Chapter15 Statute of Frauds

Chapter15 Statute of Frauds - MULTIPLE CHOICE QUESTIONS 1....

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MULTIPLE CHOICE QUESTIONS 1. Lyra induces Moe to enter into a contract for the sale of an apartment about which Lyra fraudulently misrepresents a number of material facts. Lyra tells Moe that her commission is 6 percent, but their signed, written contract states “12 percent.” The Statute of Frauds governs a. contracts that are induced by fraud. b. contracts that must be in writing to be enforceable. c. the admissibility in court of oral evidence. d. the reformation of oral and written statements into one contract. 2. Century Properties. Inc., and Dandy Capital Corporation enter into a contract for a sale of land. To be enforceable, the contract must be in writing if the land is valued at a. $50. b. $500. c. $5,000. d. $50, $500, or $5,000. 3. Timber, Inc., and United Corporation enter into an oral contract for a sale of a lumber mill. Under the Statute of Frauds, before United takes possession, this contract is enforceable by a. either party. b. neither party. c. Timber only. d. United only. 4, Andy and Biz Company (BC) enter into an oral contract under which Andy agrees to clean BC’s office for two years. This contract is enforceable by a. Andy only. b. BC only. c. either party. d. neither party.
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A5. General Contractors (GC) and Holly enter into an oral contract under which Holly agrees to work on a GC project for sixteen months. This contract is enforceable by a. either party. b. GC only. c. Holly only. d. neither party. 6. Lola agrees to assume Mira’s debt to New Sales Corporation. Lola does not get any personal benefit for the agreement. To be enforceable, the promise must be in writing if the debt is for
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This note was uploaded on 05/18/2011 for the course BUSINESS 2041 taught by Professor Miller during the Fall '08 term at DeAnza College.

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Chapter15 Statute of Frauds - MULTIPLE CHOICE QUESTIONS 1....

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