VERIFIED BUS 3311 BUSINESS LAW EXAM 4 - PART 1

VERIFIED BUS 3311 BUSINESS LAW EXAM 4 - PART 1
BUS 3311 BUSINESS LAW
EXAM 4 - PART 1

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1)

The requires certain contracts to be in writing.
A)


common law of contracts
B)

equal dignity rule
C)


Statute of Frauds
D)


part performance exception

2)

Which of the following is an interest in real property given to a lender as security for the repayment of a loan?
A)


easement
B)

mortgage
C)


life estate
D)


lease

3)

Which of the following grants a person the right to use real property for a specified period of time?
A)


sale
B)

mortgage
C)


barter
D)

, VERIFIED BUS 3311 BUSINESS LAW EXAM 4 - PART 1
lease

4)

The states that an executory contract which cannot be performed by its own terms within one year of its
formation must be in writing.
A)


common law of contracts
B)

merger clause
C)


one-year rule
D)


parol evidence rule

5)

A(n) occurs when one person agrees to answer for the debts or duties of another person.
A)


main purpose exception
B)

mortgage
C)


implied integration
D)


guaranty contract

6)

Nina wants to borrow money from Tina, but Tina refuses to lend the money unless another person promises to pay the
money in case Nina cannot clear the debt. James agrees to pay the debt if Nina does not. James is the in this
transaction.
A)


creditor
B)

guarantor
C)


debtor
D)