Question 1

The parol evidence rule applies only to integrated contracts, meaning those in which the parties have assented to the written agreement as the statement of the complete agreement between them.

Accepted Answer

A) True 
 B)False

Question 2

Answer the following:
a.  What are the basic requirements of a writing within the statute of frauds in Article 2 of the
UCC?
b. What are the three exceptions to the writing requirement found in Article 2?
The basic statement of the rule found in UCC Section 2-201 requires a writing sufficient to indicate that a contract has been made between the parties, specifying

Accepted Answer

a. the quantity of goods to be sold, sig...

Question 3

Most types of contracts are valid without being written.

Accepted Answer

A) True 
 B)False

Question 4

In states that have adopted it, the UETA:

Accepted Answer

A)   encourages and gives full effect to electronic contracts.
B)   gives full effect to emergency transactions.
C)   supplements and covers all of the UCC.
D)   covers wills, codicils, and testamentary trusts.

Question 5

A usage of trade is a practice or method of dealing, regularly observed and followed in a place, vocation, or trade.

Accepted Answer

A) True 
 B)False  True

Question 6

Although a contract to purchase an undeveloped lot must be in writing to be enforceable, a contract to run power lines over someone else's lot need not be.

Accepted Answer

A) True 
 B)False

Question 7

In interpreting a contract, terms which have been separately negotiated are given priority over standardized, pre- printed terms.

Accepted Answer

A) True 
 B)False

Question 8

Most states have statutes requiring which of the following contracts to be evidenced by a writing to be enforceable?

Accepted Answer

A)   Contracts to make wills.
B)   Contracts for the sale of securities.
C)   Contracts for the sale of personal property for more than $5,000.
D)   Contracts creating certain types of security interests.
E)   All of these.

Question 9

Most courts consider a merger clause to be conclusive proof of an integrated contract.

Accepted Answer

A) True 
 B)False

Question 10

Sam, a shopkeeper, dies unexpectedly at the age of 46. His lifelong business associate, Paul, is appointed the administrator of the estate. Sam had a personal debt of $8,000 which he owed to Art's Appliance Store. Paul says to Art, "If there isn't enough money in the estate, I'll personally see that the bill is paid." Which of the following is correct?

Accepted Answer

A)   The oral statement is enforceable because Paul is the administrator.
B)   An oral statement such as this is not enforceable because it is outside the statute of frauds.
C)   An oral statement such as this is not enforceable because this promise is within the statute of frauds.
D)   The oral statement is enforceable because it is a collateral promise.

Question 11

Requirements for a memorandum that satisfies the statute of frauds include that the writing:

Accepted Answer

A)   must be a single document.
B)   must exist at the time of the litigation.
C)   needs to be notarized.
D)   None of these.

Question 12

54. Under the UCC, refers to the manner and extent to which the respective parties to a contract have accepted
Successive tenders of performance by the other party without objection.

Accepted Answer

A)   course of dealing
B)   usage of trade
C)   course of performance
D)   integrated document C

Question 13

Under the UCC statute of frauds, which of the following terms must be included in a writing in order to satisfy the writing requirement?

Accepted Answer

A)   The price of the goods
B)   The quantity of the goods
C)   The signatures and names of the buyer and the seller
D)   The time and place for delivery

Question 14

The parol evidence rule does not prevent the use of evidence that a party would like to use to establish the defense of fraud, duress, or undue influence.

Accepted Answer

A) True 
 B)False

Question 15

In an employment agreement with Karl, Arnold promises to work for Karl for the rest of his life. This promise must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False  False

Question 16

The UCC requires that all contracts for the sale of goods must be in writing.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following would NOT require a writing under the statute of frauds?

Accepted Answer

A)   Where the buyer of a five-acre lot pays the $40,000 purchase price, thus fully performing his obligation
B)   Where a renter agrees to rent a building for a 5-year period
C)   Where a contractor enters into an agreement for an easement across adjoining land to run cables
D)   Where a landscaper agrees to landscape the lot surrounding an office building

Question 18

On March 20, Gordon orally agrees to work for Carrham, Inc. for a period of one year commencing on June 1. No writing is necessary here, because the contract can be performed within one year.

Accepted Answer

A) True 
 B)False

Question 19

The test under the one-year provision of the statute of frauds is whether the terms of the contract make it possible for performance to occur within one year.

Accepted Answer

A) True 
 B)False

Question 20

The word "parol" literally means release.

Accepted Answer

A) True 
 B)False

Exam 15: Contracts in Writing

The parol evidence rule applies only to integrated contracts, meaning those in which the parties have assented to the written agreement as the statement of the complete agreement between them.

Correct Answer
verified

Correct Answer
verified
a. the quantity of goods to be sold, sig...
View Answer

Most types of contracts are valid without being written.

Correct Answer
verified

In states that have adopted it, the UETA:

Correct Answer
verified

A usage of trade is a practice or method of dealing, regularly observed and followed in a place, vocation, or trade.

Correct Answer
verified
True

Although a contract to purchase an undeveloped lot must be in writing to be enforceable, a contract to run power lines over someone else's lot need not be.

Correct Answer
verified

In interpreting a contract, terms which have been separately negotiated are given priority over standardized, pre- printed terms.

Correct Answer
verified

Most states have statutes requiring which of the following contracts to be evidenced by a writing to be enforceable?

Correct Answer
verified

Most courts consider a merger clause to be conclusive proof of an integrated contract.

Correct Answer
verified

Correct Answer
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Requirements for a memorandum that satisfies the statute of frauds include that the writing:

Correct Answer
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₅₄_._Under_the_UCC, _refers_to_the_manner_and_extent_to_which_the_respective_parties_to_a_contract_have_accepted Successive tenders of performance by the other party without objection.

Correct Answer
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C

Under the UCC statute of frauds, which of the following terms must be included in a writing in order to satisfy the writing requirement?

Correct Answer
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The parol evidence rule does not prevent the use of evidence that a party would like to use to establish the defense of fraud, duress, or undue influence.

Correct Answer
verified

In an employment agreement with Karl, Arnold promises to work for Karl for the rest of his life. This promise must be in writing to be enforceable.

Correct Answer
verified
False

The UCC requires that all contracts for the sale of goods must be in writing.

Correct Answer
verified

Which of the following would NOT require a writing under the statute of frauds?

Correct Answer
verified

On March 20, Gordon orally agrees to work for Carrham, Inc. for a period of one year commencing on June 1. No writing is necessary here, because the contract can be performed within one year.

Correct Answer
verified

The test under the one-year provision of the statute of frauds is whether the terms of the contract make it possible for performance to occur within one year.

Correct Answer
verified

The word "parol" literally means release.

Correct Answer
verified

Exam 15: Contracts in Writing

The parol evidence rule applies only to integrated contracts, meaning those in which the parties have assented to the written agreement as the statement of the complete agreement between them.

Correct AnswerverifiedShow Answer

Correct Answerverifieda. the quantity of goods to be sold, sig...View AnswerShow Answer

Most types of contracts are valid without being written.

Correct AnswerverifiedShow Answer

In states that have adopted it, the UETA:

Correct AnswerverifiedShow Answer

A usage of trade is a practice or method of dealing, regularly observed and followed in a place, vocation, or trade.

Correct AnswerverifiedTrue

Although a contract to purchase an undeveloped lot must be in writing to be enforceable, a contract to run power lines over someone else's lot need not be.

Correct AnswerverifiedShow Answer

In interpreting a contract, terms which have been separately negotiated are given priority over standardized, pre- printed terms.

Correct AnswerverifiedShow Answer

Most states have statutes requiring which of the following contracts to be evidenced by a writing to be enforceable?

Correct AnswerverifiedShow Answer

Most courts consider a merger clause to be conclusive proof of an integrated contract.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Requirements for a memorandum that satisfies the statute of frauds include that the writing:

Correct AnswerverifiedShow Answer

54. Under the UCC, refers to the manner and extent to which the respective parties to a contract have accepted Successive tenders of performance by the other party without objection.

Correct AnswerverifiedC

Under the UCC statute of frauds, which of the following terms must be included in a writing in order to satisfy the writing requirement?

Correct AnswerverifiedShow Answer

The parol evidence rule does not prevent the use of evidence that a party would like to use to establish the defense of fraud, duress, or undue influence.

Correct AnswerverifiedShow Answer

In an employment agreement with Karl, Arnold promises to work for Karl for the rest of his life. This promise must be in writing to be enforceable.

Correct AnswerverifiedFalse

The UCC requires that all contracts for the sale of goods must be in writing.

Correct AnswerverifiedShow Answer

Which of the following would NOT require a writing under the statute of frauds?

Correct AnswerverifiedShow Answer

On March 20, Gordon orally agrees to work for Carrham, Inc. for a period of one year commencing on June 1. No writing is necessary here, because the contract can be performed within one year.

Correct AnswerverifiedShow Answer

The test under the one-year provision of the statute of frauds is whether the terms of the contract make it possible for performance to occur within one year.

Correct AnswerverifiedShow Answer

The word "parol" literally means release.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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a. the quantity of goods to be sold, sig...
View Answer

Correct Answer
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True

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Correct Answer
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₅₄_._Under_the_UCC, _refers_to_the_manner_and_extent_to_which_the_respective_parties_to_a_contract_have_accepted Successive tenders of performance by the other party without objection.

Correct Answer
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C

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False

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Correct Answer
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