Question 1

Provide an example of something that would constitute acceptable part performance when land has been sold.

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Question 2

What is the term for a written commitment whereby a person agrees to pay a debt if the debtor does not?

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Question 3

When the terms of the agreement make it impossible to perform the contract within one full year from the time the contract is entered into,there must be evidence in writing for it to be enforceable.

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This statement accurately describes the statute of frauds requirement for contracts that cannot be completed within one year. Such contracts must be in writing in order to be enforceable.

Question 4

When a restriction is excessive and deemed to be an unreasonable restraint of trade,what is the usual result?

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Question 5

The creation of a joint tenancy in land must be evidenced in writing.

Accepted Answer

This is correct according to the law in most jurisdictions. However, it's important to note that there may be some exceptions or variations depending on the specific laws of a particular state or country.

Question 6

What is a guarantee?

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Question 7

If a contract is not evidenced in writing this does not make it void under the Statute of Frauds; it is merely unenforceable.Explain this distinction.

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Question 8

What is the effect if an agreement that is required to be in writing under the Statute of Frauds is not?

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Question 9

In most jurisdictions,if the court classifies the nature of a third-party agreement as a guarantee,there is no requirement of writing.

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In most jurisdictions, if the court classifies the nature of a third-party agreement as a guarantee, there is a requirement of writing.

Question 10

In the legal sense,to what does "insanity" refer?

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Question 11

What is the term used when a person cannot understand the nature or consequences of his or her actions?

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Question 12

If the relationship between the contracting parties is primarily commercial in nature,what do the courts presume?

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Question 13

How do the courts determine whether it is reasonable for the parties trying to enforce the agreement to think that a legally binding contract has been created?

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Question 14

When will the court waive the requirement of writing?

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Question 15

From the perspective of contract law,why might the distinction between a guarantee and an indemnity be important?

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Question 16

What is the term for a primary obligation of a third party to pay a debt along with a debtor?

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Question 17

How do the courts determine whether a customer should have taken an exaggerated claim seriously?

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Question 18

When a person is declared mentally incompetent by a court,who is appointed and for what purpose?

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Question 19

Why was the Statute of Frauds originally passed?

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Question 20

What is an indemnity?

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Quiz 7: The Elements of a Contract capacity, Legality, and Intention