BAD2413 CHAPTER 14 QUIZ
The parties to a written contract may include a clause stipulating that the contract is a complete integration and the exclusive expression of their agreement and that _______ may not be introduced to explain, alter, contradict, or add to the terms of the contract. This type of clause is known as a _______ clause, or a(n) _______ clause. A. parol evidence; merger; integration B. the doctrine of part performance; UCC; common law of contracts C. the Statute of Frauds; UCC; common law of contracts D. the UCC; parol evidence; part performance E. parol evidence; part performance; specific performance
A. parol evidence; merger; integration
According to the Statute of Frauds, an _____ contract that cannot be performed by its own terms within _____ of its formation must be in writing. A. executory; one year B. executory; one hundred twenty C. oral; ninety days D. oral; thirty days E. executory; sixty days
A. executory; one year
Generally, an executory contract that is not in writing even though the Statute of Frauds requires it to be is _____ by _____. A. unenforceable; either party B. enforceable; either party C. enforceable; a court of equity D. enforceable; the offeror, but not the offeree E. enforceable; the offeree, but not the offeror
A. unenforceable; either party
The Statute of Frauds and the UCC require a(n) ________ contract, whatever its form, to be signed _________. A. written; by the party against whom enforcement is sought B. written; by all parties C. oral; by the party against whom enforcement is sought D. written; by the party who is enforcing the contract E. oral; by no one
A. written; by the party against whom enforcement is sought
Which of the following is an INCORRECT statement regarding a life estate? A. The interest in real property will be transferred to another party when the holder of the life estate dies. B. A life estate need not be in writing in order to be enforceable. C. A life estate is an interest in real property. D. A life estate is an interest in real property for a person's lifetime. E. A life estate is an ownership interest.
B. A life estate need not be in writing in order to be enforceable.
Which of the following is an INCORRECT statement regarding the one-year rule of the statute of frauds? A. If performance of a contract is possible within one year, the contract may be oral. B. The one-year rule of the statute of frauds is per se unconscionable. C. The extension of an oral contract might cause the contract to violate the Statute of Frauds if the original terms and the extension period exceed one year. D. According to the Statute of Frauds, an executory contract that cannot be performed by its own terms within one year of its formation must be in writing. E. The one-year rule of the Statute of Frauds is intended to prevent disputes about contract terms that may otherwise occur toward the end of a long-term contract.
B. The one-year rule of the statute of frauds is per se unconscionable.
Section _____ of the Uniform _____ Code is the Statute of Frauds provision that applies to the _____ of goods. A. 2-201(1); Contracts; sale B. 2A-201(1); Commercial; lease C. 2A-201(1); Commercial; sale D. 3A-401(1); Contracts; sale E. 2-201(1); Contracts; lease
B. 2A-201(1); Commercial; lease
Which of the following is NOT true about an executory contract? A. It is a contract that has not been fully performed. B. The Statute of Frauds is typically used as a defense to the enforcement of an executory contract. C. It is not subject to the Statute of Frauds. D. If it is required to be in writing under the Statute of Frauds, it is not enforceable. E. They are also known as executory agreements.
C. It is not subject to the Statute of Frauds.
_____ is an equitable doctrine that allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice. A. Frustration of purpose B. Commercial impracticability C. Part performance D. Temporary impossibility E. Undue influence
C. Part performance
Both the ________ and the _______ permit several writings to be integrated to form a single written contract. A. UCC; parol evidence rule B. Statute of Frauds; UCC C. common law of contracts; UCC D. doctrine of part performance; UCC E. common law of contracts; parol evidence rule
C. common law of contracts; UCC
Which of the following is NOT a typical category of contracts that must be in writing according to the Statute of Frauds? A. contracts that by their own terms cannot possibly be performed within one year B. promises made in consideration of marriage C. contracts for services D. contracts for the sale of goods for $500 or more E. contracts involving interests in real property
C. contracts for services
A _____ contract occurs when one person agrees to answer for the debts or duties of another person. A. service B. requirements contract C. guaranty D. due-on-sale E. licensing
C. guaranty
A(n) _____ clause in a contract stipulates that it is a complete integration and the exclusive expression of the parties' agreement. A. subordination B. subsidiary C. merger D. acquisition E. consolidation
C. merger
According to the _____, if a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract. A. commercial impracticability doctrine B. substantial performance doctrine C. parol evidence rule D. Statute of Repose E. Statute of Frauds
C. parol evidence rule
Which of the following is NOT a typical category of contracts that must be in writing according to the Statute of Frauds? A. promises to write a will B. finder's fee contracts C. contracts to pay debts barred by the statute of limitations or discharged in bankruptcy D. contracts for the sale of goods for less than $500 E. contracts to pay compensation for services rendered in negotiating the purchase of a business
D. contracts for the sale of goods for less than $500
In a guaranty situation, the _____ contract is between the debtor and the creditor. A. licensing B. secondary C. conditional D. primary E. tertiary
D. primary
The version of promissory estoppel in the Restatement (Second) of Contracts provides that if parties enter into an oral contract that should be in writing under the Statute of Frauds, the oral promise is enforceable against the promisor if certain conditions are met. Which of the following is NOT one of these conditions? A. the promise relied on the oral promise B. the promise induces action or forbearance of action by another C. the reliance was foreseeable D. the promise was in writing E. injustice can be avoided only by enforcing the oral promise
D. the promise was in writing
Under which of the following circumstances is parol evidence inadmissible in court? A. when the parol evidence shows that a contract is voidable B. when the parol evidence explains ambiguous language C. when the parol evidence shows that a contract is void D. when the parol evidence conflicts with the terms of the written contract E. when the parol evidence corrects an obvious clerical or typographical error
D. when the parol evidence conflicts with the terms of the written contract
Jacinda enters into a written agreement with Xavia, a home-care nurse, to take care of Jacinda's mother, who is not expected to live much longer. Both parties sign the agreement, and Xavia is paid $1,000 per week per the agreement for her services. When they are signing the contract, and because Jacinda is so happy that she found someone to take care of her mother, she verbally promises to deed one-half ownership in the house to Xavia. Can Xavia enforce the promise that Jacinda made to deed her one-half of the house? A. No, the UCC would prevent such a contract from being enforceable B. No, contracts regarding real estate must be in writing C. Yes, because it was an executory contract D. No, not according to the parol evidence rule E. Yes, under the doctrine of promissory estoppel
D. No, not according to the parol evidence rule
Jacinda tells Xavia that if she moves in and takes care of Jacinda's mother, who is not expected to live much longer, that Jacinda will deed one-half ownership in the house to her. Xavia moves in and takes care of Jacinda's mother until she passes away a year later. Can Xavia enforce the promise that Jacinda made to her? A. No, contracts regarding real estate must be in writing B. No, the UCC would prevent such a contract from being enforceable C. Yes, because it was an executory contract D. Yes, under the doctrine of promissory estoppel E. No, not according to the parol evidence rule
D. Yes, under the doctrine of promissory estoppel
Borrowers often give a lender an interest in real property as security for the repayment of a loan. This action must be done through the use of a written _____ or deed of _____. A. trust; remainder B. license; divestiture C. mortgage; divestiture D. mortgage; trust E. divestiture; trust
D. mortgage; trust
Under the _____, a unilateral promise to pay money or property in consideration for a promise to marry must be in writing. A. Parol Evidence Rule B. Statute of Repose C. Statute of Limitations D. Defense of Marriage E. Statute of Frauds
E. Statute of Frauds
Romeo enters into an oral contract to supply 3,000 brooms for $300 to Juliet. Later, Juliet asks that the quantity of the goods supplied be increased to 5,500 brooms for a total amount of $550. Which of the following statements about the contract is correct? A. The agreement for 5,500 brooms is enforceable. B. The agreement to supply 3,000 brooms is no longer enforceable. C. Neither the agreement for 3,000 brooms nor that for 5,500 brooms is enforceable. D. A verbal contract may not be amended. E. The contract for 5,500 brooms must be evidenced in writing to be enforceable.
E. The contract for 5,500 brooms must be evidenced in writing to be enforceable.
_____ property includes the land itself, as well as buildings and fixtures. A. Real B. Transient C. Tangential D. Personal E. Intellectual
A. Real
Many state Statutes of Frauds require that agents' contracts to sell real property covered by the Statute of Frauds be in writing to be enforceable. The requirement is often referred to as the _____ rule. A. equal dignity B. due-on-sale C. professional courtesy D. third-party beneficiary E. agency demonstration
A. equal dignity
According to the _____ exception to the Statute of Frauds, if the main purpose of a transaction and an oral collateral contract is to provide pecuniary benefit to the guarantor, the collateral contract does not have to be in writing to be enforced. A. leading object B. frustration of purpose C. commercial impracticability D. corollary object E. substantial performance
A. leading object
Section _____ of the Uniform Commercial Code is the basic _____ provision for sales contracts. A. 2-201(1); Statute of Frauds B. 2-201(1); parol evidence rule C. 3-401(1); Statute of Limitations D. 3-401(1); Statute of Frauds E. 2-201(1); Statute of Limitations
A. 2-201(1); Statute of Frauds
The Uniform _____ Code establishes statutes of fraud for contracts for the sale and lease of goods. A. Criminal B. Commercial C. Contracts D. Fraud E. Equity
B. Commercial
Certain types of contracts must be in writing pursuant to the Statute of _____. A. Limitations B. Depose C. Frauds D. Parol E. Repose
C. Frauds
Which of the following is NOT a typical category of contracts that must be in writing according to the Statute of Frauds? A. real estate agents' contracts B. promises to write a will C. contracts for the lease of goods with payments of $1,000 or more D. contracts that by their own terms cannot possibly be performed within thirty days E. agents' contracts where the underlying contract must be in writing
D. contracts that by their own terms cannot possibly be performed within thirty days
Where this doctrine of promissory estoppel applies, the promisor is _______ the Statute of Frauds as a defense to the enforcement of the ________. A. required to raise; written contract B. prevented from raising; written contract C. required to raise; oral contract D. prevented from raising; oral contract E. not bound by; written contract
D. prevented from raising; oral contract
Anastasia and Frankie wish to enter into a contract for the sale of Anastasia's home. Which of the following is true about the required signature? A. The contract must be written by an attorney. B. The signature must include both the first and last name of each of the parties. C. The contract must be signed by both parties to be valid D. The signature may not be digital. E. The contract must be signed by the party to be charged or their authorized agent.
E. The contract must be signed by the party to be charged or their authorized agent.
In a guaranty situation, the _____ contract is between the person who agrees to pay the debt if the primary debtor does not and the original creditor. A. primary B. licensing C. original D. subrogation E. guaranty
E. guaranty
Eleanor and Justine verbally agree to sell their car to Joyce for $10,000. Before Joyce takes possession of the car, this contract is enforceable by _____. A. Eleanor or Justine only B. Joyce only C. any of the parties D. either Eleanor or Justine E. none of the parties
E. none of the parties