Chapter 10, 11, & 12
A memorandum differs from a written contract in that a memorandum:
can introduce oral testimony to explain or complete the memorandum.
The term _____ refers to an obligation to pay money.
debt
When can one delegate his performance under a contract to another?
"When the performance is standardized."
Which of the following contracts is a transaction wherein the parties stand to win or to lose based on pure chance?
A gambling contract
According to the Statute of Frauds, which of the following agreements must be in writing?
An agreement to sell land or any interest in or concerning land.
Which of the following is an exception to the statute of frauds requirement that agreements should be in writing?
An agreement where the promisor promises the debtor that the promisor will pay the debt owed to the third person
Which of the following terms refers to a breach of contractual obligations other than money?
Default
The Statute of Frauds applies only to _____ contracts.
Executory
Which of the following must be used to show that a several contract is intended?
Express words
Which of the following statements is true about a memorandum required by the Statute of Frauds?
It must set forth all the material terms of the transaction.
In an assignment, which of the following is true about the implied warranties of an assignor?
There are no defenses available to the debtor that have not been disclosed to the assignee
State laws that limit the rate of interest that may be charged for the use of money are called:
Usury Laws.
Any contract intended to restrain trade unreasonably is considered _____.
Void
Contracts to fix prices, divide up the trade territory, and limit competition are _____.
Void
In a contract, if the act is legal, but the manner of committing the act that is called for is illegal, the contract is _____.
Void
If the contract is divisible, so that the legal parts can be performed separately the legal parts of the contract:
are enforceable.
Conveyance of rights in a contract to a person not a party to the original undertaking is called:
assignment.
A(n) _____ is one to whom the promisee owes no legal duty but to whom performance is a gift.
donee beneficiary
An agreement by which one person promises to pay a sum of money or to transfer property to another in consideration of marriage or a promise to marry must be:
in writing.
A person who unintentionally benefits from the performance of a contract is called a(n):
incidental beneficiary.
A(n) _____ contract is a contract in which two or more people are collectively entitled to the performance of another party or parties.
joint
Termination of a contract and substitution of a new contract with a new party but, with the same terms as the original contract is called _____.
novation
According to the _____ rule, spoken words will not be permitted to add to, modify, or contradict the terms of a written contract that appears to be complete unless evidence of fraud, accident, or mistake exists so that the writing is in fact not a contract or is incomplete.
parol evidence
If a written contract appears to be complete, the _____ will not permit modification by oral testimony or other writing made before or at the time of executing the agreement.
parol evidence rule
A(n) _____ arises when two or more people individually agree to perform the same obligation even though the individual agreements are contained in the same document.
several contract
If the contract is indivisible, that is, it cannot be performed except as an entity, then:
the illegal part of the contract renders the whole contract invalid.
An assignee is:
the one to whom the rights in an assignment is transferred..
The private wagering contracts are _____ in all states by statute.
unenforceable
In the context of contracts limiting the freedom of marriage, marriage brokerage contracts are:
unenforceable.
In the context of contracts limiting the freedom of marriage, property settlement agreements made in contemplation of divorces are considered _____.
valid
