MGMT 455 exam 2 purdue|50 Practice Questions With 100% Correct Answers

The Statute of Frauds is a rule of law that prevents one party from testifying and attempting to change the terms of a written contract. - ️️False An enforceable contract for the sale of an interest in real estate does not have to be in writing unless the real estate value is greater than $500 - ️️false A contract to pay the debt of another person must be in writing in order to be enforceable - ️️True If an oral contract violates the Statute of Frauds, the oral contract is illegal and void - ️️False If a contract is unconscionable, the Parol Evidence Rule will prevent any oral testimony from being admitted in court. - ️️False An oral contract for the purchase of real estate will be set aside and declared void after the contract is completed. - ️️False Parents of minor children are liable for contracts signed by their minor children. - ️️False Farm tractors and motorcycles are types of motor vehicles, not covered by the Indiana Lemon Law. - ️️True Ordinarily, every party to a contract is presumed to have contractual capacity until the contrary is shown. - ️️True Parol evidence generally is admissible to explain why a contract was not performed. - ️️False