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Business Law Ch15
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) Under the Statute of Frauds, any contract that is not in writing is void.
A
true
B
false
2) 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
3) A contract that by its own terms cannot be performed within a year must be in writing to be enforceable.
A
true
B
false
4) 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
5) To be enforceable, a contract for a sale of goods priced at $50 or more must be in writing.
A
false
B
true
6) An oral contract for a sale of land may be enforceable if the contract has been partially per¬formed.
A
false
B
true
7) There are no exceptions to the Statute of Frauds.
A
false
B
true
8) Parol evidence includes testimony of communications between the parties that is not contained in the contract itself.
A
false
B
true
9) Oral evidence to “fill in the gaps” of a contract with incomplete terms can be introduced at a trial.
A
true
B
false
10) 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
more than $5,000
B
more than $50,000
C
any price
D
more than $500
11) 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
Penelope
B
none of the choices
C
any interested third party, such as valley country club
D
Garden and Yard
12) 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
more than $5,000
B
more than $50,000
C
more than $500
D
any amount
13) 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 digital music, the MP3 player, and the speakers
B
the speakers only
C
the MP3 player only
D
the speakers only
14) 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
secondary-contracts section
B
one year rule
C
collateral-promise provision
D
sales-of-goods stipulation
15) Between MMI and NFC, there is
A
a written contract
B
a pre-contract only
C
no contract
D
an oral contract only
16) 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 partially integrated contract
B
a completely integrated contract
C
a divisibly integrated contract
D
a severably integrated contract
*select an answer for all questions
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