Steele CH 11

Which of the following is an exception to the Statute of Frauds and does not have to be in writing?

An agreement where a promise is an original promise by the promisor rather than a promise to pay the debt of another

Which of the following constitutes an exception to the Statute of Frauds requirement that a contract be in writing?

An original promise from the promisor rather than a promise to pay the debt or another

Bob wants to help his daughter, Violet, upgrade her home. Bob buys a new refrigerator and oven for Violet on credit from a home supply store. He instructs the home supply store to deliver the new appliances to Violet's home for installation. Which of the following is true with regard to this scenario?

Bob's promise to pay the home supply store can be oral

What is the Statute of Frauds?

It is a law requiring certain contracts to be put in writing

Amy, a licensed pharmacist, sells Edmund a narcotic painkiller without a prescription. If Edmund refuses to pay for the narcotic, which of the following is true?

The court will refrain from protecting either Edmund or Amy.

Which of the following demonstrates an advantage of a written contract over an oral contact?

The existence of a contract cannot be denied if it is in writing.

Which of the following is an advantage of a written contract over an oral one?​

The existence of a contract cannot be denied if it is in writing.

Sarah's elderly aunt promises to give Sarah her entire collection of valuable jewelry in exchange for Sarah's promise to never marry her friend Ben. In this scenario, which of the following is true?

This contract is void, because it limits the freedom of marriage

Paul leased a farm from Michael. The lease contained this uncompleted provision: "Lessor does hereby rent and lease to the Lessee the following described property for a term commencing on the ___ day of ____, 20___, and ending on the ___ day of ____, 20___." Michael later sued to regain possession of the property. Paul wanted to prove with an oral agreement that the lease was to run as long as a note, but the maturity date of the note had not been known when the lease was signed. Should the evidence regarding the oral agreement be admitted to clarify the term of the written contract (the lease)?

Yes, because the lease was clearly incomplete.

Ben and Judy Sims purchase West Palm Dry Cleaning, a well-known dry cleaning business, from Sam. As part of the purchase agreement, the Sims include a provision prohibiting Sam from entering the dry cleaning business in the same town for the next year. Is such a contract valid?

Yes, because this contract reasonably restricts Sam's ability to operate as to both the time and place.

The breach of contractual obligation is called:

default

If two parties enter into an oral contract that falls under the Statute of Frauds and both parties have fully performed according to its terms then:

neither party can set aside the transaction on the ground that there was no writing.

The law requires a contract that cannot be performed within _____ year(s) of the date of formation to be in writing.

one

A complete, written contract may not be modified by oral testimony unless evidence of fraud, accident, or mistake exists. This rule is known as the:

parol evidence rule.

An agreement to _____ comes under the Statute of Frauds and must be in writing.

sell any interest in land

According to the federal Electronic Signatures in Global and National Commerce Act:

signatures on a contract no longer have to be on paper.

Car Title Loan Co. lends money to Bob at an interest rate of 25%, well above the maximum contract rate. This is an example of a(n):

usurious contract.

Business Equip Inc., was one of the biggest players in the heavy equipment manufacturing market. The company secretly contracted with other large companies in the equipment industry and fixed the prices of turbines. Such contracts are considered:

void

Which of the following is true of the parol evidence rule?

​It allows a written contract to be modified by oral testimony if there is evidence of fraud.

When a party sues to enforce an alleged contract, the Statute of Frauds requires that:

​there be a note in writing signed by the party against whom the claim for breach of contract is made.