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Contracts Quiz 1
Kubasek Contracts in Writing and Third-Party Contracts
Question | Answer |
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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 |