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UGBA 175 Midterm 2 Written Exam 2024.
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UGBA 175 Midterm 2 Written Exam 2024. Types of Statute of Frauds Contracts - correct answer Surety Executor-Administrator Marriage Consideration Land Interest Transfer Goods $500+ Contracts that cannot be fulfilled within a year Suretyship - correct answer Undertaking to pay the debt or ...

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  • April 23, 2024
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  • 2023/2024
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  • ugba 175 midterm 2
  • ugba 175 midterm 2 written exam 2024

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UGBA 175 Midterm 2

Types of Statute of Frauds Contracts - correct answer Surety

Executor-Administrator

Marriage Consideration

Land Interest Transfer

Goods $500+

Contracts that cannot be fulfilled within a year



Suretyship - correct answer Undertaking to pay the debt or be liable for the default of another



Executor-Administrator - correct answer Contractual promises of an executor of a decedent's will to
answer personally for a duty of the decedent



One-year provision - correct answer Contractual obligations that CANNOT be fulfilled within a year of
AGREEMENT



Possibility Test - correct answer CAN the contract be fulfilled within 1 year? Death is included, therefore
need not be written

Contracts of indefinite duration are excluded



Sale of Goods - correct answer Goods sold for $500 or more must be in writing



Specially Manufactured Goods - correct answer Oral contracts are enforced for substantial performance
on specially manufactured goods



General Contract Provisions (Common Law) - correct answer Specify parties

Specify subject matter

Essential terms of unperformed obligations

, Signed by defendant



Contract Provisions (UCC) - correct answer Specify quantity

Sufficient to indicate that contract has been made

Signed by party against whom enforcement is sought



Restitution - correct answer Even if the contract is not in writing, if a party acts in reliance upon the
contract, they may recover in restitution the benefits he conferred upon the other in relying upon the
unenforceable contract



Parol Evidence Rule - correct answer When a contract is expressed in a writing that is intended to be the
complete and final expression of the rights and duties of the parties, parol evidence of prior oral or
written negotiations or agreements of the parties, or their contemporaneous oral agreements that vary
or change the written contract, are not admissible



Only applies to written contracts



Assignment of Rights - correct answer the voluntary transfer to a third party of the rights arising from the
contract; and effective assignment terminates the assignor's right to receive performance by the obligor



Delegation of Duties - correct answer a transfer to a third party of a contractual obligation.



Law Governing Assignments - correct answer May be oral

No consideration required

Gratuitous assignments are unenforceable



Rights that are not Assignable - correct answer Assignments that Materially Increase the Duty, Risk, or
Burden

When the assignment would significantly change the nature or extent of the obligor's duty

2) Assignments of Personal Rights

When the rights under a contract are highly personal, in that they are limited to the person of the
obligee, such rights are not assignable

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