Question 1

Under the Statute of Frauds, all contracts must be in writing to be enforceable.

Accepted Answer

Under the Statute of Frauds, certain contracts must be in writing to be enforceable, such as contracts for the sale of real estate or contracts that cannot be performed within one year. However, not all contracts require a written agreement to be enforceable.

Question 2

Oral evidence to "fill in the gaps" of a contract with incomplete terms can be introduced at a trial.

Accepted Answer

Oral evidence can be used to fill in gaps in a contract with incomplete terms at trial, as long as the evidence is relevant and does not contradict any written terms of the contract.

Question 3

Nora enters into a contract with Oceanic Transport, Inc., to insure and ship a painting from France to the United States for a certain price. But Oceanic makes a mistake in adding the costs, which results in a contract price that is $1,000 less than the true cost. Most likely, a court would

Accepted Answer

The answer of Nora enters into a contract with Oceanic...

Question 4

A written contract for a transfer of land is usually enforceable.

Accepted Answer

A written contract for the transfer of land, also known as a deed, is usually enforceable as long as it meets certain legal requirements such as being properly signed, notarized, and recorded with the appropriate government agency. However, it is always advisable to have an attorney review any real estate contracts before signing them.

Question 5

All collateral promises must be in writing to be enforceable.

Accepted Answer

While some promises do need to be in writing to be enforceable (such as contracts for the sale of goods over a certain amount), not all collateral promises need to be in writing. Collateral promises made orally or implicitly can be enforceable under certain circumstances, such as when the promise is made to induce someone to enter into a contract or when it is foreseeable that the promise will rely on the collateral promise.

Question 6

In La Junta, Carlos and Alvaro contract for the sale of five hundred head of Carlos’s cattle for $95 per head. Unknown to either party, a unforeseen storm has struck the herd and many of the cattle have died. Alvaro is

Accepted Answer

The contract is voidable due to a bilateral mistake, as both parties were unaware of the storm and the resulting loss of cattle, affecting the fundamental basis of the agreement.

Question 7

Lewis, an employee of Silos, Inc., makes a substantial mathematical error in totaling the estimated costs for a project for which AgriCo-op is seeking bids. Consequently, Silos’s bid is significantly low. Any contract with AgriCo-op that includes the mistake may be rescinded

Accepted Answer

If a mistake is made in a bid, the contract may be rescinded if the other party knew or should have known of the mistake. In this case, AgriCo-op is seeking bids, and if they knew or should have known of Lewis's substantial mathematical error, they cannot hold Silos, Inc. responsible for the mistake, and the contract may be rescinded.

Question 8

To be enforceable, a writing evidencing an oral contract must have been signed by the party who seeks to enforce it.

Accepted Answer

For a contract to be enforceable, it generally must be signed by the party against whom enforcement is sought, not necessarily by the party seeking to enforce it.

Question 9

Misrepresentation cannot occur by silence.

Accepted Answer

Misrepresentation can occur by silence if there is a duty to disclose information. For example, if a seller knows of a defect in a product and fails to disclose it to the buyer, it can be considered misrepresentation.

Question 10

Dixon agrees to sell to Elmore, for $1,500, a remote parcel of land. They believe the land to be worthless, but beneath it is shale rock containing oil. A court would

Accepted Answer

The contract would not be rescinded because both parties were mutually mistaken about the value of the land, not its identity or existence, and such a mistake typically does not warrant rescission.

Question 11

To be enforceable, a contract for a sale of goods priced at $500 or more should be in writing.

Accepted Answer

According to the Statute of Frauds, a contract for the sale of goods priced at $500 or more must be in writing in order to be enforceable.

Question 12

A contract must be in writing to be enforceable if its performance is impossible within one year.

Accepted Answer

This is based on the statute of frauds, which requires certain types of contracts to be in writing to be enforceable. One of these requirements is that contracts that cannot be performed within one year must be in writing.

Question 13

The Statute of Frauds operates as a defense to the enforcement of an oral contract for the sale of land.

Accepted Answer

The Statute of Frauds requires certain types of contracts, including contracts for the sale of land, to be in writing in order to be enforceable. An oral contract for the sale of land would not meet this requirement and would be unenforceable.

Question 14

A unilateral promise to make a monetary payment in consideration or marriage must be in writing to be enforceable.

Accepted Answer

This statement is referring to the Statute of Frauds which requires certain contracts, including agreements in consideration of marriage, to be in writing in order to be enforceable. Therefore, a unilateral promise to make a monetary payment in consideration of marriage must also be in writing to be enforceable.

Question 15

In Simone's selling a 300-acre farm to Rural Investments, Inc., she tells the buyer that the land "will be worth twice as much by next year." This is

Accepted Answer

Simone's statement about the future value of the land is an opinion, not a factual assertion, and thus does not constitute fraud.

Question 16

Written evidence or an electronic record of a contract for a sale of goods priced at $500 or more is required by the Uniform Commercial Code.

Accepted Answer

This is known as the statute of frauds under UCC Article 2, Section 201. The purpose of this provision is to prevent misunderstandings and disputes over the terms of the contract. A written agreement or electronic record is necessary to provide evidence of the parties' intentions and the terms of the deal.

Question 17

Evidence of prior agreements that differ from the written terms of a con­tract can be introduced in court to contradict the contract.

Accepted Answer

The parol evidence rule generally prohibits the introduction of evidence of prior or contemporaneous agreements that contradict, modify, or vary the contractual terms of a written agreement, assuming the written contract is intended to be a complete and final expression of the parties' agreement.

Question 18

All states require certain types of contracts to be in writing.

Accepted Answer

This is true. Most states have a statute of frauds that requires certain types of contracts to be in writing in order to be enforceable in court. Examples of contracts that typically need to be in writing include contracts for the sale of real estate, contracts for the sale of goods over a certain dollar amount, and contracts that cannot be performed within one year.

Question 19

A written contract that is intended to be the final statement of the terms of an agreement is an integrated contract.

Accepted Answer

An integrated contract is a final and complete agreement between the parties, and all prior negotiations or discussions are merged into the written contract.

Question 20

A contract in which a party assumes a primary obligation normally must be in writing to be enforceable.

Accepted Answer

A contract can be enforceable without being in writing, as long as it meets certain requirements such as offer and acceptance, consideration, and the parties' intention to enter into a binding agreement. However, certain types of contracts, such as contracts for the sale of goods over a certain dollar amount, contracts for the transfer of real estate, and contracts that cannot be performed within one year, must be in writing to be enforceable under the Statute of Frauds. In those cases, the writing must also contain certain essential terms, such as the identity of the parties, the subject matter of the contract, and the price or consideration to be paid.

Quiz 13: Defenses to Contract Enforceability

Under the Statute of Frauds, all contracts must be in writing to be enforceable.

Oral evidence to "fill in the gaps" of a contract with incomplete terms can be introduced at a trial.

Nora enters into a contract with Oceanic Transport, Inc., to insure and ship a painting from France to the United States for a certain price. But Oceanic makes a mistake in adding the costs, which results in a contract price that is $1,000 less than the true cost. Most likely, a court would

A written contract for a transfer of land is usually enforceable.

All collateral promises must be in writing to be enforceable.

In La Junta, Carlos and Alvaro contract for the sale of five hundred head of Carlos’s cattle for $95 per head. Unknown to either party, a unforeseen storm has struck the herd and many of the cattle have died. Alvaro is

Lewis, an employee of Silos, Inc., makes a substantial mathematical error in totaling the estimated costs for a project for which AgriCo-op is seeking bids. Consequently, Silos’s bid is significantly low. Any contract with AgriCo-op that includes the mistake may be rescinded

To be enforceable, a writing evidencing an oral contract must have been signed by the party who seeks to enforce it.

Misrepresentation cannot occur by silence.

Dixon agrees to sell to Elmore, for $1,500, a remote parcel of land. They believe the land to be worthless, but beneath it is shale rock containing oil. A court would

To be enforceable, a contract for a sale of goods priced at $500 or more should be in writing.

A contract must be in writing to be enforceable if its performance is impossible within one year.

The Statute of Frauds operates as a defense to the enforcement of an oral contract for the sale of land.

A unilateral promise to make a monetary payment in consideration or marriage must be in writing to be enforceable.

In Simone's selling a 300-acre farm to Rural Investments, Inc., she tells the buyer that the land "will be worth twice as much by next year." This is

Written evidence or an electronic record of a contract for a sale of goods priced at $500 or more is required by the Uniform Commercial Code.

Evidence of prior agreements that differ from the written terms of a contract can be introduced in court to contradict the contract.

All states require certain types of contracts to be in writing.

A written contract that is intended to be the final statement of the terms of an agreement is an integrated contract.

A contract in which a party assumes a primary obligation normally must be in writing to be enforceable.

Quiz 13: Defenses to Contract Enforceability

Under the Statute of Frauds, all contracts must be in writing to be enforceable.

Oral evidence to "fill in the gaps" of a contract with incomplete terms can be introduced at a trial.

Nora enters into a contract with Oceanic Transport, Inc., to insure and ship a painting from France to the United States for a certain price. But Oceanic makes a mistake in adding the costs, which results in a contract price that is $1,000 less than the true cost. Most likely, a court would

A written contract for a transfer of land is usually enforceable.

All collateral promises must be in writing to be enforceable.

In La Junta, Carlos and Alvaro contract for the sale of five hundred head of Carlos’s cattle for $95 per head. Unknown to either party, a unforeseen storm has struck the herd and many of the cattle have died. Alvaro is

Lewis, an employee of Silos, Inc., makes a substantial mathematical error in totaling the estimated costs for a project for which AgriCo-op is seeking bids. Consequently, Silos’s bid is significantly low. Any contract with AgriCo-op that includes the mistake may be rescinded

To be enforceable, a writing evidencing an oral contract must have been signed by the party who seeks to enforce it.

Misrepresentation cannot occur by silence.

Dixon agrees to sell to Elmore, for $1,500, a remote parcel of land. They believe the land to be worthless, but beneath it is shale rock containing oil. A court would

To be enforceable, a contract for a sale of goods priced at $500 or more should be in writing.

A contract must be in writing to be enforceable if its performance is impossible within one year.

The Statute of Frauds operates as a defense to the enforcement of an oral contract for the sale of land.

A unilateral promise to make a monetary payment in consideration or marriage must be in writing to be enforceable.

In Simone's selling a 300-acre farm to Rural Investments, Inc., she tells the buyer that the land "will be worth twice as much by next year." This is

Written evidence or an electronic record of a contract for a sale of goods priced at $500 or more is required by the Uniform Commercial Code.

Evidence of prior agreements that differ from the written terms of a con­tract can be introduced in court to contradict the contract.

All states require certain types of contracts to be in writing.

A written contract that is intended to be the final statement of the terms of an agreement is an integrated contract.

A contract in which a party assumes a primary obligation normally must be in writing to be enforceable.

Evidence of prior agreements that differ from the written terms of a contract can be introduced in court to contradict the contract.