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Contracts Quiz 1

Kubasek Contracts in Writing and Third-Party Contracts

QuestionAnswer
Which of the following is recognized purpose of the Statute of Frauds? ease contractual negotiations by requiring sufficiently reliable evidence and specific terms. prevents unreliable oral evidence. prevents parties from entering into contracts with which they do not agree.
Following contracts "fall within" the Statute of Frauds writing requirement? A contract whose terms cannot be performed within one year. A contract made in consideration of marriage. C) A contract for one party to pay the debt of another party if the other party fails to pay.
The following represent exceptions to the Statute of Frauds. Admission, Partial performance, Promissory estoppel.
___________ is the legal enforcement of an otherwise unenforceable contract due to a party's detrimental reliance on the contract. Promissory estoppel
The __________ rule states that oral evidence of an agreement made prior to or contemporaneously with the written agreement is inadmissible when the parties intend to have a written agreement be the complete and final version of the agreement. Parole evidence
Which of the following are exception to the parole evidence rule? A contract that has been subsequently modified by the parties. A contract conditioned on orally agreed-upon terms.
A(n) __________ transfers his/her contractual rights to a third party. Assignor
A(n) __________ occurs when a party to a contract transfers his/her duty to perform to a third party who is not part of the original contract. Delegation
__________ of rights refers to the maturing of rights such that a party can legally act on the rights. Vesting
__________ beneficiaries cannot sue to enforce contract obligations. Incidental
Created by: tinafici