Chapter 14: questions
Which of the following is an INCORRECT statement regarding the doctrine of part performance? A. The doctrine of part performance is an equitable doctrine. B. If an oral contract for the sale of land or transfer of other interests in real property has been partially performed, it is always possible to return the parties to their status quo. Your answer is correct.C. If a purchaser of real estate has paid part of the purchase price and taken possession of the property, a court may recogn
If an oral contract for the sale of land or transfer of other interests in real property has been partially performed, it is always possible to return the parties to their status quo.
Carol writes the terms of a contract between she and Ted on consecutive days, using a separate piece of paper for each day. When she has finished, Carol staples all the pages together, places them in an envelope and mails them to Ted for his signature. Carol's stapled papers are an example of which of the following?
Implied integration
Which of the following is an INCORRECT statement regarding the doctrine of promissory estoppel? A. The Restatement (Second) of Contracts states that in order for the doctrine of promissory estoppel to apply, the promisor's oral promise must induce action or forbearance by the promisee. B. The doctrine of promissory estoppel is a legal exception to the strict application of the parol evidence rule. C. When the doctrine of promissory estoppel applies, the promisor is estopped from
The doctrine of promissory estoppel is a legal exception to the strict application of the parol evidence rule.
Taraji hires Aisha, a licensed real estate broker, to sell her house. Because a contract to sell real estate must be in writing pursuant to the Statute of Frauds, the real estate agent's contract must be in writing as well. Which of the following dictates that Aisha's contract must be in writing? The original contract rule The parol evidence rule The one-year rule The equal dignity rule
The equal dignity rule
Camille has just moved from Boston to Boise and is looking for a place to live. Tevin, Camille's friend, owns some property and agrees to lease two acres of land to Camille. Camille asks Tevin if she can build a house on the land and Tevin readily agrees, knowing that a house will drastically increase the value of her property. Camille goes to ABC Bank and applies for a $1 million loan to build the house. Tevin orally promises the bank that she will be responsible for paying back the loan if Cam
The main purpose exception
Which of the following is an INCORRECT statement regarding the parol evidence rule? A. The parol evidence rule was originally developed by courts as part of the common law of torts. B. According to the parol evidence rule, a completely integrated contract is viewed as the best evidence of the terms of the parties' agreement. C. Parol means "word." D. Any oral or written words outside the four corners of the written contract are called parol evidence. E. The UCC has adopted the parol
The parol evidence rule was originally developed by courts as part of the common law of torts.
Jamie tells Renata that he will sell her his car for $600. Renata agrees and then decides not to pay. She does, however, tell Jamie she will pay $400 and Jamie agrees. A. a "main purpose" exception B. not a contract C. an agent's contract D. breach of contract E. a valid contract
This is a valid contract. Section 2-201(1) of the Uniform Commercial Code (UCC) is the basic Statute of Frauds provision for sales contracts. It states that contracts for the sale of goods priced at $500 or more must be in writing to be enforceable. A verbal contract for the sale of goods under $500 does not have to be in writing to be enforceable.
Logan tells Annika that he will sell her his car for $5,000. When Annika tries to give Logan a check for $5,000, he says he no longer wants to sell her the car.
This is not a contract. Section 2-201(1) of the Uniform Commercial Code (UCC) is the basic Statute of Frauds provision for sales contracts. It states that contracts for the sale of goods priced at $500 or more must be in writing to be enforceable.
When a preprinted form contract is used, typed words in a contract prevail over preprinted words. A. When a preprinted form contract is used, preprinted words in a contract prevail over typed words. B. If there is an ambiguity in a contract, the ambiguity will be resolved against the drafting party. C. Ordinary words are given their usual meaning according to the dictionary. D. Specific terms are presumed to qualify general terms. E. If both parties are members of the same trade or
When a preprinted form contract is used, preprinted words in a contract prevail over typed words. Some written commercial contracts are long, detailed documents that have been negotiated by the parties and drafted and reviewed by their lawyers. Others are preprinted forms with blanks that can be filled in to fit the facts of a situation; therefore, something typed into a blank would prevail over the preprinted words on the form.
A merger clause is ________.
a clause in a contract that stipulates that it is a complete integration and the exclusive expression of the parties' agreement
Hal and Dave argued extensively over the terms of a prior contract, both verbally and via text. This time around, they decide to include a section stipulating that the contract is a complete integration and the exclusive expression of their agreement and that parol evidence may not be introduced to explain, alter, contradict, or add to the terms of the contract. This section is called ________. a main purpose exception a prenuptial agreement an equal dignity rule a merger clause
a merger clause
A mortgage (or deed of trust) is ________.
an interest in real property given to a lender as security for the repayment of a loan
A concept that a written contract is a complete and final statement of the parties' agreement is called ________.
complete integration
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 mortgage or _____. A. writ of replevin B. life estate C. quitclaim deed D. fee simple absolute E. deed of trust
deed of trust
A mortgage, or deed of trust, is an...
interest in real property given to a lender as security for the repayment of a loan. Under the Statute of Frauds, any contract that transfers an ownership interest in land must be in writing to be enforceable.
Under the Statute of Frauds, any contract that transfers an ownership interest in real property must be in writing to be enforceable. A(n) ________ is an interest in real property given to a lender as security for the repayment of a loan. mortgage easement life estate lease
mortgage
The equal dignity rule ________.
says that real estate agents' contracts to sell the real property of another are covered by the Statute of Frauds and must be in writing to be enforceable
The equal dignity rule ________. states that an executory contract that cannot be performed by its own terms within one year of its formation must be in writing states that the original contract is the contract between the debtor and the creditor that the guarantor has guaranteed to pay says that real estate agents' contracts to sell the real property of another are covered by the Statute of Frauds and must be in writing to be enforceable says that if a written contract is a complete and f
says that real estate agents' contracts to sell the real property of another are covered by the Statute of Frauds and must be in writing to be enforceable
On January 1, 2020 the Metro Opera House and Giuseppe Genovesse make an oral contract in which Metro will pay Giuseppe $30,000 and Giuseppe will perform on New Year's Eve, 2023. The contract would have to be in writing because it exceeds ________. the lease contract the parol evidence rule the one-year rule the equal dignity rule
the one-year rule
Which of the following is an INCORRECT statement regarding the Statute of Frauds? A. The Statute of Frauds is usually raised by one party as a defense to the enforcement of the contract by the other party. B. Generally, an executory contract that is not in writing even though the Statute of Frauds requires it to be is nevertheless enforceable by either party, provided the plaintiff introduces sufficient evidence to demonstrate that the contract exists. There are several equity exceptio
Generally, an executory contract that is not in writing even though the Statute of Frauds requires it to be is nevertheless enforceable by either party, provided the plaintiff introduces sufficient evidence to demonstrate that the contract exists.
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. executed; six months B. executory; six months C. executory; thirty days D. executed; three months E. executory; one year
executory; one year
If a(n) ______ contract for the sale of land or transfer of other interests in real property has been partially performed, it may not be possible to return the parties to their status quo. To solve this problem, the courts have developed the equitable doctrine of _______________. A. written; part performance B. oral; integration C. implied; part performance D. oral; main purpose exception E. oral; part performance
oral; part performance
Parol evidence may be admitted in court if it shows that a contract is ________ or _____________. A. valid; voidable B. void; voidable C. modified; integrated D. valid; void E. merged; integrated
void; voidable