Ch11 Written Contracts Flashcards Preview

Business Law > Ch11 Written Contracts > Flashcards

Flashcards in Ch11 Written Contracts Deck (47):
1

Existence of contract cannot be denied if written.

Reasons for Written Contracts

2

Terms of contract can be ascertained.

Reasons for Written Contracts

3

More reliable evidence than oral evidence.

Reasons for Written Contracts

4

An agreement to sell land or any interest in or concerning land.

Statute of Frauds: agreements must be written

5

An agreement the terms of which cannot be performed within one year from the time it is made.

Statute of Frauds: agreements must be written

6

An agreement to become responsible for the debts or default of another.

Statute of Frauds: agreements must be written

7

An agreement of an executor or administrator to pay the debts of the estate from the executor’s or the administrator’s personal funds.

Statute of Frauds: agreements must be written

8

An agreement containing a promise in consideration of marriage.

Statute of Frauds: agreements must be written

9

An agreement for the sale of goods over $500

Statute of Frauds: agreements must be written

10

Note or memorandum in writing is required when one party sues the other for a breach of contract.

Note or Memorandum

11

Memorandum must contain all essential terms of the contract.

Note or Memorandum

12

Generally, contracts can be

oral or written.

13

However, in some situations, a contract must be in writing to be enforceable in a

court of law.

14

Other Written Contracts: Sale of securities.

State specific written contracts

15

Other Written Contracts: Agreements to pay a commission to a real estate broker.

State specific written contracts

16

Other Written Contracts: A new promise to extend the statute of limitations.

State specific written contracts

17

Complete, written contract, may not be modified by oral testimony unless evidence of fraud, accident, or mistake exists.

Parole Evidence Rule

18

All contracts of importance should be in ____________. (Instructor: in another words don't use an oral contract when it is something you might need to prove!)

Written

19

In the case of an oral contract, if you don't have any ______________ then it will be harder to prove.

Witnesses

20

This is the person that takes over all the deceased's assets.

Executor

21

This refers to a breach of any contractual obligation including the payment of money, but also other obligations such as the failure to build a house.

Default

22

A complete, written contract may not be modified by oral testimony unless evidence of fraud, accident, or a mistake exists.

Parole Evidence Rule

23

This listed certain classes of contacts that could not be enforced unless their terms were evidenced by a written document.

Statute of Frauds

24

This refers to an obligation to pay money.

Debt

25

Spoken words. (Two words)

Parole Evidence

26

The Electronic Signature in Global and National Commerce Act makes it so that the signature no longer has to be on ________.

Paper

27

How many numbers of statutes of frauds are listed as a MUST for agreements to be in writing?

Six

28

There is an allowance regarding the requirement of a written agreement to the Statute of Frauds and that is if one has paid money or performed a service under an oral contract...the money or value of the service may be ____________ .....

Recovered

29

Even if there is someone present during the agreement of the oral contract their _______________ may vary considerably as to the actual terms of the contract.

Testimony

30

A ___________ of real property for more than one year must be in writing in order to be binding.

Lease

31

Different _____________ has a few additional types of contracts that must be in writing to be enforceable.

Statutes

32

In the court case revisited the outcome stated The Statute of Frauds did not make the oral agreement ___________________.

Unenforceable

33

Oral Testimony

Parole Evidence

34

Law requiring certain contracts to be in writing

Statute of Frauds

35

It is always a good idea (but not a requirement) for all contracts to be in writing.

True

36

It is often difficult to prove oral contracts.

True

37

The English Parliament enacted the Statute of Frauds in 1814 as a response to legal issues arising from the War of 1812.

False

38

An agreement to lease land must be in writing, in accordance with the Statute of Frauds.

True

39

Contracts for services that take less than six months must be in writing.

False

40

An agreement by which one person promises to pay a sum of money or to give property to another in consideration of marriage is illegal.

False

41

Electronic signatures are now permissible and legally enforceable.

True

42

An oral contract to sell mineral rights is enforceable.

False

43

Both parties must have signed the note or memorandum required by the Statute of Frauds.

False

44

The Statute of Frauds applies only to:

executory contracts.

45

A breach of contractual obligations other than money, such as a contract to build a house, is referred to as ________.

Default

46

If a promisor agrees to become responsible for the debts or default of another, it:

must be in writing.

47

Parole evidence means:

spoken words.