UGBA 175 Midterm 2 questions with 100% correct answers graded A+

UGBA 175 Midterm 2Types of Statute of Frauds Contracts - correct answer Surety Executor-Administrator Marriage Consideration Land Interest Transfer Goods $500+ Contracts that cannot be fulfilled within a year Suretyship - correct answer Undertaking to pay the debt or be liable for the default of another Executor-Administrator - correct answer Contractual promises of an executor of a decedent's will to answer personally for a duty of the decedent One-year provision - correct answer Contractual obligations that CANNOT be fulfilled within a year of AGREEMENT Possibility Test - correct answer CAN the contract be fulfilled within 1 year? Death is included, therefore need not be written Contracts of indefinite duration are excluded Sale of Goods - correct answer Goods sold for $500 or more must be in writing Specially Manufactured Goods - correct answer Oral contracts are enforced for substantial performance on specially manufactured goods General Contract Provisions (Common Law) - correct answer Specify parties Specify subject matter Essential terms of unperformed obligations Signed by defendant Contract Provisions (UCC) - correct answer Specify quantity Sufficient to indicate that contract has been made Signed by party against whom enforcement is sought Restitution - correct answer Even if the contract is not in writing, if a party acts in reliance upon the contract, they may recover in restitution the benefits he conferred upon the other in relying upon the unenforceable contract Parol Evidence Rule - correct answer When a contract is expressed in a writing that is intended to be the complete and final expression of the rights and duties of the parties, parol evidence of prior oral or written negotiations or agreements of the parties, or their contemporaneous oral agreements that vary or change the written contract, are not admissible Only applies to written contracts Assignment of Rights - correct answer the voluntary transfer to a third party of the rights arising from the contract; and effective assignment terminates the assignor's right to receive performance by the obligor Delegation of Duties - correct answer a transfer to a third party of a contractual obligation. Law Governing Assignments - correct answer May be oral No consideration required Gratuitous assignments are unenforceable Rights that are not Assignable - correct answer Assignments that Materially Increase the Duty, Risk, or Burden When the assignment would significantly change the nature or extent of the obligor's duty 2) Assignments of Personal Rights When the rights under a contract are highly personal, in that they are limited to the person of the obligee, such rights are not assignable Think bride and groom are not interchangeable; neither is a teacher and the school