The statute of frauds is a law requiring that certain types of contracts be in writing to be enforceable. It is designed to prevent potential deception or fraud from oral contracts. It serves to minimize confusion in court whenever a party claims a contract is breached. Most states merely require that the contract be evidenced by writing and be signed by the party against whom enforcement is being sought. This requirement means the party being sued must have signed a note, memorandum, or another written form that describes with reasonable certainty the terms of the oral agreement.
CONCEPT REVIEW:
The statute of frauds requires certain types of business-related contracts to be in writing. The following contracts are required to be evidenced by a signed writing: (1) contracts involving an interest in land; (2) collateral promises to pay another person’s debt; (3) contracts that cannot be performed within one year from the date of the agreement; and (4) contracts for the sale of goods of $500 or more.
1. Read the following descriptions of an agreement and determine whether it must be in writing to be an enforceable contract. If the agreement must be in writing, drag the statement into the box designated “Writing Required by the Statute of Frauds.” If the agreement does not need to be in writing under the Statute of Frauds, drag the statement into the box designated “Oral Contract Enforceable.”
2. The law requiring that certain contracts be in writing is known as the _______.
A. statute of consideration
B. statute of in pari delicto
C. statute of covenants
D. statute of limitations
E. statute of frauds
3. Identify a true statement about the contract element of consideration.
A. Courts will enforce contractual promises that are not supported by consideration.
B. Consideration must be in the form of money.
C. The enforceability of the contract depends on the amount of the consideration.
D. Valid consideration can include a promise to do something or refrain from doing something.
E. Consideration need not be bargained for.
Introduction
Read the overview below and complete the activities that follow.
Rights of Third Parties
CONCEPT REVIEW:
At its core, a contract is between two (2) parties. However, a third party may be involved in some way. The contract between the two (2) principals could be a contract for the benefit of a third party, as in the case of a life insurance policy. Or one of the two (2) principal parties may decide to transfer a right or a duty to someone else who is outside the original contract, as when a new bank begins servicing a borrower’s loan.
Another way third parties may obtain rights or duties to a contract is through being a beneficiary to the contract. A third-party beneficiary is created when two (2) parties enter into a contract with the purpose of benefiting a third party, called the intended beneficiary.
Case Analysis
Read the following scenario which deals with a car and a car dealership that have each been passed on to new owners and answer the questions that follow.
In 2015, Ray Wilkins purchased an automobile at Peterson Auto Sales (Peterson). He made one-half of the payments before he sold the car to Darla Cunningham (Cunningham) in 2016. Ray sold the car to Cunningham subject to the condition that she make all of the remaining payments to Peterson.
In 2017, Hal Peterson, the owner of Peterson Auto Sales, dissolved the business and sold its assets to Epic Auto Sales (Epic). Epic did not notify Cunningham of the change in ownership until 2019. Through 2018, Cunnigham had been making payments to Peterson. In 2020, Cunningham became delinquent on her payments.
4. When did an assignment occur?
A. 2015
B. 2016
C. 2017
D. 2018
E. 2019
Introduction
Read the overview below and complete the activities that follow.
Rights of Third Parties
CONCEPT REVIEW:
At its core, a contract is between two (2) parties. However, a third party may be involved in some way. The contract between the two (2) principals could be a contract for the benefit of a third party, as in the case of a life insurance policy. Or one of the two (2) principal parties may decide to transfer a right or a duty to someone else who is outside the original contract, as when a new bank begins servicing a borrower’s loan.
Another way third parties may obtain rights or duties to a contract is through being a beneficiary to the contract. A third-party beneficiary is created when two (2) parties enter into a contract with the purpose of benefiting a third party, called the intended beneficiary.
Case Analysis
Read the following scenario which deals with a car and a car dealership that have each been passed on to new owners and answer the questions that follow.
In 2015, Ray Wilkins purchased an automobile at Peterson Auto Sales (Peterson). He made one-half of the payments before he sold the car to Darla Cunningham (Cunningham) in 2016. Ray sold the car to Cunningham subject to the condition that she make all of the remaining payments to Peterson.
In 2017, Hal Peterson, the owner of Peterson Auto Sales, dissolved the business and sold its assets to Epic Auto Sales (Epic). Epic did not notify Cunningham of the change in ownership until 2019. Through 2018, Cunnigham had been making payments to Peterson. In 2020, Cunningham became delinquent on her payments.
5. Which of the following is correct in this case regarding the year 2018?
A. Cunningham owed the debt to Epic, but it is not her duty to track Epic down as the owner of the debt.
B. Cunningham no longer owed payments to anyone because the assignment of her debt to Epic was ineffective.
C. It was Peterson’s duty to forward all payments to Epic.
D. Cunningham owed full payment to both Peterson and Epic.
E. Peterson is entitled to the payment because Epic did not notify Cunningham that the dealership had been sold.
Introduction
Read the overview below and complete the activities that follow.
Rights of Third Parties
CONCEPT REVIEW:
At its core, a contract is between two (2) parties. However, a third party may be involved in some way. The contract between the two (2) principals could be a contract for the benefit of a third party, as in the case of a life insurance policy. Or one of the two (2) principal parties may decide to transfer a right or a duty to someone else who is outside the original contract, as when a new bank begins servicing a borrower’s loan.
Another way third parties may obtain rights or duties to a contract is through being a beneficiary to the contract. A third-party beneficiary is created when two (2) parties enter into a contract with the purpose of benefiting a third party, called the intended beneficiary.
Case Analysis
Read the following scenario which deals with a car and a car dealership that have each been passed on to new owners and answer the questions that follow.
In 2015, Ray Wilkins purchased an automobile at Peterson Auto Sales (Peterson). He made one-half of the payments before he sold the car to Darla Cunningham (Cunningham) in 2016. Ray sold the car to Cunningham subject to the condition that she make all of the remaining payments to Peterson.
In 2017, Hal Peterson, the owner of Peterson Auto Sales, dissolved the business and sold its assets to Epic Auto Sales (Epic). Epic did not notify Cunningham of the change in ownership until 2019. Through 2018, Cunnigham had been making payments to Peterson. In 2020, Cunningham became delinquent on her payments.
6. Which of the following is correct in this case regarding the year 2020?
A. Unless a novation occurred, Wilkins owes Epic the remaining debt.
B. Wilkins owes Peterson the remaining debt, even if a novation did not occur.
C. Wilkins owes both Epic and Peterson the remaining debt, even if a novation occurred.
D. Wilkins owes Epic the remaining debt, but only if Peterson does not pay it in full.
E. Unless a novation occurred, Wilkins owes Peterson the remaining debt.
Introduction
Read the overview below and complete the activities that follow.
Rights of Third Parties
CONCEPT REVIEW:
At its core, a contract is between two (2) parties. However, a third party may be involved in some way. The contract between the two (2) principals could be a contract for the benefit of a third party, as in the case of a life insurance policy. Or one of the two (2) principal parties may decide to transfer a right or a duty to someone else who is outside the original contract, as when a new bank begins servicing a borrower’s loan.
Another way third parties may obtain rights or duties to a contract is through being a beneficiary to the contract. A third-party beneficiary is created when two (2) parties enter into a contract with the purpose of benefiting a third party, called the intended beneficiary.
Case Analysis
Read the following scenario which deals with a car and a car dealership that have each been passed on to new owners and answer the questions that follow.
In 2015, Ray Wilkins purchased an automobile at Peterson Auto Sales (Peterson). He made one-half of the payments before he sold the car to Darla Cunningham (Cunningham) in 2016. Ray sold the car to Cunningham subject to the condition that she make all of the remaining payments to Peterson.
In 2017, Hal Peterson, the owner of Peterson Auto Sales, dissolved the business and sold its assets to Epic Auto Sales (Epic). Epic did not notify Cunningham of the change in ownership until 2019. Through 2018, Cunnigham had been making payments to Peterson. In 2020, Cunningham became delinquent on her payments.
7. Why is it necessary for the assignee to notify the obligor of the assignment?
A. Otherwise, the obligor may perform for the obligee-assignor.
B. The obligor remains liable to the assignee even without notification.
C. Without notification, the obligor need not perform.
D. It is a required formality.
E. The failure to do so is subject to a public fine.
8. Nella signs a one-year lease agreement to rent an apartment from Darcey. Six months later, Nella and Darcey sign an agreement removing Nella from the lease and substituting Nella’s friend, Jay, as the tenant for the remainder of the lease period. This arrangement is a(n) _______.
A. equitable remedy
B. novation
C. assignment
D. delegation
E. donation
9. A party to a contract is _______ when that party is relieved from all further responsibility of performance.
A. enjoined
B. discharged
C. waived
D. delegated
E. assigned
10. Tom, a music composer, used to write songs for his band under a contract. Two years after the band split up, Tom learns that his ex-bandmates are using one of his compositions in their new shows. If Tom sues his ex-bandmates, the court may issue a(n) _______ to stop the band from using Tom’s composition.
A. arbitration
B. waiver
C. discharge
D. novation
E. injunction
11. The security guard at MV-Store suspects Roberta of shoplifting and detains her. His suspicion is based solely on the fact that she is dressed differently than the store’s typical customer. The security guard finds nothing illegal in Roberta’s belongings. Roberta is furious and decides to sue MV-Store. In this case, Roberta is most likely to file a(n) ______ lawsuit against MV-store.
A. malicious prosecution
B. false arrest
C. false imprisonment
D. trespass
E. invasion-of-privacy
12. Which of the following is not an intentional tort?
A. assault
B. invasion of privacy
C. conversion
D. breach of contract
E. fraud
13. Elaine, the manager at Slurpee Heaven, warned Kelly that she would lose her job if she did not perform better. Later, Kelly cornered Elaine in the break room and threatened to hurt her. In this case, Elaine can sue Kelly for __________.
A. battery
B. defamation
C. false imprisonment
D. assault
E. trespass
14. Larry sells a truck to Tim. He does not mention to Tim that the truck has a faulty engine. The truck breaks down after a week. Tim has to replace the engine, which costs him $2,000. In this case, Tim can sue Larry for the tort of __________.
A. fraud
B. trade disparagement
C. larceny
D. negligence
E. conversion
15. Jason borrowed Matt’s car for a road trip. He was involved in accident on his trip and damaged Matt’s car. Jason then returned the car to Matt, stating that the accident was not his fault and that he would not pay for the damages. In this scenario, Matt can sue Jason for the tort of ________.
A.conversion
B. willful negligence
C. comparative fault
D. battery
E. fraud
16. Barry, the CEO of Trenton Corporation (Trenton), claims that their competitor, BMN Incorporated (BMN), simply produces a modified version of Trenton’s product and publicly claims that BMN’s products are poor in quality. If the claims made by Barry are untrue, BMN can sue Barry for the tort of __________.
A. fraud
B. injurious falsehood
C. batter
D. larceny
E. malicious prosecution
17. Dram shop acts impose strict liability upon _______.
A. manufacturers of goods with design defects
B. sellers of tangible products
C. transportation companies
D. intangible service providers
E. tavern owners
18. Caroline invites Kylie, her colleague, to her house. Caroline legally owns a baby alligator as a pet. While she is visiting, the alligator escapes from its cage and bites Kylie. In this case, which of the following statements is most likely to be true?A. Kylie cannot sue Caroline as she assumed the risk voluntarily.
B. The court is likely to impose contributory negligence on Caroline.
C. The court is likely to impose strict liability on Caroline.
D. Kylie can only sue Caroline if the incident occurred outside Caroline’s house.
E. Caroline can use the assumption-of-the-risk defense to prove that she is not guilty.
19. Mark, an employee at Walford Corporation, published untrue statements about his manager in the newspaper after the two had a disagreement. This is an example of _______.
A. battery
B. slander
C. libel
D. fraud
E. duress
20. Lying about assets or liabilities in order to get credit or a loan constitutes fraud.
True or False
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