Contracts

Question 1

This maintains the contractual relationship between the parties but revises their obligations. Novation or substituted contract?

Answer 1

Substituted contract

Question 2

This releases one party to a contract while the other party accepts the performance or promised performance of a third party not originally part of the contract. Novation or substituted contract?

Answer 2

Novation

Question 3

This is the prohibition of introducing oral evidence that contradicts a written contract. Parol evidence rule or statute of limitations?

Answer 3

Parol evidence rule

Question 4

This will result in the discharge of a party’s obligation to perform as required under the original contract when there has been no performance by either party. Accord and satisfaction OR Mutual rescission

Answer 4

Both Accord and satisfaction AND Mutual rescission

Question 5

A contract entered into with a minor is voidable by both parties. True or false?

Answer 5

False. Voidable by minor only.

Question 6

The $500 minimum limit in statute of frauds applies to sale of goods and other types of contracts. True or false

Answer 6

False. Sale of goods only.

Question 7

This is excluded/prohibited by the parol evidence rule. Prior and contemporaneous oral agreements OR subsequent oral agreements?

Answer 7

Prior and contemporaneous oral agreements

Question 8

This specifies what damages a party will be entitled to upon a breach of contract by the other party. Liquidated damages or compensatory damages?

Answer 8

Liquidated damages

Question 9

This renders the contract voidable. Fraud in the inducement or fraud in the execution?

Answer 9

Fraud in inducement

Question 10

Which contract right is assignable, option contract rights or insurance policy rights?

Answer 10

Option contract rights

Question 11

An assignor remains liable to the other party unless assignor obtains a release from that party: TRUE or FALSE?

Answer 11

TRUE

Question 12

Consideration for a contract can be based on a prior, already completed act: TRUE or FALSE?

Answer 12

FALSE.

Question 13

Under the common law statute of frauds, a contract to sell real estate is enforceable if which party at least signed a written memorandum of contract: SELLER or BUYER?

Answer 13

SELLER

Question 14

Under the common law statute of frauds, if a seller has signed a written memorandum of contract, the buyer must also accept in writing: TRUE or FALSE?

Answer 14

FALSE. Buyer may accept in writing or orally.