Practice Questions for Test 3

Practice Questions for Test 3 - Practice Questions for Test...

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Practice Questions for Test 3 Chapter 15 – Contract in Writing True/False ____ 1. All contracts do not have to be in writing to be enforceable. ____ 2. A number of courts have used the doctrine of promissory estoppel to enforce oral contracts even though the contract is within the Statute of Frauds. ____ 3. The parol evidence rule does not refer to any evidence, whether oral or in writing, that is outside the written contract and not incorporated into it, either directly or by reference. ____ 4. The Statute of Frauds has to do with fraud in the inducement of a contract. ____ 5. Many contracts are valid without being written. ____ 6. The Statute of Frauds generally requires that both parties sign the writing. ____ 7. In an employment agreement with Carl, Arnold promises to work for Carl for the rest of his life. This promise must be in writing to be enforceable. ____ 8. Under the UCC, an oral contract for specially manufactured goods costing $1000 is enforceable. ____ 9. The UCC requires that all contracts for the sale of goods must be in writing. ____ 10. Bob sends Fred a letter offering to sell Fred his car for $2,500. Fred writes back that he'll take it. They now must get together and write a memorandum because it is a sale of goods for over $500. ____ 11. The parol evidence rule does not prevent the use of evidence that a party would like to use to establish the defense of fraud, duress, or undue influence. ____ 12. In order to induce a car dealer to sell her son a car on credit, Mary promises that she will pay for the son's car if the son defaults on his monthly payments to the dealership. Mary's promise must be in writing. ____ 13. An employment contract that is in any way capable of being performed within one year from the date of the agreement falls within the requirements of the Statute of Frauds. ____ 14. The possibility test is what the courts use to determine whether a contract can be performed within a year. ____ 15. The computation of time starts when the agreement is made, not when the performance is to begin.
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Chapter 16 – Third Party to Contracts True/False ____ 1. After an assignment, the assignee has a right to the obligor's performance. ____ 2. Consideration is required in order to have a valid assignment. ____ 3. The general rule is that an assignee stands in the shoes of the assignor. He acquires the rights of the assignor but no new or additional rights. ____ 4. The delegation of a duty still leaves the delegator responsible for the performance of the duty. ____ 5. An intended donee beneficiary may enforce the contract against the promisor. ____ 6. In a novation, the delegator is discharged and the third party becomes directly bound upon his promise to the obligee. ____ 7.
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Practice Questions for Test 3 - Practice Questions for Test...

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