Business Law

Business Law

1. Under the Statute of Frauds, oral contracts are void.

A) True

B) False


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

A) True

B) False


3. An oral contract for a transfer of land is never enforceable.

A) True

B) False


4. A contract must be in writing to be enforceable if it makes performance possible only over a period of more than one year.

A) True

B) False


5. Randy and Beach Biz Company enter into an oral contract under which Randy agrees to clean Beach Biz’s office for two years. This contract is enforceable by

A) Randy only.

B) Beach Biz only.

C) either party.

D) neither party.


6. Draco agrees to assume Mira’s debt to NuSales Corporation. Draco does not get any personal benefit for the agreement. To be enforceable, the promise must be in writing if the debt is for

A) $50.

B) $500.

C) $5,000.

D) $50, $500, or $5,000.


7. Retail Sales Company and Standard Purchasing Corporation enter into a contract for a sale of goods. To be enforceable, the contract should be in writing if the goods are valued at more than

A) $5.

B) $15.

C) $50.

D) $500.


8. Uri and Vicky orally agree on the sale of Uri’s Nite Club to Vicky and note terms on a pair of the Club’s napkins, which they both sign. A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain

A) every term.

B) the essential terms.

C) the preliminary terms.

D) the qualitative terms.


9. Miranda orally promises Nicky that she will buy his fishing trawler for $10,000. Before either party acts in reliance on this promise, under the doctrine of promissory estoppel, the transaction is enforceable by

A) either party.

B) Miranda only.

C) neither party.

D) Nicky only.


10. Lem buys a used MP3 player for $50 and a new laptop for $1,500, and signs a one-year employment contract for a $4,000 monthly salary to start at the beginning of the next month. The Statute of Frauds covers

A) the employment contract, and the laptop and MP3 purchases.

B) the employment contract and the laptop purchase only.

C) the employment contract only.

D) the laptop and MP3 purchases only.


11. Evermore Corporation and Trendy Goods, Inc., enter into a contract. To be enforceable, the contract must include

A) no particular signatures.

B) the signatures of all parties to the deal.

C) the signature of the party against whom enforcement is sought.

D) the signature of the party who is seeking enforcement.


12. Sid induces Ty to enter into a contract for the sale of a warehouse. Sid tells Ty that he is the sole owner, but their signed, written contract lists Sid’s parents as co-owners. The parol evidence rule governs

A) contracts that are induced by fraud.

B) contracts that must be in writing to be enforceable.

C) the admissibility in court of oral evidence.

D) the merging of oral and written statements into one contract.


13. A transfer of contract rights to a third party is an assignment.

A) True

B) False


14. All rights can be assigned.

A) True

B) False


15. A delegation relieves the party making it of the obligation to perA?¬form.

A) True

B) False


16. A third party beneficiary contract is formed when a contract expressly con-fers a benefit on any third party.

A) True

B) False


17. An “assignment of all rights”? absolves the assignor of all liability under the contract that created the rights.

A) True

B) False


18. John promises to paint Kay’s house in exchange for Lila’s promise to plant trees on John’s property. This is

A) a delegation.

B) an assignment.

C) a third party beneficiary contract.

D) not a delegation, an assignment, or a third party beneficiary contract.


19. Evan’s sale of rights he has under a contract with Federated Retail, Inc., to buy the retailer’s clothing overstock is

A) a delegation.

B) an assignment.

C) a third party beneficiary contract.

D) not a delegation, an assignment, or a third party beneficiary contract.


20. Ron makes a contract with Stu that indirectly benefits Tim, although neither Ron nor Stu intended that result. Tim is

A) a delegatee.

B) an assignee.

C) an incidental beneficiary.

D) an intended beneficiary.

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