3 - Ch 16

Question 1

statute of frauds

Answer 1

a statute that, in order to prevent fraud through the use of perjured testimony, requires that certain kinds of transactions be evidenced in writing in order to be binding or enforceable

Question 2

suretyship

Answer 2

an undertaking to pay the debt or be liable for the default of another

Question 3

personal representative

Answer 3

an administrator or executor who represents decedents under UPC

Question 4

executor, executrix

Answer 4

the person named in a will to administer the estate of the decedent

Question 5

administrator

Answer 5

the person appointed to wind up and settle the estate of a person who has died without a will

Question 6

decedent

Answer 6

a person whose estate is being administered

Question 7

voidable

Answer 7

a transaction that may be set aside by one party thereto because of fraud or similar reason but which is binding on the other party until the injured party elects to avoid

Question 8

parol evidence rule

Answer 8

the rule prohibits the introduction in evidence of oral or written statements made prior to or contemporaneously with the execution of a complete written contract, deed, or instrument, in the absence of clear proof of fraud, accident, or mistaken causing the omission of the statement in question

Question 9

ambiguous

Answer 9

having more than one reasonable interpretation

Question 10

incorporation by reference

Answer 10

a contract consisting of both the original or skeleton document and the detailed statement that is incorporated in it

Question 11

good faith

Answer 11

the absence of knowledge of any defects in or problems

Question 12

usage of trade

Answer 12

language and customs of an industry