Business Law Chapter 18 1 she agreed to loan her nephew Todd $100,000 with payments

subject Type Homework Help
subject Pages 14
subject Words 1650
subject Authors Carrie Williamson, Daniel Herron, Linda Barkacs, Lucien Dhooge, M. Neil Browne, Nancy Kubasek

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page-pf1
1.
(p. 405)
There is federal U.S. legislation titled "Statute of Frauds".
2.
(p. 406)
Contracts related to an interest in land fall within the statute of frauds.
page-pf2
3.
(p. 411)
In some states a promise to pay a debt that has already been discharged in bankruptcy
must be in writing in order to be enforceable.
4.
(p. 416)
The concept of performance has no effect on the statute of frauds.
page-pf3
5.
(p. 413)
In order for the statute of frauds to be satisfied, all parties to a contract must sign the
writing.
6.
(p. 420)
If a contract's terms require that modification be in writing, oral modifications are
inadmissible and unenforceable.
page-pf4
7.
(p. 418)
The purpose of the parol evidence rule is to prevent attempts to use only oral evidence to
prove agreements.
8.
(p. 421)
Whenever a written agreement under the statute of frauds contains a serious, and
obvious, typographical error, parol evidence is admissible to demonstrate that the error was
indeed an error, as well as to set forth the proper term.
page-pf5
9.
(p. 421)
When a court deems a contract integrated, parol evidence is admissible.
10.
(p. 418)
The Uniform Electronic Transactions Act reflects the decision that electronic transactions
do not constitute a written copy because the electronic transaction is not technically a written
document.
page-pf6
11.
(p. 422)
Sally has a large farm and significant other assets. She agreed to loan her nephew Todd
$100,000 with payments of principle and interest to be made yearly. A few years later she and
Todd got into a dispute because Sally did not like his new girlfriend, Polly. Soon thereafter Todd
got notice that Sally was suing him for not paying interest on the note. Todd defended on the
basis that two years after the initial loan agreement was entered into, he and Sally entered into
an oral agreement that he would perform services on her farm in lieu of paying interest on the
note. If the court follows the reasoning of the court in the Case Opener involving Monroe
Bradstad and Jeanne Garland, which of the following is the most likely result of the dispute
between Sally and Todd involving whether he owes past interest amounts?
page-pf7
12.
(p. 407)
Which of the following was the result in the Case Nugget in the text involving the dispute
between Dr. Ralph M. Aurigemma and New Castle Care, LLC, involving whether an oral
agreement entered into on September 4 involving Dr. Aurigemma serving as medical director from
October 1 of that year until October 1 of the next year was enforceable?
page-pf8
13.
(p. 422)
Blaine and Amanda orally agreed with Medical Center X for an in vitro fertilization
procedure that would not result in the birth of an autistic child. They later signed a written
contract stating that the medical center could not promise an absence of physical or mental
defects and assumed no responsibility for such defects. The child conceived had autism. Which
of the following is the most likely result of the parents' suit for breach of the oral agreement if the
court follows the decision
Scalisi et al. v. New York University Medical Center
discussed in the
text?
page-pf9
14.
(p. 409-410)
What did the appellate court rule in the case in the text,
Power Entertainment
Inc., v. Football League Properties Inc.
, involving the enforceability of an alleged oral agreement
by which the plaintiff assumed a third party's debt owed to the defendant in return for the
defendant transferring a licensing agreement to the plaintiff?
page-pfa
15.
(p. 406)
Which of the following is false regarding written contracts?
16.
(p. 405)
In ______ the English Parliament passed the Act for the Prevention of Frauds and
Perjuries.
page-pfb
17.
(p. 405)
Which of the following is false regarding the statute of frauds?
18.
(p. 405)
As discussed in the text, a main purpose of the statute of frauds is to prevent unreliable
_____ evidence from interfering with a contractual relationship.
page-pfc
19.
(p. 406)
Which of the following is a type of contract that falls within the scope of the statute of
frauds?
page-pfd
20.
(p. 406)
Which of the following is a type of contract that does not fall within the scope of the
statute of frauds?
page-pfe
21.
(p. 411)
Under the Uniform Commercial Code, contracts for the sale of goods totaling more than
______ must be in writing.
page-pff
22.
(p. 408)
A[n] ______ agreement is an agreement two parties enter into before marriage that
clearly states the ownership rights each party enjoys in the other party's property.
page-pf10
23.
(p. 408)
Which of the following is false regarding the statute of frauds and promises made in
consideration of marriage?
page-pf11
24.
(p. 408)
Which of the following is a term for contracts within the statute of frauds involving
promises to pay a debt of another if the initial party fails to pay?
25.
(p. 408)
Which of the following are debts incurred in an initial contract?
page-pf12
26.
(p. 408)
Which of the following is an exception as to when a secondary obligation needs to be in
writing?
page-pf13
27.
(p. 410)
Within the statute of frauds, "land" encompasses not only the land and soil itself but
anything ______ to the land.
page-pf14
28.
(p. 410)
Which of the following is false regarding the statute of frauds provision relating to an
interest in land?

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