Chapter Eight - Statute of Frauds

Question 1

Negotiable Instruments

Answer 1

A promise or order to pay, such as a check; can be passed along like cash

Question 2

Security Interests

Answer 2

Interest in personal property to secure performance of an obligation; evidence of indebtedness

Question 3

Waived

Answer 3

Claims have been abandoned

Question 4

Party to Be Charged

Answer 4

Party attempting to avoid contract liability

Question 5

Integrated Agreement

Answer 5

Agreement that is intended to be final and complete

Question 6

Click-wrap Agreement

Answer 6

Agreement used in connection with software licenses; often found on the Internet as part of the installation process of software packages; usually requires user to manifest assent by clicking an “OK” button on a dialog box or pop-up window

Question 7

Prenuptial

Answer 7

Agreement in anticipation of marriage that typically involves a promise to convey property when marriage occurs or concerns division of property in the event of a divorce; also called antenuptial

Question 8

Atenuptial

Answer 8

Agreement in anticipation of marriage that typically involves a promise to convey property when marriage occurs or concerns division of property int he event of a divorce; also called prenuptial

Question 9

Easement

Answer 9

Limited right to use real property

Question 10

Collateral Promise

Answer 10

Promise to guarantee the debt of another, made without benefit to the party making the promise

Question 11

Surety

Answer 11

Liable for the payment of another’s debt or the performance of another’s obligation; see Guarantor

Question 12

Guarantor

Answer 12

Agrees to be responsible for another’s debt or performance under a contract if the other fails to pay or perform; see also Surety

Question 13

Default

Answer 13

Fail to meet obligations

Question 14

Cosigner

Answer 14

One who participates jointly in borrowing

Question 15

Executor

Answer 15

One who conducts the business of an estate; also called administrator or personal representative

Question 16

Administrator

Answer 16

One who conducts the business of an estate; also called executor or personal representative

Question 17

Persona Representative

Answer 17

One who conducts the business of an estate; also called executor or administrator

Question 18

Estate

Answer 18

The entity for managing finances of a deceased person or an incompetent

Question 19

Affirmative Defense

Answer 19

Part of an answer to a complaint in which defendant attempts to limit or excuse liability, based on facts outside those claimed by plaintiff