Question 1

A prenuptial agreement does not have to be in writing to be enforceable.

Accepted Answer

A prenuptial agreement must be in writing to be enforceable.

Question 2

Under the Statute of Frauds,all contracts must be in writ?ing to be enforceable.

Accepted Answer

Not all contracts must be in writing to be enforceable under the Statute of Frauds. There are certain types of contracts that must be in writing, such as contracts for the sale of land or contracts that cannot be performed within one year. However, oral contracts may still be enforceable for other types of agreements.

Question 3

Business Investment Company and Chic Properties,Inc. ,contract for the sale of a retail mall.A mutual mistake of fact will make it possible for ei?ther party to rescind the contract
A)if the mistake of fact is immaterial.
B)if the mistake of fact is material.
C)under any circumstances.
D)under no circumstances.

Accepted Answer

A mutual mistake of fact that is material to the contract may give either party the right to rescind the contract. If the mistake is immaterial, it would not impact the validity of the contract and would not give either party the right to rescind. However, if the mistake is material, it would go to the heart of the contract and would make it difficult or impossible for the parties to perform their obligations. Therefore, in such cases, either party may rescind the contract.

Question 4

To be enforceable,a writing evidencing an oral contract that would otherwise be unenforceable must include essential terms.

Accepted Answer

This is true. Essential terms include the identity of the parties, the subject matter of the agreement, the price or consideration, and the timing of performance or delivery. Without these essential terms, the contract cannot be enforced.

Question 5

To be enforceable,a contract for a sale of goods priced at $50 or more must be in writing.

Accepted Answer

The answer of To be enforceable,a contract for a sale...

Question 6

A written con?tract for a transfer of land is enforceable.

Accepted Answer

A written contract for the transfer of land is enforceable if it meets all the legal requirements for a valid contract, such as proper execution, consideration, and intention to create legal relations. However, certain formalities, such as registration and stamp duty, may also be required depending on the jurisdiction.

Question 7

Under the Statute of Frauds,any writing that is not a contract is void.

Accepted Answer

The Statute of Frauds requires certain contracts to be in writing to be enforceable, but not all writings are considered contracts. Non-contractual writings can still have legal validity, such as a receipt for a purchase or a letter establishing ownership of property.

Question 8

Fact Pattern 10-2 
Moore Properties,Inc. ,offers in writing to sell to New Development Corporation (NDC)a certain half-acre of land for "$112,000." After New Development signs the offer in acceptance and returns it,Moore discovers that the price should have been stated as "$121,000."
-Refer to Fact Pattern 10-2.Moore's misstatement of the price is
A)a bilateral mistake.
B)a fraudulent misrepresentation.
C)a unilateral mistake.
D)unconscionable.

Accepted Answer

Moore's misstatement of the price is a unilateral mistake because it was a mistake made by one party, Moore, and not shared by the other party, NDC. Since NDC accepted the offer before Moore discovered the mistake, the contract is enforceable at the stated price of $112,000.

Question 9

Fact Pattern 10-1 
Gert contracts to sell two tracts of land to Hank.Both parties believe that the two tracts are adjacent,but in fact they are not.Gert is still willing to sell the land,but under these circumstances the deal would adversely affect Hank.
-Refer to Fact Pattern 10-1.Because of the parties' belief about the adjacency of the property,their contract is
A)unavoidable.
B)unconscionable.
C)unenforceable.
D)voidable.

Accepted Answer

The contract is voidable because Gert is still willing to sell the land, but the circumstances have changed and it would adversely affect Hank. This gives Hank the option to either rescind the contract or renegotiate the terms.

Question 10

An oral contract for a sale of land cannot be enforced even if the contract has been partially per?formed.

Accepted Answer

The answer of An oral contract for a sale of...

Question 11

Lew believes his old baseball bat has little value,but Murray is con?vinced it is a valu?able collector's item.Lew sells it to Murray for $10 before learning it is worth $1,000.Lew's sale of the bat to Murray may
A)be rescinded because a mutual mistake was made.
B)be rescinded because Murray had superior knowledge about the bat.
C)not be rescinded because a deal is a deal.
D)not be rescinded because Lew's mistake concerns the value of the bat.

Accepted Answer

A mistake regarding the value of an item is generally not grounds for rescission of a contract. Rescission is typically allowed for mistakes of fact, not mistakes of value.

Question 12

An integrated contract is the final embodiment of the terms of an agreement.

Accepted Answer

An integrated contract is a legally binding agreement that serves as the final embodiment of the terms that have been agreed upon by the parties involved. It is considered as the complete and final version of the contractual terms, and supersedes any prior agreements or negotiations. Thus, it is true that an integrated contract represents the final embodiment of the terms of an agreement.

Question 13

To be enforceable,a writing evidencing an oral contract that would otherwise be unenforceable must include every term.

Accepted Answer

While a writing can help to provide evidence of the terms of an oral contract, it does not need to include every term in order to be enforceable. Rather, the writing must generally include enough terms to establish the existence and essential terms of the agreement, and must be signed by the party against whom enforcement is sought. The specifics of what terms must be included and how they must be documented may vary depending on the jurisdiction and the specific circumstances of the case.

Question 14

Parol evidence includes oral evidence that is outside a written contract and not incor?po?rated into the contract expressly or by reference.

Accepted Answer

Parol evidence refers to any oral or written evidence that is not included in the written contract and is not incorporated by reference or expressed in the contract.

Question 15

A party's oral agreement to pay another's debt is not enforceable if the party's main purpose is to derive a benefit for himself or herself.

Accepted Answer

In contract law, the "main purpose rule" or "leading object rule" states that if the main purpose of the promisor in agreeing to pay the debt of another is to secure a personal benefit, the oral agreement may be enforceable despite the Statute of Frauds, which typically requires such agreements to be in writing.

Question 16

Evidence of prior agreements that differ from the written terms of a con?tract can be introduced in court to alter the contract.

Accepted Answer

The answer of Evidence of prior agreements that differ from...

Question 17

Oral evidence of the modification of a contract after its making can be introduced at a trial.

Accepted Answer

Oral evidence of a modification of a contract after its making is admissible in court as it is considered a collateral agreement. However, it is subject to certain limitations such as the parol evidence rule and the statute of frauds.

Question 18

Fact Pattern 10-1 
Gert contracts to sell two tracts of land to Hank.Both parties believe that the two tracts are adjacent,but in fact they are not.Gert is still willing to sell the land,but under these circumstances the deal would adversely affect Hank.
-Refer to Fact Pattern 10-1.The parties' belief about the adjacency of the property is
A)a bilateral mistake.
B)a unilateral mistake.
C)fraud.
D)undue influence.

Accepted Answer

The parties' shared belief about the adjacency of the property indicates that this is a bilateral mistake, where both parties were mistaken about the same fact.

Question 19

Oral evidence of the meaning of a contract with incomplete terms can be introduced at a trial.

Accepted Answer

Oral evidence of the meaning of a contract with incomplete terms can be introduced at a trial, in order to help interpret or clarify the contract's meaning. However, this is subject to certain evidentiary rules and limitations.

Question 20

Oral evidence of otherwise clear terms in a contract can be introduced at a trial to contradict those terms.

Accepted Answer

The answer of Oral evidence of otherwise clear terms in...

Quiz 10: Defenses to Contract Enforceability