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Question 1 5 out of 5 points

An oral contract to sell a house is binding if: Answer Selected Answer: the buyer paid the price and received the deed of conveyance. Correct Answer: the buyer paid the price and received the deed of conveyance.

Question 2 5 out of 5 points

An oral understanding is not binding if: Answer Selected Answer: Correct Answer: the parties intended to formalize their understanding with a written agreement. the parties intended to formalize their understanding with a written agreement.

Question 3 5 out of 5 points

An oral contract can be enforced when it relates to: Answer Selected Answer: the purchase of a television set for $200. Correct Answer: the purchase of a television set for $200.

Question 4 5 out of 5 points

The standard statute of frauds: Answer Selected Answer: requires that a contract for the sale of land be evidenced by a writing.

Correct Answer: requires that a contract for the sale of land be evidenced by a writing.

Question 5 5 out of 5 points

A promise to pay a debt must be in writing if: Answer Selected Answer: the promise is to pay the debt of another. Correct Answer: the promise is to pay the debt of another.

Question 6 5 out of 5 points

The statute of frauds applies to: Answer Selected Answer: Correct Answer: a promise by an executor to pay a claim against the estate out of his or her personal funds. a promise by an executor to pay a claim against the estate out of his or her personal funds.

Question 7 5 out of 5 points

A writing that satisfies the requirement of a writing under the statute of frauds could be evidenced by: Answer Selected Answer: all of the above. Correct Answer: all of the above.

Question 8 5 out of 5 points

A third-party beneficiary:

Answer Selected Answer: may bring suit on and enforce the contract. Correct Answer: may bring suit on and enforce the contract.

Question 9 5 out of 5 points

A life insurance contract is a third-party: Answer Selected Answer: beneficiary contract. Correct Answer: beneficiary contract.

Question 10 5 out of 5 points

A third-party beneficiary contract may be amended: Answer Selected Answer: all of the above. Correct Answer: all of the above.

Question 11 5 out of 5 points

In a contract in which a tenant borrowed money from a bank for the purpose of adding a bathroom to her apartment, the landlord is: Answer Selected Answer: an incidental beneficiary. Correct Answer: an incidental beneficiary.

Question 12 5 out of 5 points

An incidental beneficiary of a contract: Answer Selected Answer: cannot sue to enforce the contract. Correct Answer: cannot sue to enforce the contract.

Question 13 5 out of 5 points

An assignment: Answer Selected Answer: is a transfer of rights. Correct Answer: is a transfer of rights.

Question 14 0 out of 5 points

The making of an assignment __________ the assignor of any obligation of the contract. Answer Selected Answer: does not relieve Correct Answer: does not relieve

Question 15 5 out of 5 points

A __________ is a condition that must occur before a party to a contract has an obligation to perform under a contract. Answer Selected Answer: condition precedent Correct Answer: condition precedent

Question 16

5 out of 5 points In most bilateral contracts, the performances of the parties are __________. Answer Selected Answer: concurrent conditions Correct Answer: concurrent conditions

Question 17 5 out of 5 points

When a debtor makes a payment to a creditor specifying how it should be applied, the creditor must apply the payment: Answer Selected Answer: as directed by the debtor. Correct Answer: as directed by the debtor.

Question 18 5 out of 5 points

If no time period for performance is specified in a contract: Answer Selected Answer: a reasonable time for performance will be implied. Correct Answer: a reasonable time for performance will be implied.

Question 19 5 out of 5 points

The phrase "time is of the essence" means that: Answer Selected Answer: Correct Answer: performance under the contract at the times specified in the contract is vital or essential. performance under the contract at the times specified in the contract is vital or essential.

Question 20 5 out of 5 points

A Federal Trade Commission regulation gives a buyer three (3) business days in which to cancel a home-solicited sale of goods or services costing more than: Answer Selected Answer: $25. Correct Answer: $25.

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