Deck 13: Form of Contracts

Question 1

Competency of parties is not a mandatory requirement to make a contract valid.

Answer 1

False

Question 2

The Statute of Frauds applies to executory contracts only.

Answer 2

True

Question 3

Agreements by an executor or administrator to pay debts of a deceased person must be in writing to be enforceable.

Answer 3

True

Question 4

It is stated that the terms of a written contract may not be changed by evidence of any prior agreement but may be explained,or supplemented,in the:

A) Uniform Commercial Code (UCC).
B) Statute of Frauds.
C) Parol Evidence Rule.
D) English Law.

Question 5

A valid agreement should not be handwritten even if it is legible.

Question 6

Certified checks are not included in the forms of acceptable payment.

Question 7

All contracts to sell real property,or any interest in it,must be in writing to be enforceable.

Question 8

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.

Question 9

Oral evidence introduced after a contract is signed may be legally accepted if it clarifies some point in a written agreement.

Question 10

Oral evidence introduced after a contract is signed is legally accepted if it clarifies some point in the:

A) oral agreement.
B) verbal agreement.
C) written agreement.
D) implied agreement.

Question 11

_______________ is one of the essential elements of a valid contract.

A) Legality of purpose
B) Parol evidence
C) Reasonable claim
D) Memorandum of belief

Question 12

The parol evidence rule:

A) states that any spoken or written words that are in conflict with what the written contract states should be introduced as evidence in a court of law.
B) refers to supplementary evidence or conditions to be added to an existing written contract.
C) specifies that certain kinds of agreements must be in writing to be enforceable.
D) does not prohibit a person from legally entering into oral contracts for certain kinds of agreements.

Question 13

It should be noted that antenuptial agreements often include a provision whereby they do not expire over an extended period of time.

Question 14

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.

Question 15

Written contracts seldom contain an acknowledgment that the buyer has inspected the goods,or has waived his or her right to such inspection.

Question 16

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.

Question 17

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.

Question 18

The Statute of Frauds prohibits a person from legally entering into oral contracts for certain kinds of agreements.

Question 19

The parol evidence rule refers to the addition of supplementary evidence or conditions that a party wants added to a written contract.

Question 20

To be enforceable,a contract must be:

A) court-ordered.
B) stamped.
C) in writing.
D) notarized.

Question 21

An executor is a person:

A) who inherits property from a deceased person.
B) who has drafted the will of the deceased.
C) who is named by a court to judge matters of law.
D) named in a will who serves as the personal representative of a deceased person.

Question 22

A memorandum may not include the:

A) family details of the parties.
B) names of the parties.
C) purpose of the agreement.
D) signatures of the parties.

Question 23

A contracting party intending to authenticate a written agreement may use any symbol as their:

A) acceptance.
B) seal.
C) signature.
D) revocation.

Question 24

All of the following are true of the Statute of Frauds,EXCEPT:

A) the name is taken from the English law of 1677.
B) the name is a derivative of a law called "An Act for Prevention of Frauds and Perjuries."
C) it does not prohibit a person from legally entering into oral contracts.
D) it applies to executory and executed contracts.

Question 25

Most important contracts are printed and signed by hand by the:

A) parties to the agreement.
B) notary who is present.
C) attorney of the parties.
D) judges deciding on the contract.

Question 26

To be enforceable,agreements in contemplation of marriage:

A) must be in writing and signed after the marriage.
B) must be in writing and signed before the marriage.
C) can be oral if the parties are both over the age of 21 years.
D) should be in the presence of witnesses.

Question 27

A(n)_____________ is a personal representative named by the court to perform as the executor would,in instances in which the deceased person has not left a will.

A) judge
B) administrator
C) attorney
D) agent

Question 28

A(n)______ 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.

A) guaranty
B) warranty
C) memorandum
D) evidence

Question 29

The Web page or e-mail is generally regarded as the writing that satisfies the Statute of Frauds in the case of:

A) declared sale.
B) online sale.
C) implied sale.
D) telephone sale.

Question 30

Any agreements to sell an interest in real property shall have to be:

A) approved by a court-appointed judge.
B) in writing.
C) signed in the presence of an administrator.
D) oral or in writing to be enforceable.

Question 31

The Statute of Frauds applies only to:

A) administrative contracts.
B) executory contracts.
C) business contracts.
D) notarized contracts.

Question 32

That certain kinds of contracts should be in writing is a requirement under the:

A) Statute of Frauds.
B) Statute of Principles.
C) Statutes on Employment.
D) Statute on Discrimination.

Question 33

Consistent oral statements may:

A) not be introduced into evidence unless a contract is in writing.
B) be introduced into evidence if a contract is not yet in writing.
C) not be introduced into evidence if a contract is in writing.
D) be introduced into evidence irrespective of whether a contract is in writing or not.

Question 34

To be enforceable,agreements must be in writing if they are for at least:

A) $100.
B) $200.
C) $500.
D) $1,000.

Question 35

To be enforceable,agreements that cannot be completed in less than one year:

A) must be in writing.
B) can be oral.
C) can be oral only if witnessed.
D) must be oral if for an amount less than $500.

Question 36

To satisfy the Statute of Frauds,a written contract or agreement is sometimes called a:

A) draft.
B) brief.
C) synopsis.
D) memorandum.

Question 37

When a person dies before settlement of his assets,the estate is settled by a:

A) court-appointed manager.
B) family-appointed administrator.
C) family-appointed manager.
D) court-appointed administrator.

Question 38

In auction sales,in which goods are sold to the highest bidder,the sale is completed at the:

A) fall of the hammer.
B) signing of an agreement.
C) time of delivery of goods.
D) end of the auction.

Question 39

The Statute of Frauds only specifies that certain contracts must be in writing to be:

A) beneficial.
B) rewarding.
C) indistinct.
D) enforceable.

Question 40

An exchange of promises made by persons planning to marry is known as a(n):

A) arranged agreement.
B) self-arranged agreement.
C) mutual agreement.
D) prenuptial agreement.

Question 41

Give an example of a contract that does not need to be in writing.

Question 42

Are prenuptial agreements enforceable? Explain why or why not.

Question 43

How is a sale completed if it is made by telephone?