NY BAR REVIEW CONTRACTS 2

Question 1

exception to consideration requirement

Answer 1

release (from obligation) = binding if in writing

Question 2

general obligations law

Answer 2

agreement to modify/ discharge obligation - no need for consideration if accompanied by signed writing

Question 3

transfer of property or right permitted without consideration

Answer 3

consideration NOT required for ASSIGNMENT if signed by assignor

Question 4

assignment

Answer 4

contractual obligation

Question 5

promissory note

Answer 5

promise to pay me $. enforceable for me against him.

Question 6

transferring a contract right

Answer 6

inter vivos without consideration

Question 7

consideration rule for assignment

Answer 7

is effective so long as done in writing

Question 8

all contracts have to be in writing to be enforceable. true or false?

Answer 8

FALSE

Question 9

contract in writing if its subject to statute of _____

Answer 9

FRAUDS

Question 10

statute of frauds

Answer 10

contract to be in writing signed by party to be charged

Question 11

one year provision

Answer 11

contracts that CANNOT be performed within 1 year

Question 12

special promise to answer for debt/default/miscarriage of another

Answer 12

surety provision

Question 13

surety provision

Answer 13

if my friend loans $ to my brother, and my friend says he will do so only if you stand behind it. im not getting the consideration for it. in WRITING.

Question 14

contract in consideration of marriage

Answer 14

WRITING

Question 15

promise to pay a debt discharged in bankruptcy

Answer 15

i owe you / WRITING

Question 16

creditor at times will request debtor , discharged in bankruptcy, to reaffirm the promise post bankruptcy

Answer 16

based on past consideration / WRITING

Question 17

common law exception v. ny law

Answer 17

ny - WRITING

Question 18

reaffirmation of debt, consult the

Answer 18

1. bankruptcy code supercedes

2. ny statute of fraud

Question 19

broker fee or loan initiation fee

Answer 19

WRITING

Question 20

contracts for sale of an interest in land

Answer 20

WRITING

Question 21

lease of land contract for more than 1 year

Answer 21

WRITING

Question 22

sale of goods where price is in excess of $500

Answer 22

WRITING / U.C.C

Question 23

transfer of personal property in excess of $5000

Answer 23

WRITING

Question 24

contract creating a non possessory security interest in personal property

Answer 24

WRITING

Question 25

parol evidence rule

Answer 25

effect of a writing where it exists on a contract. when an agreement is integrated, the integrated agreement cannot be contradicted or supplemented by extrinsic evidence by prior parol statements. writing is the complete agreement of the parties, everything else said is merged.

Question 26

four corners rule

Answer 26

unless document proved on its face it intended to reference earlier words/writings

Question 27

modern rule

Answer 27

can introduce parol evidence to establish an ambiguity or to establish the written agreement is incomplete. NOT LIKE IN NY

Question 28

clear complete document

Answer 28

evidence outside 4 corners is generally inadmissible to add to or vary the writing - extrinsic or parol is inadmissible when its complete unambiguous on its face

Question 29

UCC parol provision

Answer 29

writing is incomplete unless is proven to be complete

Question 30

certain extrinsic evidence is acceptable to explicate/interpret writing in what cases?

Answer 30

UCC course of performance course of dealing usage of trade