Chap012 - Chapter 012 Form of Contracts Student 1...

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Chapter 012 : Form of Contracts Student: ___________________________________________________________________________ 1. Competency of parties is not a mandatory requirement to make a contract valid. BT: Knowledge PO: 1 True False 2. The parol evidence rule states that any spoken or written words that are in conflict with what the written contract states cannot be introduced as evidence in a court of law. BT: Knowledge PO: 2 True False 3. The parol evidence rule refers to the addition of supplementary evidence or conditions that a party wants added to a written contract. BT: Knowledge PO: 2 True False 4. Oral evidence introduced after a contract is signed may be legally accepted if it clarifies some point in a written agreement. BT: Knowledge PO: 2 True False 5. The Statute of Frauds prohibits a person from legally entering into oral contracts for certain kinds of agreements. BT: Knowledge PO: 3 True False
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6. The Statute of Frauds applies to executory contracts only. BT: Knowledge PO: 3 True False 7. Agreements by an executor or administrator to pay debts of a deceased person must be in writing to be enforceable. BT: Knowledge PO: 4 True False 8. A guaranty, or promise, to pay the debts or settle the wrongdoings of another if he or she does not make settlement personally is not enforceable unless it is written. BT: Knowledge PO: 4 True False 9. An oral promise, or guaranty, to pay the debts or settle the wrongdoings of another is enforceable only if made on behalf of family members. BT: Knowledge PO: 4 True False 10. If the life of an agreement is indefinite and could be completed within a year, the agreement need not be in writing to be enforceable. BT: Knowledge PO: 4 True False 11. It should be noted that antenuptial agreements often include a provision whereby they do not expire over an extended period of time. BT: Knowledge PO: 4 True False
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12. All contracts to sell real property, or any interest in it, must be in writing to be enforceable. BT: Knowledge PO: 4 True False 13. A valid agreement should not be handwritten even if it is legible. BT: Knowledge PO: 5 True False 14. Written contracts seldom contain an acknowledgment that the buyer has inspected the goods, or has waived his or her right to such inspection. BT: Knowledge PO: 5 True False 15. Certified checks are not included in the forms of acceptable payment. BT: Knowledge PO: 5 True False 16. _______________ is one of the essential elements of a valid contract. A. Legality of purpose B. Parol evidence C. Reasonable claim D. Memorandum of belief
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