Chapter 16

Question 1

English parliament passed “ an act for the prevention of frauds and perjuries” the act provides that—-

Answer 1

Certain types of contracts, to be enforceable had to be evidenced by writing and signed by the party whom the contract is being unforced against

Question 2

Statues of frauds vary from state to state although they are all based on the English act.

True or false

Answer 2

True

Question 3

The party or parts whom the contract is being i forces against must have signed the contract. This is true in all states

True or false

Answer 3

True

Question 4

The statute of frauds is misleading because it does not apply to fraud, rather is denies——

Answer 4

Enforceability to certain contracts that do not comply with its writing requirements.

Question 5

A contract that is oral when it is required to be in writing is normally voidable by a party who later does not wish to fallow through with the agreement.

True or false

Answer 5

True

Question 6

Five types of contracts that need to be in writing or evidenced by a written memorandum or electronic record.

Answer 6

1. Involving an interest in land
2. Contracts that Connot be preformed within a year
3. Collateral, or secondary, contracts, such as promises to answer for the debt of another
4. Promises made in consideration of marriage
5. Under UCC contracts for the sale of goods priced at $500 dollars or more

Question 7

Land is—

Answer 7

Real property that includes all physical objects that are perminatly attached to the soil, such as buildings, fences, trees, and the soil itself.

Question 8

Operates to a defense to the enforcement of an oral contract for the sale of land

Answer 8

The statute of Frauds

Question 9

Statue of frauds also deals with other interests in land such as

Answer 9

Mortgage agreements, and leases

Question 10

For a land contract to be unforced, the contract must state

Answer 10

The description of the property being transferred with sufficient certainty for it to be identified

Question 11

Contracts that by their own terms cannot be completed within one year.

The year begins when?

Answer 11

The day after the contract is formed

Question 12

The test for determining whether an oral contract is enforceable under the one year rule is wether an oral contract is enforceable under the one- year rule is

Answer 12

Wether performance is possible within one year, it does not mater wether it is likely to be preformed during that year

Question 13

If the contract is possible within one year it does not fall under

Answer 13

The statute of frauds and need not be in writing to be enforceable

Question 14

Does an oral contract for lifetime employment fall under statute of frauds

Answer 14

No * a person can die within one year* therefore the contract could possible be preformed with a year

Question 15

A collateral promise is

Answer 15

Ancillary ( subsidiary) to a principal transaction or primary contractual relationship and must be in writing

Question 16

A primary obligation is

Answer 16

A third parties promise to pay another debt, that is not conditioned on the persons failure to pay

Question 17

As a general rule a contract in which a party assumes a primary obligation does —

Answer 17

Not need to be in writing to be enforceable

Question 18

Every state has a statute that stipulates what types of contracts must be in writing.

Such as statute is referred to as —-

Answer 18

Statute of frauds

Question 19

A secondary obligation is

Answer 19

A promise to pay anothers debt only if that party fails to pay

Question 20

A secondary obligation/ collateral promise must be– to be enforceable

Answer 20

In writing

Question 21

The main purpose rule

Answer 21

An oral promise to answer for the debt of another unless the guarantors main purpose in incurring a secondary obligation is to secure a personal benefit

Question 22

Promises made in consideration of marriage

Answer 22

Are covered by statute of frauds.

Prenup
Anti up etc.

Question 23

Contracts for the sale of goods.

Answer 23

Goods over 500 dollars are covered by statute of frauds and must be in writing.

Question 24

A contract for the sale of goods exceeding 500 dollars will not be enforceable for what quantity

Answer 24

Any quantity greater that stated in the contract

Question 25

Exeptions to the writing requirement

Answer 25

1. partial preformance
2. Admissions
3. Promissory estoppel
4. Special exceptions under the UCC

Question 26

Courts may grant specific preformance of an oral contract to transfer an interest in land that has been partially preformed

The stipulations are

Answer 26

Purchaser has paid part of the price, taken possession of the property and made permanent improvements to it

Question 27

Wether a court will enforce an oral contract usually is based upon

Answer 27

The degree of harm that would be suffered of the court chose not to enforce the oral contract

Question 28

Under the UCC an oral contact for goods is enforceable to the extent that a seller

Or a buyer

Answer 28

Seller accepts payment

Buyer accepts delivery of goods

Question 29

Admissions means

Answer 29

The party who the oral contract is being enforced against admits there was a contract under oath.

Can take place at any point in proceedings-deposition- pleading etc.

Question 30

A court will enforce an oral contract only to the extent—

Answer 30

That is was admitted

Question 31

If a person justifiably relies on anothers promise to his or her detriment a court may prevent the promisor from denying that a contract exists

Answer 31

Promissory estoppel

Question 32

Special exceptions under the UCC include

Answer 32

Customized goods

Oral contracts between merchants that have been confirmed in a written memorandum

Question 33

What constitutes a writing

Answer 33

Invoice, sales slip, check, fax or email or a combination of such items

Question 34

If a court finds that a written and complete contract represents the complete and final statement of the party’s agreement it will not allow either party to present —–

Answer 34

Parol evidence

Question 35

Parol evidence is

Answer 35

Testimony or other evidence of communications between the parties that is not contained in the contract itself

Question 36

A collateral promise and a secondary obligation are the same?

Answer 36

True

Question 37

What act requires for a sale of goods priced at 500$ or more to be in writing

Answer 37

UCC