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Exam 15: The Statute of Frauds

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Question 21

Multiple Choice

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Steve agrees to assume a debt of Thumb Grippers Company to Main Street Bank.The agreement is not in writing.To be enforceable,the promise must be for the benefit of

A) any party.
B) Steve.
C) Thumb Grippers.
D) Main Street.

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

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Question 22

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Niche Credit,Inc.,is one of Cut-Rite Notching Corporation's two major creditors.Niche guarantees Cut-Rite's debt to the firm's other major creditor,Manufacturers Capital Bank,to forestall litigation.To be enforce?able,this guarantee

A) must be in writing.
B) need not be in writing if it benefits Niche Credit.
C) need not be in writing if it benefits Cut-Rite Notching.
D) need not be in writing if it benefits Manufacturers Capital Bank.

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

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Question 23

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A contract must be in writing to be enforceable if performance is impossi?ble within one year.

Downspout Drainage Company hires Earl to design a Web page for Downspout for $400.Before the project is started,Downspout asks Earl to trouble-shoot Downspout's computer operating system software for an additional $400.Earl agrees.The en?tire contract is oral.Earl completes the work,but Downspout refuses to pay.Earl files a suit against Downspout,which raises the Statute of Frauds as a de?fense.Can Earl recover from Downspout? If so,how much,and on what basis?

Evidence of prior agreements that differ from the written terms of a con?tract can be introduced in court to alter the contract.

There are no exceptions to the Statute of Frauds.

Fact Pattern 15-A2 (Questions A17-A18 apply) Radford and Serenity sign a written contract for the sale of Rad's Coffee & Bagels business to Serenity.The parties intend their written contract to be a final statement of the terms of their agreement. -Refer to Fact Pattern 15-A2.The writing that Radford and Serenity signed is

Garden & Yard Landscaping and Penelope enter into an oral contract under which she agrees to work on a Garden & Yard project on Valley Country Club's golf course for sixteen months.This con?tract is enforceable by

An oral con?tract for a transfer of an interest in land is never enforceable.

A contract may have to be in writing to be enforceable even if its performance is possible within a year.

Fact Pattern 15-A2 (Questions A17-A18 apply) Radford and Serenity sign a written contract for the sale of Rad's Coffee & Bagels business to Serenity.The parties intend their written contract to be a final statement of the terms of their agreement. -Refer to Fact Pattern 15-A2.Serenity later disputes some of the provisions in the deal with Radford.If the dispute results in litigation,a court will most likely exclude evidence that

Kirk Custodial Service and Green Energy Company enter into an oral contract under which Kirk agrees to provide custodial service for Green's facilities for two years.This contract is en?forceable by

Grandiloquent Properties,Inc.,and Investment Capital Corporation enter into a con?tract for a sale of land.To be enforceable,the contract must be in writing if the land is valued at

Clay buys an MP3 player for $200 and a pair of stereo speakers for $600 from a Discount City store,and downloads $300 worth of digital music from E-Music.com.To be enforceable,the contract that must be in writing is the purchase of

A contract that by its own terms cannot be performed within a year must be in writing to be enforceable.

Ginamarie files a suit against Gaming Innovators Unlimited,Inc.,to enforce a written con?tract between the parties.If the court finds that the parties intended the contract to be the final statement of their agreement,parol evidence can be admitted to prove

Parol evidence includes testimony of communications between the parties that is not contained in the contract itself.

Timber Farms,Inc.,and Wood Products Corporation enter into an oral contract for the sale of a lumber mill and the land on which it is situated from Timber to Wood.Under the Statute of Frauds,this contract is enforceable by

Fact Pattern 15-A1 (Questions A13-A14 apply) Macro Marketing,Inc.,and National Food Corporation (NFC) discuss the terms of a contract.Macro then faxes NFC a memo on Macro's letterhead that summarizes the items on which they agreed,including a two-year term.Macro begins to perform,but NFC refuses to pay.Macro files a suit to collect.NFC claims that there is no contract. -Refer to Fact Pattern 15-A1.The transaction between Macro and NFC falls within the Statute of Frauds'

To be enforceable,a contract for a sale of goods priced at $50 or more must be in writing.