Chapter 15

Question 1

Statute of Frauds Agreements that must be in writing

Answer 1

1. For any interest in Land
2. Cannot be performed within one year
3. To pay the debt of another
4. Made by an executor of an estate
5. Made in consideration of marriage
6. For the sales of goods worth $500 or more.

Question 2

Agreement that cannot be performed within one year

Answer 2

Contracts that cannot be performed within one year are unenforecable unless they are in writing.

Question 3

Collateral Promise

Answer 3

When one person agrees to pay the debt of another as a favor to that debtor.

Question 4

The common law statute of frauds: What the writing must contain

Answer 4

1. Must be signed by the defendant
2. Must state with reasonable certainty the name of each party, the subject matter of the agreement, and all of the essential terms and promises.

Question 5

Electronic Signatures in Global and National Commerce Act

Answer 5

Declares that contracts cannot be denied enforcement simply because they are in electronic form, or signed electronically.

Question 6

The UCC requires a writing for the sale of goods worth $500 or more.

Answer 6

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Question 7

UCC Basic Rule

Answer 7

A contract for the sale of goods worth $500 or more is not enforceable unless there is some writing, signed by the defendant, indicating that the parties reached an agreement

Question 8

UCC Merchant Exception

Answer 8

Within a reasonable time of making an oral contract, if a merchant sends a written confirmation to another and if the confirmation is definite enough to bind the sender herself, then the merchant who receives the confirmation will also be bound by it unless he objects in writing within 10 days

Question 9

UCC Special Circumstances

Answer 9

1. The seller is specially manufacturing the goods for the buyer
2. The defendant admits in court proceedings that there was a contract
3. The goods have been delivered or they have been paid for.

Question 10

Parol Evidence Rule

Answer 10

When two parties make an integrated contract, neither one may use parol evidence to contradict, vary, or add to its terms.

Question 11

Integrated contract

Answer 11

A writing that the parties intend as the final, complete expression of their agreement.

Question 12

If a court determines that a written contract is incomplete or ambiguous it will permit parol evidence

Answer 12

lol