BAD2413 CHAPTER 14 QUIZ

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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


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