B. Law 3391 Test 3 w/ McInturff Certification Review Exam Questions And Answers Verified Solutions.
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Module
B LAW 3391
Institution
B LAW 3391
Ch. 15 Contracts in Writing - correct answer Try to avoid verbal contracts. Terms of a written contract do not change overtime, while parties' recollections of oral contract terms might.
Parol Evidence Rule - correct answer ...
Ch. 15 Contracts in Writing - correct answer Try to avoid verbal contracts.
Terms of a written contract do not change overtime, while parties' recollections of oral contract terms
might.
Parol Evidence Rule - correct answer Protects a written contract from allowing
parties to introduce any evidence in a lawsuit that would alter, modify, or vary the terms of the written
contract.
Statute of Fraud - correct answer Requires that certain designated types of
contracts be evidenced by writing to be enforceable.
Contracts within the Statute of Frauds - correct answer 1. Promises to answer
for the duty of another
2. Promises of an executor or administrator to answer personally for a duty of the decedent whose
funds he is administering
3. Agreements upon consideration of marriage
4. Agreements for the transfer of an interest in land
5. Agreements not be performed within one year
Uniform Electronic Transactions Act - correct answer Gives full effect to
electronic contracts and develops a uniform legal framework for their implementation. Electronic
signatures are the same, in the eyes of the law, as if you signed in person.
Suretyship Provision - correct answer the promise to pay the debts of another.
Applies to the contractual promise by a surety (promisor) to a creditor (promisee) to perform the duties
or obligations of a third person (principal debtor) if the principal debtor does not perform. "If X does not
pay, I will" this promise is said to be collateral, in that the promisor is not primarily liable. (exception is
"ORIGINAL PROMISE". example: "i pay 400$ to a bookstore to deliver them to my son" the statute of
frauds doesn't apply.)
, Main Purpose Doctrine - correct answer a.k.a. "leading object rule" where the
object or purpose of the promisor is to obtain an economic benefit for himself, the promise is NOT
within the statute. Example: a company refused to supply materials on credit to a building contractor.
The owner of the land promises the supplier he will pay the credit if the building contractor does not.
Promise made to a Debtor - correct answer Not included in the suretyship
provision. Example: Daniel owes Chris $100. Shelly promises Daniel that she will pay his debt in return
for his laptop. Because Shelly made the promise with Daniel, not Chris, the promise may be oral.
Executory-Administrator Provision - correct answer An executor or
administrator is a person appointed by a court to carry on, subject to order of court, the administration
of the estate of a deceased person (will). An executor or administrator's promise to pay a debt of the
decedent must be in writing.
Marriage Provision - correct answer This provision applies only if a promise to
marry is made in consideration for some promise other than a reciprocal promise to marry. (example:
greg promises to give title to land to betsy for her hand in marriage)
Land Contract Provision - correct answer Covers promises to transfer any
interest in land, which include any right, privilege, power, or immunity in real property. PART
PERFORMANCE EXCEPTION: require that the transferee have paid a portion or all of the purchase price
AND either have taken possession of the real estate or have started to make valuable improvements on
the land can be oral to be enforced.
One-Year Provision - correct answer requires all contracts that CANNOT be
fully performed within one year of their making to be in writing or in proper electronic form.
The Possibility Test - correct answer does not ask whether the agreement is
likely to be performed within one year from the date it was formed; nor does it ask whether the parties
think that performance will be within the year. The enforceability of the contract depends not on
probabilities or on the actuality of subsequent events BUT on whether the terms of the the contract
make it possible for performance to occur within one year.
Computation of Time on Statute of Frauds - correct answer the year runs from
the time the agreement is made, not from the time the performance is to begin.
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