Business Law Chapter 17 PPT questions and
answers
Validity of Oral Contracts - correct answer ✅Oral agreements are generally valid
and enforceable, unless the Statute of Frauds requires a writing to be to make
them enforceable.
Contracts that Must be Evidenced by a Writing - correct answer ✅Certain
agreements must be in writing and signed to be enforceable under the Statute of
Frauds.
An agreement that cannot be performed within one year after the contract is
made. - correct answer ✅A writing is required when the contract, by its terms or
subject matter, cannot be performed within one year after the date of the
agreement. An oral agreement to supply a line of credit for two years cannot be
enforced because of the statute of frauds.
Oral Extension of Contract - correct answer ✅A contract in writing, but not
required to be so by the statute of frauds because it is terminable at will, may be
varied by a new oral contract, even if the original written contract provided that it
should not be varied except by writing.
Agreement to Sell or a Sale of an Interest in Land - correct answer ✅All contracts
to sell land, buildings, or interests in land, such as mortgages, must be evidenced
, Business Law Chapter 17 PPT questions and
answers
by a writing. Leases are also interests in land and must be in writing, except in
some states where leases for one year or less do not have to be in writing.
A Promise to Answer for the Debt or Default of Another (Suretyship) - correct
answer ✅If an individual promises to a creditor to pay the debt of another and
does not do so, the individual is promising to answer the debt of another. Such a
promise is sometimes called a suretyship contract and it must be done in writing
to be enforceable. The individual is obligated to pay the debt only if another does
not pay. The individual's promise is a collateral or secondary promise and must be
done in writing under the statute of frauds.
Main Purpose of Exception - correct answer ✅When the main purpose of the
promisor's promise to pay the debt of another is to benefit the promisor, the
statute of frauds is not applicable and the oral promise to pay the debt is binding.
MPI v. Ventura case - correct answer ✅"I personally guaranty" means that
Venture is personally liable for the shipments.
A Promise By The Executor or Administrator of A Decedent's Estate To Pay A Claim
Against The Estate From Personal Funds - correct answer ✅The personal
answers
Validity of Oral Contracts - correct answer ✅Oral agreements are generally valid
and enforceable, unless the Statute of Frauds requires a writing to be to make
them enforceable.
Contracts that Must be Evidenced by a Writing - correct answer ✅Certain
agreements must be in writing and signed to be enforceable under the Statute of
Frauds.
An agreement that cannot be performed within one year after the contract is
made. - correct answer ✅A writing is required when the contract, by its terms or
subject matter, cannot be performed within one year after the date of the
agreement. An oral agreement to supply a line of credit for two years cannot be
enforced because of the statute of frauds.
Oral Extension of Contract - correct answer ✅A contract in writing, but not
required to be so by the statute of frauds because it is terminable at will, may be
varied by a new oral contract, even if the original written contract provided that it
should not be varied except by writing.
Agreement to Sell or a Sale of an Interest in Land - correct answer ✅All contracts
to sell land, buildings, or interests in land, such as mortgages, must be evidenced
, Business Law Chapter 17 PPT questions and
answers
by a writing. Leases are also interests in land and must be in writing, except in
some states where leases for one year or less do not have to be in writing.
A Promise to Answer for the Debt or Default of Another (Suretyship) - correct
answer ✅If an individual promises to a creditor to pay the debt of another and
does not do so, the individual is promising to answer the debt of another. Such a
promise is sometimes called a suretyship contract and it must be done in writing
to be enforceable. The individual is obligated to pay the debt only if another does
not pay. The individual's promise is a collateral or secondary promise and must be
done in writing under the statute of frauds.
Main Purpose of Exception - correct answer ✅When the main purpose of the
promisor's promise to pay the debt of another is to benefit the promisor, the
statute of frauds is not applicable and the oral promise to pay the debt is binding.
MPI v. Ventura case - correct answer ✅"I personally guaranty" means that
Venture is personally liable for the shipments.
A Promise By The Executor or Administrator of A Decedent's Estate To Pay A Claim
Against The Estate From Personal Funds - correct answer ✅The personal
