Business Law Ch15 Question Preview (ID: 24794)


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Natalie agrees to be a third party in a contract to Consumer Credit Corporation. Natalie does not get any personal benefit for the agreement. To be enforceable, the prom¬ise must be in writing if the debt is for
a) any amount
b) more than $500
c) more than $5,000
d) more than $50,000

Garden Yard Landscaping and Penelope enter into an oral contract under which she agrees to work on a Garden Yard project on Valley Country Club’s golf course for sixteen months. This con¬tract is enforceable by
a) none of the choices
b) Garden and Yard
c) Penelope
d) any interested third party, such as valley country club

Grandiloquent Properties, Inc., and Investment Capital Corporation enter into a con¬tract for a sale of land. To be enforceable, the contract must be in writing if the land is valued at
a) any price
b) more than $500
c) more than $5,000
d) more than $50,000

Oral evidence to “fill in the gaps” of a contract with incomplete terms can be introduced at a trial.
a) true
b) false
c)
d)

Parol evidence includes testimony of communications between the parties that is not contained in the contract itself.
a) true
b) false
c)
d)

There are no exceptions to the Statute of Frauds.
a) false
b) true
c)
d)

To be enforceable, a contract for a sale of goods priced at $50 or more must be in writing.
a) false
b) true
c)
d)

An oral contract for a sale of land may be enforceable if the contract has been partially per¬formed.
a) true
b) false
c)
d)

A contract that by its own terms cannot be performed within a year must be in writing to be enforceable.
a) true
b) false
c)
d)

If a contract to do something in certain intervals over a period of less than one year is not in writing, it is not enforceable.
a) false
b) true
c)
d)

Under the Statute of Frauds, any contract that is not in writing is void.
a) false
b) true
c)
d)

A contract involving a lease is the only contract relating to an interest in land that must be in writing to be enforceable.
a) false
b) true
c)
d)

Clay buys an MP3 player for $200 and a pair of stereo speakers for $600 from a Discount City store, and downloads $300 worth of digital music from E-Music.com. To be enforceable, the contract that must be in writing is the purchase of
a) the speakers only
b) the digital music, the MP3 player, and the speakers
c) the MP3 player only
d) the speakers only

MMI and NFC discuss the terms of a contract. MMI faxes NFC a memo with MMI letterhead that summarizes the items on which they agreed including a two-year term. Macro begins, but NFC refuses to pay. The transaction falls within...
a) one year rule
b) collateral-promise provision
c) sales-of-goods stipulation
d) secondary-contracts section

Between MMI and NFC, there is
a) a written contract
b) an oral contract only
c) a pre-contract only
d) no contract

Radford and Serenity sign a written contract for the sale of Rad’s Coffee Bagels business to Serenity. The parties intend their written contract to be a final statement of the terms of their agreement. The writing that Radford/Serenity signed is
a) a completely integrated contract
b) a divisibly integrated contract
c) a partially integrated contract
d) a severably integrated contract

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