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Chapter Quiz
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1
The trend in proposed and enacted legislation is to treat contracts created using electronic means as legal.
A)True
B)False
2
Bilateral, executory contracts that cannot be performed within one year from the day on which they come into existence must be in writing to be enforceable.
A)True
B)False
3
The statute of frauds applies only to executory contracts.
A)True
B)False
4
All contracts for $500 or more must be in writing in order to be enforceable.
A)True
B)False
5
An oral contract for the sale of land which has been fully performed may be enforced.
A)True
B)False
6
Under the UCC, a writing that omits or incorrectly states a term agreed on is not sufficient to fulfill the requirement of writing for contracts.
A)True
B)False
7
The writing evidencing a contract under the statute of frauds may be signed by an authorized agent of the party to be charged with the writing.
A)True
B)False
8
Which of the following types of contracts must be evidenced by a writing under the statute of frauds?
A)Contracts for the sale of land or real estate
B)Contracts for the sale of goods
C)Contracts for the sale of goods for a price of $500 or more
D)A and C
9
Which of the following types of contracts are not covered by the statute of frauds?
A)Collateral contracts in which a person promises to perform the obligation of another person
B)Contracts for the sale of an interest in real estate
C)Contracts to mow one's lawn for three months
D)Contracts in which marriage is the consideration
10
Which of the following contracts are generally within the statute of frauds?
A)Contracts that transfer a property interest to another
B)A promise by an executor to pay the estate's debt out of his funds
C)Contracts where the promisor promises to pay the debt of another if the primary debtor fails to pay
D)All of the above





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