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Exam 14: Written Contracts

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Question 1

True/False

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A written contract must consist of a single document to constitute an enforceable contract.

A) True
B) False

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Question 2

Multiple Choice

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Alice and Bart enter into a contract for the sale of Canyon Ranch. To be enforceable, this contract must be

A) substantiated by reliable, external evidence.
B) signed in a sufficient manner by both parties.
C) in writing or evidenced by a written memorandum.
D) complete and with all possible terms.

E) A) and C)
F) B) and D)

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Question 3

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Pumps, Inc., agrees to assume a debt of Quality Parts Company to Reliable Finance LP. The agreement is not in writing. To be enforceable, the promise must be for the benefit of

Eleanora offers Flossy the amount of an investment in Flossy's start-up business venture if she marries Eleanora's son Glenn. This promise is enforceable

A contract must be in writing to be enforceable if the contract makes per-formance possible within any definite period of time.

A contract must be in writing to be enforceable if it cannot by its terms be performed within one year from the day after the contract's formation.

Duane and Evan orally agree to a transfer of forty acres of farmland. Evan asks Finance Bank to lend him the funds to buy the land. Under the Statute of Frauds, the agreement between Duane and Evan is enforceable by

Fact Pattern 14 - 1 Grain Co-op LLC and Hearty Cereals Inc. discuss the terms of a contract for periodic deliveries of corn. Grain faxes Hearty a memo on Grain's letterhead that summarizes the points on which they agreed, including a two-year term. Grain begins to perform, and Hearty accepts the deliveries but refuses to pay. Refer to Fact Pattern 14 - 1. Between Grain and Hearty, this contract is most likely enforceable against

If a party against whom enforcement of an oral contract is sought admits under oath that a contract for sale was made, the contract will be enforceable.

A contract involving property of any kind must be in writing to be enforceable.

Daredevil Rides Inc. owes debts to Equipment Repair Company and Food Supplies, Inc. Equipment orally agrees to assume Daredevil's debt to Food to prevent the concessionaire from filing a suit against Daredevil. This agreement is enforceable by

Main St. Markets Inc. and Nature's Food Corporation discuss the terms of a contract. They exchange "signed" e-mails that summarize the terms on which they agree. Main St. begins to perform, but Nature's refuses to pay. Between Main St. and Nature's, the e-mails are treated as

A unilateral promise to pay a sum of money or to give property in consideration of a promise to marry must be in writing.

Guardian Security, Inc., and Hedge Fund Corporation enter into an oral contract under which Guardian Security agrees to provide security services for Hedge Fund offices for as long as Hedge Fund needs them. This contract may be enforce-able by

A contract in which a party assumes a primary obligation must be in writing to be enforceable.

Lumber LLC files a suit against Mill Company to enforce an oral contract that would otherwise be unenforceable under the Statute of Frauds. The court could enforce such a contract if

A fixture is personal property attached to real property in such a way that it is a part of that real property.

Every state has a statute that specifies what types of contracts must be in writing.

Rocco orally agrees to sell his Spring Beverage Company to Thirsty Inc. Rocco notes the terms on a sheet of Spring stationery and signs it. This agreement is most likely enforceable against

Any confirmation, invoice, sales slip, check, or e-mail may constitute a writing that satisfies the Statute of Frauds.