MGMT 254 EXAM 3 QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
General rule of contract? - Answers - contract NEED NOT be reduced to writing to be
enforceable; oral contract is enforceable
What is the exception - Answers - some contracts must be in writing to be enforceable
Assumpsit - Answers - first legal theory that would permit a person to sue for damages
for breach of a contractual promise
Statute of the prevention of fraud and perjuries - Answers - must be in writing; 1677
Section 4 pertains to? - Answers - Suretyship promises
promises made upon consideration of marriage
promises relating to interests in real estate
agreements not to be performed within one year
Section 17 pertains to? - Answers - sale of goods of ten pounds sterling or more
"Within" the Statute are? - Answers - governed by the Statute of Fraud
"not Within" - Answers - do not apply to the Statute of Fraud
Suretyship Promise - Answers - contract wherein a promise is made to a creditor to pay
the debts or obligations of a third party
ex. father tells merchant if my son doesn't pay for what he put on credit i will
Collateral - Answers - suretys promise; sometimes called secondary
When does the statute not apply? - Answers - when the promisor is making an "original"
promise and is primarily liable; this can be oral
ex. father tells merchant to deliver items to his son and says if he doesnt pay i will
the exception to this requirement if writing is? - Answers - found in main purpose
doctrine or leading object rule
ex. i want my house built so i promise the lumberyard i will pay if the contractor does
not. this is serving my own interest and can be verbal
A promise in consideration of marriage is different than a promise to marry - Answers -
True and it has to be in writing
executory antenuptial agreements? - Answers - you'd use on a 2nd or 3rd marriage to
keep kids out of your businesses.
, Have actions been barred by statute in Indiana and most states - Answers - Yes; so one
cannot sue to recover damages for a broken engagement
real estate does not have to be in writing - Answers - false
easements - Answers - right to use someone elses land in a certain way. ex build a
telephone pole on your land
water rights - Answers - west of kansas; right to put water on your property
easements of view - Answers - cant build a building in front of another if it obstructs a
view
mortgages - Answers - a security in the real estate
leases - Answers - the provision does not apply in indiana to leases not exceeding 3
years. if a lease is under 3 years an oral agreement can be enforced
what kind of contracts do not need to be performed within a year? - Answers - contracts
that cannot be performed within one year. if there is any possible way it can fully be
performed in one year it does not need to be in writing
when does the year start? - Answers - when the agreement is made not when it is
performed
What was the original statute of fraud allotted for? - Answers - the sum of goods of ten
pounds sterling or more
what is the contract now? - Answers - when the sale of goods is 500 or more is not
enforceable unless it is in writing
what does the ucc limit want? - Answers - 5000 dollars
definition of goods - Answers - the time of identification and if they are moveable
when can a merchant be bound without signing anything - Answers - when he fails to
object within 10 days to a confirmation received by him
what are exceptions to this? - Answers - 1.specially manufactured goods
2.admissions in pleadings or testimony
3.goods for which payments has been made and accepted or which have been received
and accepted
What is special about a real estate broker - Answers - to pay a real estate broker a
commission must be in writing
ACCURATE ANSWERS
General rule of contract? - Answers - contract NEED NOT be reduced to writing to be
enforceable; oral contract is enforceable
What is the exception - Answers - some contracts must be in writing to be enforceable
Assumpsit - Answers - first legal theory that would permit a person to sue for damages
for breach of a contractual promise
Statute of the prevention of fraud and perjuries - Answers - must be in writing; 1677
Section 4 pertains to? - Answers - Suretyship promises
promises made upon consideration of marriage
promises relating to interests in real estate
agreements not to be performed within one year
Section 17 pertains to? - Answers - sale of goods of ten pounds sterling or more
"Within" the Statute are? - Answers - governed by the Statute of Fraud
"not Within" - Answers - do not apply to the Statute of Fraud
Suretyship Promise - Answers - contract wherein a promise is made to a creditor to pay
the debts or obligations of a third party
ex. father tells merchant if my son doesn't pay for what he put on credit i will
Collateral - Answers - suretys promise; sometimes called secondary
When does the statute not apply? - Answers - when the promisor is making an "original"
promise and is primarily liable; this can be oral
ex. father tells merchant to deliver items to his son and says if he doesnt pay i will
the exception to this requirement if writing is? - Answers - found in main purpose
doctrine or leading object rule
ex. i want my house built so i promise the lumberyard i will pay if the contractor does
not. this is serving my own interest and can be verbal
A promise in consideration of marriage is different than a promise to marry - Answers -
True and it has to be in writing
executory antenuptial agreements? - Answers - you'd use on a 2nd or 3rd marriage to
keep kids out of your businesses.
, Have actions been barred by statute in Indiana and most states - Answers - Yes; so one
cannot sue to recover damages for a broken engagement
real estate does not have to be in writing - Answers - false
easements - Answers - right to use someone elses land in a certain way. ex build a
telephone pole on your land
water rights - Answers - west of kansas; right to put water on your property
easements of view - Answers - cant build a building in front of another if it obstructs a
view
mortgages - Answers - a security in the real estate
leases - Answers - the provision does not apply in indiana to leases not exceeding 3
years. if a lease is under 3 years an oral agreement can be enforced
what kind of contracts do not need to be performed within a year? - Answers - contracts
that cannot be performed within one year. if there is any possible way it can fully be
performed in one year it does not need to be in writing
when does the year start? - Answers - when the agreement is made not when it is
performed
What was the original statute of fraud allotted for? - Answers - the sum of goods of ten
pounds sterling or more
what is the contract now? - Answers - when the sale of goods is 500 or more is not
enforceable unless it is in writing
what does the ucc limit want? - Answers - 5000 dollars
definition of goods - Answers - the time of identification and if they are moveable
when can a merchant be bound without signing anything - Answers - when he fails to
object within 10 days to a confirmation received by him
what are exceptions to this? - Answers - 1.specially manufactured goods
2.admissions in pleadings or testimony
3.goods for which payments has been made and accepted or which have been received
and accepted
What is special about a real estate broker - Answers - to pay a real estate broker a
commission must be in writing
