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Business Law Chapter 17 PPT
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Business Law Chapter 17 PPT
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Business Law Chapter 17 PPT Questions With Verified An swers Validity mmof mmOral mmContracts mm- mm mmCorrect mmanswer.Oral mmagreements mmare mmgenerally mmvalid mmand mmenforceable, mmunless mmthe mmStatute mmof mmFrauds mmrequires mma mmwriting mmto mmbe mmto mmmake mmthem mmenforceable. Contracts mmthat mmMust mmbe mmEvidenced mmby mma mmWriting mm- mm mmCorrect mmanswer.Certain mmagreements mmmust mmbe mmin mmwriting mmand mmsigned mmto mmbe mmenforceable mmunder mmthe mmStatute mmof mmFrauds. An mmagreement mmthat mmcannot mmbe mmperformed mmwithin mmone mmyear mmafter mmthe mmcontract mmis mmmade. mm- mm mmCorrect mmanswer.A mmwriting mmis mmrequired mmwhen mmthe mmcontract, mmby mmits mmterms mmor mmsubject mmmatter, mmcannot mmbe mmperformed mmwithin mmone mmyear mmafter mmthe mmdate mmof mmthe mmagreement. mmAn mmoral mmagreement mmto mmsupply mma mmline mmof mmcredit mmfor mmtwo mmyears mmcannot mmbe mmenforced mmbecause mmof mmthe mmstatute mmof mmfrauds. Oral mmExtension mmof mmContract mm- mm mmCorrect mmanswer.A mmcontract mmin mmwriting, mmbut mmnot mmrequired mmto mmbe mmso mmby mmthe mmstatute mmof mmfrauds mmbecause mmit mmis mmterminable mmat mmwill, mmmay mmbe mmvaried mmby mma mmnew mmoral mmcontract, mmeven mmif mmthe mmoriginal mmwritten mmcontract mmprovided mmthat mmit mmshould mmnot mmbe mmvaried mmexcept mmby mmwriting. Agreement mmto mmSell mmor mma mmSale mmof mman mmInterest mmin mmLand mm- mm mmCorrect mmanswer.All mmcontracts mmto mmsell mmland, mmbuildings, mmor mminterests mmin mmland, mmsuch mmas mmmortgages, mmmust mmbe mmevidenced mmby mma mmwriting. mmLeases mmare mmalso mminterests mmin mmland mmand mmmust mmbe mmin mmwriting, mmexcept mmin mmsome mmstates mmwhere mmleases mmfor mmone mmyear mmor mmless mmdo mmnot mmhave mmto mmbe mmin mmwriting. A mmPromise mmto mmAnswer mmfor mmthe mmDebt mmor mmDefault mmof mmAnother mm(Suretyship) mm- mm mmCorrect mmanswer.If mman mmindividual mmpromises mmto mma mmcreditor mmto mmpay mmthe mmdebt mmof mmanother mmand mmdoes mmnot mmdo mmso, mmthe mmindividual mmis mmpromising mmto mmanswer mmthe mmdebt mmof mmanother. mmSuch mma mmpromise mmis mmsometimes mmcalled mma mmsuretyship mmcontract mmand mmit mmmust mmbe mmdone mmin mmwriting mmto mmbe mmenforceable. mmThe mmindividual mmis mmobligated mmto mmpay mmthe mmdebt mmonly mmif mmanother mmdoes mmnot mmpay. mmThe mmindividual's mmpromise mmis mma mmcollateral mmor mmsecondary mmpromise mmand mmmust mmbe mmdone mmin mmwriting mmunder mmthe mmstatute mmof mmfrauds. Main mmPurpose mmof mmException mm- mm mmCorrect mmanswer.When mmthe mmmain mmpurpose mmof mmthe mmpromisor's mmpromise mmto mmpay mmthe mmdebt mmof mmanother mmis mmto mmbenefit mmthe mmpromisor, mmthe mmstatute mmof mmfrauds mmis mmnot mmapplicable mmand mmthe mmoral mmpromise mmto mmpay mmthe mmdebt mmis mmbinding. MPI mmv. mmVentura mmcase mm- mm mmCorrect mmanswer."I mmpersonally mmguaranty" mmmeans mmthat mmVenture mmis mmpersonally mmliable mmfor mmthe mmshipments. A mmPromise mmBy mmThe mmExecutor mmor mmAdministrator mmof mmA mmDecedent's mmEstate mmTo mmPay mmA mmClaim mmAgainst mmThe mmEstate mmFrom mmPersonal mmFunds mm- mm mmCorrect mmanswer.The mmpersonal mmrepresentative mmhas mmthe mmduty mmof mmhandling mmthe mmaffairs mmof mma mmdeceased mmperson, mmpaying mmthe mmdebts mmfrom mmthe mmproceeds mmof mmthe mmestate mmand mmdistributing mmany mmbalance mmremaining. Promises mmMade mmin mmConsideration mmof mmMarriage mm- mm mmCorrect mmanswer.Promises mmto mmpay mma mmsum mmof mmmoney mmor mmgive mmproperty mmto mmanother mmin mmconsideration mmof mmmarriage mmmust mmbe mmin mmwriting mmunder mmthe mmstatute mmof mmfrauds. Sale mmof mmGoods mm- mm mmCorrect mmanswer.Contracts mmfor mmthe mmsale mmof mmgoods mmpriced mmat mm$500 mmor mmmore mmmust mmbe mmin mmwriting. Promissory mmEstoppel mm- mm mmCorrect mmanswer.An mmenhanced mmlevel mmof mmreasonable mmreliance mmis mmnecessary mmin mmorder mmto mmhave mmenhanced mmpromissory mmestoppel, mmalong mmwith mmproof mmof mman mmunconscionable mminjury mmor mmunjust mmenrichment. mmThis mmmust mmbe mmin mmwriting. Note mmor mmMemorandum mm- mm mmCorrect mmanswer.The mmstatute mmof mmfrauds mmrequires mma mmwriting mmto mmevidence mmthose mmcontracts mmthat mmcome mmwithin mmits mmscope. mmThis mmwriting mmmay mmbe mma mmnote mmor mmmemorandum mmas mmdistinguished mmfrom mma mmcontract. mmThe mmstatutory mmrequirement mmis mmsatisfied mmif mmthere mmis mma mmcomplete mmwritten mmcontract mmsigned mmby mmboth mmparties. Signing mm- mm mmCorrect mmanswer.The mmwritten mmcontract mmmust mmbe mmsigned mmby mmthe mmdefendant mmagainst mmwhom mmsuit mmis mmbrought mmin mmorder mmfor mma mmcontract mmto mmbe mmenforced. mmThe mmsigning mmmay mmbe mmmade mmby mmprinting, mmstamping, mmtypewriting, mmor mmany mmother mmmeans mmthat mmis mmintended mmto mmidentify mmthat mmparty.The benefits of buying summaries with Stuvia:
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