BUSI 2001 WEEK 4 QUIZ - QUESTION AND ANSWERS

Week 4: Legal Purpose and Written Contracts - Tutorial Quiz Help 1. Abbot accepted Milligan's oral offer to sell a small parcel of real property. This agreement is (Points: 2) Illegal because it should have been in writing Illegal because the sale was not arranged by a licensed real estate salesperson Legal but unenforceable by either party Legal but enforceable only by the offerer 2. Usury laws provide protection in a contract that is (Points: 2) For the loan of money For the sale of merchandise on credit To be performed on a Sunday For the restraint of trade 3. The rule states that when a contract has been put in writing as the final and complete statement of agreement between the parties, evidence of an agreement prior to or at the time of signing cannot be presented in court to change the terms of the written agreement. (Points: 2) Prior evidence Parol evidence Anti-evidence None of these 4. An example of a licensing statute is one that (Points: 2) Requires an attorney to have a permit to practice law Prevents usury Restricts business activity on Sundays Reasonably restricts trade