposes,an interest in land includes:

Correct Answer
verified

Where there is a contradiction in the terms of a contract,specific terms will control over general terms.

Correct Answer
verified

Assuming the existence of a complete and final written contract,the parol evidence rule would prohibit evidence of:

Correct Answer
verified

Correct Answer
verified

What does the parol evidence rule do?

Correct Answer
verified

In order to satisfy the Statute of Frauds sufficiency of writing requirement,generally a writing must:

Correct Answer
verified

Under the Statute of Frauds:

Correct Answer
verified

Incorporation by reference in a contract means that:

Correct Answer
verified

The part performance exception for contracts involving the sale of an interest in land provides that:

Correct Answer
verified

The Statute of Frauds requires that the following types of contracts be in writing except:

Correct Answer
verified

The source of the Statute of Frauds today is a federal statute.

Correct Answer
verified

Which of the following constitutes a sufficient signature under the Statute of Frauds?

Correct Answer
verified

Buyer and Seller orally agree to a contract for the sale of 400 shirts at $10 per shirt.Seller fails to perform and Buyer sues.This contract is:

Correct Answer
verified

Ed's Cars is selling a car called the "Whamo" for $499.00 to Jane.The contract between the parties does not have to be in writing.

Correct Answer
verified

In a guaranty situation where the main purpose is not to benefit the guarantor,the guaranty contract must be in writing.

Correct Answer
verified

The equal dignity rule only applies if a private sale by owner of real estate is taking place.

Correct Answer
verified

Exam 6: Writing,formality,and E-Commerce Signature Law

Under the parol evidence rule,which of the following items could be used to interpret,explain,or otherwise affect a complete and final written contract?

Correct AnswerverifiedShow Answer

A written contract may be enforceable against one party but not the other party.

Correct AnswerverifiedShow Answer

John is president and sole shareholder of Photo,Inc.Photo,Inc.wishes to borrow money,but to do so,the bank requires John to orally guarantee to repay the loan if Photo,Inc.cannot.John's guaranty to repay is:

Correct AnswerverifiedShow Answer

For Statute of Frauds purposes,an "interest in land" includes only the land itself and any fixtures attached to the land.

Correct AnswerverifiedShow Answer

For Statute of Frauds purposes,an interest in land includes:

Correct AnswerverifiedShow Answer

Where there is a contradiction in the terms of a contract,specific terms will control over general terms.

Correct AnswerverifiedShow Answer

Assuming the existence of a complete and final written contract,the parol evidence rule would prohibit evidence of:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

What does the parol evidence rule do?

Correct AnswerverifiedShow Answer

In order to satisfy the Statute of Frauds sufficiency of writing requirement,generally a writing must:

Correct AnswerverifiedShow Answer

Under the Statute of Frauds:

Correct AnswerverifiedShow Answer

Incorporation by reference in a contract means that:

Correct AnswerverifiedShow Answer

The part performance exception for contracts involving the sale of an interest in land provides that:

Correct AnswerverifiedShow Answer

The Statute of Frauds requires that the following types of contracts be in writing except:

Correct AnswerverifiedShow Answer

The source of the Statute of Frauds today is a federal statute.

Correct AnswerverifiedShow Answer

Which of the following constitutes a sufficient signature under the Statute of Frauds?

Correct AnswerverifiedShow Answer

Buyer and Seller orally agree to a contract for the sale of 400 shirts at $10 per shirt.Seller fails to perform and Buyer sues.This contract is:

Correct AnswerverifiedShow Answer

Ed's Cars is selling a car called the "Whamo" for $499.00 to Jane.The contract between the parties does not have to be in writing.

Correct AnswerverifiedShow Answer

In a guaranty situation where the main purpose is not to benefit the guarantor,the guaranty contract must be in writing.

Correct AnswerverifiedShow Answer

The equal dignity rule only applies if a private sale by owner of real estate is taking place.

Correct AnswerverifiedShow Answer

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