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Chapter12_Answers - Chapter 12 Assessment Answers Matching...

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Chapter 12 Assessment Answers Matching Key Terms 1. j 4. f 7. d 10. b 2. h 5. a 8. e 3. g 6. i 9. c True/False Quiz 11. T 14. F 17. T 20. T 23. T 12. T 15. T 18. F 21. T 24. T 13. T 16. T 19. F 22. T 25. F Discussion Questions 26. To be enforceable, the Statute of Frauds states that certain kinds of agreements must be in writing, such as agreements (1) by an executor or administrator to pay the debts of a deceased person, (2) to answer for the debts of another, (3) that cannot be completed in less than one year, (4) made in contemplation of marriage, (5) to sell any interest in real property, and (6) to sell personal property for $500 or more. It may also be wise to have other agreements (for services, etc.) that involve large amounts of money reduced to writing. 27. The Uniform Commercial Code requires that sales for $500 or more must be in writing. Given inflation, raising the amount would not be unreasonable. 28. The notation in the auctioneer’s book, initialed by the buyer, meets the requirements for written contracts. The buyer may deny that the initials represent his or her signature.
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