Mann_BLRB 9_TB_Ch15

Business Law and the Regulation of Business

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Chapter 15—Contracts in Writing TRUE/FALSE 1. All contracts do not have to be in writing to be enforceable. ANS: T MSC: AACSB Analytic 2. The word "parol" literally means release. ANS: F MSC: AACSB Analytic 3. A number of courts have used the doctrine of promissory estoppel to displace the requirement of a writing by enforcing oral contracts within the statute of frauds. ANS: T MSC: AACSB Analytic 4. Parol evidence refers only to any oral evidence that is outside an integrated written contract and not in- corporated into it, either directly or by reference. ANS: F MSC: AACSB Analytic 5. A significant impediment to e-commerce has been the questionable enforceability of contracts entered into through electronic means, such as the Internet or e-mail, because of the writing requirements un- der contract and sales law. ANS: T MSC: AACSB Analytic 6. The statute of frauds has to do with fraud in the inducement of a contract. ANS: F MSC: AACSB Analytic 7. Most types of contracts are valid without being written. ANS: T MSC: AACSB Analytic 8. The statute of frauds generally requires that both parties sign the writing. ANS: F MSC: AACSB Analytic 9. A collateral promise is an undertaking to be primarily liable for the principal debtor's debt. ANS: F MSC: AACSB Analytic 10. Jim promises to marry Cynda if Cynda will buy him a new Ferrari for his birthday. This promise must be in writing to be enforceable. ANS: T MSC: AACSB Analytic 11. The part performance exception to the statute of frauds in most states requires both that the transferee has paid a portion of the purchase price and has either taken possession of the real estate or has started to make valuable improvements on it.
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ANS: T MSC: AACSB Analytic 12. A usage of trade is a practice or method of dealing regularly observed and followed in a place, voca- tion, or trade. ANS: T MSC: AACSB Analytic 13. 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. ANS: F MSC: AACSB Analytic 14. Clara types a letter to David setting forth the terms of their contract that falls within the statute of frauds. At the end of the letter, she types her name but does not sign her signature to it. If David wants to use the letter to satisfy the writing requirement, he may do so. ANS: T MSC: AACSB Analytic 15. A contract to pay for lawn care services costing $1,500 would have to be in writing to be enforceable. ANS: F MSC: AACSB Analytic 16. Under the Code an oral contract for specially manufactured goods costing $500 is enforceable even if the seller has not begun their manufacture. ANS: F MSC: AACSB Analytic 17. The UCC requires that all contracts for the sale of goods must be in writing. ANS: F MSC: AACSB Analytic 18. The UCC statute of frauds requires that the writing include all agreed-upon terms.
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