Business Law - Chapter 15 flashcards | Quizlet

Business Law - Chapter 15 flashcards | Quizlet - Business...

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1/3/15 1:19 AM Business Law - Chapter 15 flashcards | Quizlet Page 1 of 10 Ready to study? Start with Flashcards Business Law - Chapter 15 41 terms by PattersonVT Hannah orally agrees to sell her house to Brett for $175,000. If she delivers the deed to Brett with the expectation of payment in two weeks and he fails to pay, most courts will not enforce the contract since it was not in writing. False Any contract involving a sale of goods of $100 or more must be in writing. False Bry, Inc. and Gangl Co. entered into an oral agreement for the sale of 3,000 sweaters. Both parties performed as required under the contract. Bry delivered the sweaters and Gangl accepted and paid for them. Since the contract is fully executed, it makes no difference that it was oral. True The original statute of frauds is the English law that began the practice of requiring written evidence of certain kinds of contracts, but now the British government has repealed the writing requirement for most contracts. True
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1/3/15 1:19 AM Business Law - Chapter 15 flashcards | Quizlet Page 2 of 10 Sweet Plantation, Inc. made a written contract with Candy, Inc. whereby Sweet Plantation agreed to supply all of Candy's sugar requirements for the next year at $.25 per pound. A dispute arose as to how much sugar Sweet is to supply. The parol evidence rule will bar Sweet's introduction of evidence concerning the intent of the requirements of Candy. False Raymond agrees to transfer an easement right to Sandra for $1,000. This contract is within the statute of frauds and therefore needs to be in writing to be enforceable. True Ramona orally agreed to work for Brahma, Inc. for the rest of her life for $50,000 per year. This agreement would not be enforceable since it violates the one-year rule of the statute of frauds. False Parol evidence refers to anything (other than the written contract itself) that was said, done, or written before or as the parties signed the contract. True Patrick owned an acre of land which was being divided into building lots. Nancy was interested in purchasing the corner lot. In a signed writing, Patrick stated "I will sell Nancy Grimes a lot on Route 70 for $5,500 cash, payable on April 30, 2009." This writing is sufficient under the statute of frauds to make the contract enforceable. False The Uniform Commercial Code provides that, under certain circumstances, a merchant may be liable on a written contract, even though that merchant has NOT signed it. True
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1/3/15 1:19 AM Business Law - Chapter 15 flashcards | Quizlet Page 3 of 10 Amanda, a recent university graduate, needed a car to get to her new job. To help Amanda secure a loan for the car, Ted, a friend, agreed to pay the loan should Amanda default. Ted's promise to pay the loan is a collateral promise. His promise must be in writing to be enforceable.
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