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Multiple Choice Quiz
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1
All contracts must be in writing.
A)True
B)False
2
An employment contract for under a year can fall under the Statute of Frauds.
A)True
B)False
3
If the Statute of Frauds does not apply to a contract and the writing requirement is not met, the court may still give the aggrieved party, who is not at fault, a remedy in order to prevent injustice.
A)True
B)False
4
A surety guarantees payment of a loan for another.
A)True
B)False
5
The monetary cost assigned to a transaction by the parties is the price.
A)True
B)False
6
Which of the following does not fall under the Statute of Frauds:
A)A prenuptial agreement
B)An antenuptual agreement
C)A contract for an arranged marriage
D)A promise to provide support
7
Which of the following agreements is not required to be in writing in order to be enforceable under the Statute of Frauds:
A)A contract for the sale of goods for $500 or more
B)A contract that can be performed in less than one year
C)A contract for the sale of land
D)A contract to pay someone else’s financial obligation should they default
8
Which of the following elements does not satisfy the requirements of a writing that will satisfy the Statute of Frauds:
A)Format
B)Price
C)Parties
D)Subject matter
9
The UCC applies to the sale of goods valued over ____________________.
A)$1,000
B)$500
C)$5,000
D)$100
10
Even if the writing requirement is deficient, a contract that has been partially performed may fall under the Statute of Frauds in order to prevent _____________ to the performing party.
A)partial performance
B)injustice
C)loss of value
D)transfers





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