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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.
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.
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.
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.
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.
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.
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.
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.
A life insurance contract is a third-party: Answer Selected Answer: beneficiary contract. Correct Answer: beneficiary contract.
A third-party beneficiary contract may be amended: Answer Selected Answer: all of the above. Correct Answer: all of the above.
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.
An incidental beneficiary of a contract: Answer Selected Answer: cannot sue to enforce the contract. Correct Answer: cannot sue to enforce the contract.
An assignment: Answer Selected Answer: is a transfer of rights. Correct Answer: is a transfer of rights.
The making of an assignment __________ the assignor of any obligation of the contract. Answer Selected Answer: does not relieve Correct Answer: does not relieve
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
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.
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.
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.
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.