Question 1

There are no exceptions to the Statute of Frauds.

Accepted Answer

A) True 
 B)False

Question 2

Clay buys an MP3 player for $200 and a pair of stereo speakers for $600 from a Discount City store,and downloads $300 worth of digital music from E-Music.com.To be enforceable,the contract that must be in writing is the purchase of

Accepted Answer

A) the digital music,the MP3 player,and the speakers. 
B) the MP3 player and the speakers only. 
C) the MP3 player only. 
D) the speakers only. 
A) the digital music,the MP3 player,and the speakers. 
B) the MP3 player and the speakers only. 
C) the MP3 player only. 
D) the speakers only.

Question 3

Fact Pattern 15-A1 (Questions A13-A14 apply)
Macro Marketing,Inc.,and National Food Corporation (NFC)discuss the terms of a contract.Macro then faxes NFC a memo on Macro's letterhead that summarizes the items on which they agreed,including a two-year term.Macro begins to perform,but NFC refuses to pay.Macro files a suit to collect.NFC claims that there is no contract.
-Refer to Fact Pattern 15-A1.The transaction between Macro and NFC falls within the Statute of Frauds'

Accepted Answer

A) collateral-promise provision. 
B) one-year rule. 
C) sales-of-goods stipulation. 
D) secondary-contracts section. 
A) collateral-promise provision. 
B) one-year rule. 
C) sales-of-goods stipulation. 
D) secondary-contracts section.

Question 4

Fact Pattern 15-A2 (Questions A17-A18 apply)
Radford and Serenity sign a written contract for the sale of Rad's Coffee & Bagels business to Serenity.The parties intend their written contract to be a final statement of the terms of their agreement.
-Refer to Fact Pattern 15-A2.The writing that Radford and Serenity signed is

Accepted Answer

A) a completely integrated contract. 
B) a divisibly integrated contract. 
C) a partially integrated contract. 
D) a severably integrated contract. 
A) a completely integrated contract. 
B) a divisibly integrated contract. 
C) a partially integrated contract. 
D) a severably integrated contract.

Question 5

Kirk Custodial Service and Green Energy Company enter into an oral contract under which Kirk agrees to provide custodial service for Green's facilities for two years.This contract is en?forceable by

Accepted Answer

A) Kirk. 
B) Green. 
C) any interested third party,such as a janitorial supplies provider. 
D) none of the choices. 
A) Kirk. 
B) Green. 
C) any interested third party,such as a janitorial supplies provider. 
D) none of the choices.

Question 6

An oral con?tract for a transfer of an interest in land is never enforceable.

Accepted Answer

A) True 
 B)False

Question 7

Grandiloquent Properties,Inc.,and Investment Capital Corporation enter into a con?tract for a sale of land.To be enforceable,the contract must be in writing if the land is valued at

Accepted Answer

A) more than $500. 
B) more than $5,000. 
C) more than $50,000. 
D) any price. 
A) more than $500. 
B) more than $5,000. 
C) more than $50,000. 
D) any price.

Question 8

Steve agrees to assume a debt of Thumb Grippers Company to Main Street Bank.The agreement is not in writing.To be enforceable,the promise must be for the benefit of

Accepted Answer

A) any party. 
B) Steve. 
C) Thumb Grippers. 
D) Main Street. 
A) any party. 
B) Steve. 
C) Thumb Grippers. 
D) Main Street.

Question 9

Timber Farms,Inc.,and Wood Products Corporation enter into an oral contract for the sale of a lumber mill and the land on which it is situated from Timber to Wood.Under the Statute of Frauds,this contract is enforceable by

Accepted Answer

A) the seller. 
B) the buyer. 
C) any interested third party,such as the mortgagee or title company. 
D) none of the choices. 
A) the seller. 
B) the buyer. 
C) any interested third party,such as the mortgagee or title company. 
D) none of the choices.

Question 10

Parol evidence includes testimony of communications between the parties that is not contained in the contract itself.

Accepted Answer

A) True 
 B)False

Question 11

Evidence of prior agreements that differ from the written terms of a con?tract can be introduced in court to alter the contract.

Accepted Answer

A) True 
 B)False

Question 12

Garden & Yard Landscaping and Penelope enter into an oral contract under which she agrees to work on a Garden & Yard project on Valley Country Club's golf course for sixteen months.This con?tract is enforceable by

Accepted Answer

A) Garden & Yard. 
B) Penelope. 
C) any interested third party,such as Valley Country Club. 
D) none of the choices. 
A) Garden & Yard. 
B) Penelope. 
C) any interested third party,such as Valley Country Club. 
D) none of the choices.

Question 13

A contract may have to be in writing to be enforceable even if its performance is possible within a year.

Accepted Answer

A) True 
 B)False

Question 14

To be enforceable,a contract for a sale of goods priced at $50 or more must be in writing.

Accepted Answer

A) True 
 B)False

Question 15

Fact Pattern 15-A2 (Questions A17-A18 apply)
Radford and Serenity sign a written contract for the sale of Rad's Coffee & Bagels business to Serenity.The parties intend their written contract to be a final statement of the terms of their agreement.
-Refer to Fact Pattern 15-A2.Serenity later disputes some of the provisions in the deal with Radford.If the dispute results in litigation,a court will most likely exclude evidence that

Accepted Answer

A) buttresses the written terms. 
B) contradicts the written terms. 
C) duplicates the written terms. 
D) reinforces the written terms. 
A) buttresses the written terms. 
B) contradicts the written terms. 
C) duplicates the written terms. 
D) reinforces the written terms.

Question 16

Downspout Drainage Company hires Earl to design a Web page for Downspout for $400.Before the project is started,Downspout asks Earl to trouble-shoot Downspout's computer operating system software for an additional $400.Earl agrees.The en?tire contract is oral.Earl completes the work,but Downspout refuses to pay.Earl files a suit against Downspout,which raises the Statute of Frauds as a de?fense.Can Earl recover from Downspout? If so,how much,and on what basis?

Accepted Answer

Yes,Earl can recover from Downspout for

Question 17

Niche Credit,Inc.,is one of Cut-Rite Notching Corporation's two major creditors.Niche guarantees Cut-Rite's debt to the firm's other major creditor,Manufacturers Capital Bank,to forestall litigation.To be enforce?able,this guarantee

Accepted Answer

A) must be in writing. 
B) need not be in writing if it benefits Niche Credit. 
C) need not be in writing if it benefits Cut-Rite Notching. 
D) need not be in writing if it benefits Manufacturers Capital Bank. 
A) must be in writing. 
B) need not be in writing if it benefits Niche Credit. 
C) need not be in writing if it benefits Cut-Rite Notching. 
D) need not be in writing if it benefits Manufacturers Capital Bank.

Question 18

Ginamarie files a suit against Gaming Innovators Unlimited,Inc.,to enforce a written con?tract between the parties.If the court finds that the parties intended the contract to be the final statement of their agreement,parol evidence can be admitted to prove

Accepted Answer

A) an orally agreed-on condition precedent. 
B) terms discussed orally before the contract but not contained in it. 
C) terms discussed orally at the time of the contract that contradict the written terms. 
D) nothing. 
A) an orally agreed-on condition precedent. 
B) terms discussed orally before the contract but not contained in it. 
C) terms discussed orally at the time of the contract that contradict the written terms. 
D) nothing.

Question 19

A contract that by its own terms cannot be performed within a year must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 20

A contract must be in writing to be enforceable if performance is impossi?ble within one year.

Accepted Answer

A) True 
 B)False

Exam 15: The Statute of Frauds

There are no exceptions to the Statute of Frauds.

Clay buys an MP3 player for $200 and a pair of stereo speakers for $600 from a Discount City store,and downloads $300 worth of digital music from E-Music.com.To be enforceable,the contract that must be in writing is the purchase of

Kirk Custodial Service and Green Energy Company enter into an oral contract under which Kirk agrees to provide custodial service for Green's facilities for two years.This contract is en?forceable by

An oral con?tract for a transfer of an interest in land is never enforceable.

Grandiloquent Properties,Inc.,and Investment Capital Corporation enter into a con?tract for a sale of land.To be enforceable,the contract must be in writing if the land is valued at

Steve agrees to assume a debt of Thumb Grippers Company to Main Street Bank.The agreement is not in writing.To be enforceable,the promise must be for the benefit of

Timber Farms,Inc.,and Wood Products Corporation enter into an oral contract for the sale of a lumber mill and the land on which it is situated from Timber to Wood.Under the Statute of Frauds,this contract is enforceable by

Parol evidence includes testimony of communications between the parties that is not contained in the contract itself.

Evidence of prior agreements that differ from the written terms of a con?tract can be introduced in court to alter the contract.

Garden & Yard Landscaping and Penelope enter into an oral contract under which she agrees to work on a Garden & Yard project on Valley Country Club's golf course for sixteen months.This con?tract is enforceable by

A contract may have to be in writing to be enforceable even if its performance is possible within a year.

To be enforceable,a contract for a sale of goods priced at $50 or more must be in writing.

Niche Credit,Inc.,is one of Cut-Rite Notching Corporation's two major creditors.Niche guarantees Cut-Rite's debt to the firm's other major creditor,Manufacturers Capital Bank,to forestall litigation.To be enforce?able,this guarantee

Ginamarie files a suit against Gaming Innovators Unlimited,Inc.,to enforce a written con?tract between the parties.If the court finds that the parties intended the contract to be the final statement of their agreement,parol evidence can be admitted to prove

A contract that by its own terms cannot be performed within a year must be in writing to be enforceable.

A contract must be in writing to be enforceable if performance is impossi?ble within one year.

Introduction to Law and Legal Reasoning

Courts and Alternative Dispute Resolution

Court Procedures

Constitutional Authority to Regulate Business

Ethics and Business Decision Making

Intentional Torts and Privacy

Negligence and Strict Liability

Intellectual Property and Internet Law

Criminal Law and Cyber Crime

Nature and Terminology

Agreement in Traditional and E-Contracts

Consideration

Capacity and Legality

Mistakes, fraud, and Voluntary Consent

Third Party Rights

Performance and Discharge

Breach of Contract and Remedies

The Formation of Sales and Lease Contracts

Title, risk, and Insurable Interest

Performance Breach of Sales Lease Contracts

Warranties and Product Liability

International Law in a Global Economy

The Function Creation of Negotiable Instruments

Transferability and Holder in Due Course

Liability,defenses,and Discharge

Checks and Banking in the Digital Age

Creditors Rights and Remedies

Secured Transactions

Bankruptcy Law

Mortgages Foreclosures After the Recession

Agency Formation and Duties

Agency Liability and Termination

Employment,immigration,and Labor Law

Employment Discrimination

Sole Proprietorships and Franchises

Partnerships and Limited Liability Partnerships

Limited Liability Companies Special Business Forms

Corporate Formation and Financing

Corporate Directors,officers, Shareholders

Corporate Merger, consolidation, Termination

Securities Law Corporate Governance

Law for Small Business

Administrative Law

Consumer Law

Environmental Law

Antitrust Law

Professional Liaility and Accountability

Personal Property and Bailments

Real Property Landlord-Tenant Relationships

Insurance

Wills and Trusts

Legal and Ethical Considerations in Sustainability, Discovery, and Corporate Behavior

Legal and Ethical Issues in Contemporary Society

Contracts and Agreements

Legal Issues in Iowa's Video Game Labeling Statute, National Export Initiative, and Contract Law

Banking and Loan Liability

Bankruptcy and Agricultural Credit: Debts, Reporting, and Risk

Legal and Ethical Issues in Employment and Agency Relationships

Legal Issues in Business Franchising, LLC Management, Tax Collection, Director Liability, and Securities Regulations

Compliance and Ethics Issues in Business Operations

Risk Assessment, Virtual Property, Property Rights, and Building Moratoriums

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