Business Law Principles and Practices

Business

Quiz 11 :

Memorialize Contracts in Writingstatute of Frauds

Quiz 11 :

Memorialize Contracts in Writingstatute of Frauds

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An executor's written promise to pay a deceased person's debts out of personal funds is valid.
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True False
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True

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Important contracts should be in writing to reduce the possibility of perjury by either party.
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True False
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True

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Parol evidence may be presented to show that a written contract did not include all the important terms.
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False

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A contract for the sale of $400 worth of merchandise must be in writing.
True False
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The evidence needed to satisfy the statute of frauds may be an informal memorandum.
True False
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Oral contracts
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One example of a contract that must be in writing is a contract to
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An executor or administrator is one who handles a deceased person's estate.
True False
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A written contract needs at least one witness to establish its existence and its terms.
True False
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The statute of frauds applies only to executory contracts.
True False
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The statute of frauds
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A term not included in a written contract is considered intentionally omitted.
True False
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The statute of frauds does not apply to agreements in which one person assumes primary responsibility for the payment of a debt.
True False
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All states have a law that requires certain contracts to be in writing.
True False
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Today, under modern law, no contract or signature may be denied legal effect solely because it is in electronic form.
True False
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Miller said to Avid, a retail merchant, "Deliver this $1,500 computer to my nephew Ronald McDonald and send the bill to me." Avid did as he was requested, but Miller refused to pay the bill, claiming that the nephew was really not interested in using the computer. Is Miller liable?
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If a contract can be carried out within one year, it need not be in writing.
True False
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Parol evidence is admissible to show changes after the written contract was made.
True False
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The agreement required by the statute of frauds must be signed by both parties.
True False
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Under the provisions of the statute of frauds, one example of a contract that does not have to be in writing to be enforceable is a(n)
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