1. Under the Statute of Frauds, oral contracts are void.
A) True
B) False
2. A contract that by its own
terms cannot be performed within a year must be in writing to be enforceable.
A) True
B) False
3. An oral con¬tract for a
transfer of land is never enforceable.
A) True
B) False
4. A contract must be in writing
to be enforceable if it makes performance possible only over a period of more
than one year.
A) True
B) False
5. Randy and Beach Biz Company
enter into an oral contract under which Randy agrees to clean Beach Biz’s
office for two years. This contract is enforceable by
A) Randy only.
B) Beach Biz only.
C) either party.
D) neither party.
6. Draco agrees to assume Mira’s
debt to NuSales Corporation. Draco does not get any personal benefit for the
agreement. To be enforceable, the promise must be in writing if the debt is for
A) $50.
B) $500.
C) $5,000.
D) $50, $500, or $5,000.
7. Retail Sales Company and Standard Purchasing
Corporation enter into a contract for a sale of goods. To be enforceable, the
contract should be in writing if the goods are valued at more than
A) $5.
B) $15.
C) $50.
D) $500.
8. Uri and Vicky orally agree on
the sale of Uri’s Nite Club to Vicky and note terms on a pair of the Club’s
napkins, which they both sign. A written memorandum evidencing an oral contract
that would otherwise be unenforceable must contain
A) every term.
B) the essential terms.
C) the preliminary terms.
D) the qualitative terms.
9. Miranda orally promises Nicky
that she will buy his fishing trawler for $10,000. Before either party acts in
reliance on this promise, under the doctrine of promissory estoppel, the
transaction is enforceable by
A) either party.
B) Miranda only.
C) neither party.
D) Nicky only.
10. Lem buys a used MP3 player
for $50 and a new laptop for $1,500, and signs a one-year employment contract
for a $4,000 monthly salary to start at the beginning of the next month. The
Statute of Frauds covers
A) the employment contract, and the laptop and MP3 purchases.
B) the employment contract and the laptop purchase only.
C) the employment contract only.
D) the laptop and MP3 purchases only.
11. Evermore Corporation and Trendy Goods, Inc.,
enter into a contract. To be enforceable, the contract must include
A) no particular signatures.
B) the signatures of all parties to the deal.
C) the signature of the party against whom enforcement is sought.
D) the signature of the party who is seeking enforcement.
12. Sid induces Ty to enter into
a contract for the sale of a warehouse. Sid tells Ty that he is the sole owner,
but their signed, written contract lists Sid’s parents as co-owners. The parol
evidence rule governs
A) contracts that are induced by fraud.
B) contracts that must be in writing to be enforceable.
C) the admissibility in court of oral evidence.
D) the merging of oral and written statements into one contract.
13. A transfer of contract
rights to a third party is an assignment.
A) True
B) False
14. All rights can be assigned.
A) True
B) False
15. A delegation relieves the
party making it of the obligation to per¬form.
A) True
B) False
16. A third party beneficiary
contract is formed when a contract expressly con-fers a benefit on any third
party.
A) True
B) False
17. An “as¬signment of all rights” absolves the assignor of all
liability under the contract that created the rights.
A) True
B) False
18. John promises to paint Kay’s house in exchange
for Lila’s promise to plant trees on John’s property. This is
A) a delegation.
B) an assignment.
C) a third party beneficiary contract.
D) not a delegation, an assignment, or a third party beneficiary
contract.
19. Evan’s sale of rights he has under a contract
with Federated Retail, Inc., to buy the retailer’s clothing overstock is
A) a delegation.
B) an assignment.
C) a third party beneficiary contract.
D) not a delegation, an assignment, or a third party beneficiary
contract.
20. Ron makes a contract with
Stu that indirectly benefits Tim, although neither Ron nor Stu intended that
result. Tim is
A) a delegatee.
B) an assignee.
C) an incidental beneficiary.
D) an intended beneficiary.
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