1. All contracts involving interests in land must be in writing to be enforceable –T
2. A contract that by its own terms cannot be performed within a year must be in writing to be enforceable -T
3. All promises must be in writing to be enforceable -F
4. There are no exceptions to the Statute of Frauds -F
5. The rights under a contract for personal service normally can be assigned - F
6. A contract that contains a clause prohibiting its assignment will usually prevent it from being assigned-T
7. An intended beneficiary can sue directly to enforce a promisor's promise -T
8. A promise to pay in exchange for a promise of performance becomes an absolute duty when the agreement is formed -F
9. When one party substantially performs his or her duties under a contract, the other party is required to fully perform -F
10. A contract is …show more content…
Ann and Burt sign a contract in which Ann agrees to paint Burt's house for $2,000. They agree later that Burt will pay Ann's supplier, City Paint Store, the $2,000 directly. City Paint Store is - an assignee
24. National Steel, Inc., and Overland Transport Company enter into a contract. Superior Oil Corporation, which will indirectly benefit from the deal, is prevented from having rights under the contract by the principle of - privity.pg309
25. Peg's transfer of rights under her contract with Quinn to Rob is - an assignment.
26. Don agrees to buy Ed's Bicycle Store on the condition that First State Bank approves the financing. This approval is - a condition precedent.
27. Protective Finishes, Inc. (PFI), agrees to paint Quinn's house, using a particular brand of "discount" paint. PFI completes the job but uses a different brand of discounted paint. This is most likely - substantial performance
28. Eagle Products, Inc., breaches its contract with Federated Stores Company. Federated files a suit to recover compensatory damages, which are normally assessed to - compensate a nonbreaching party for the loss of a