Unit 5 Practice Test

Topics: Contract law, Contract, Statute of frauds Pages: 3 (926 words) Published: March 3, 2015
Unit 5 Practice Test
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 substantially performed when performance creates substantially the same benefits as those promised in the contract -T 11. Any breach excuses the nonbreaching party's duty to perform –F 12. Damages are designed to compensate a nonbreaching party for the loss of the bargain -T 13. A remedy is the means employed to enforce a right or to redress an injury -T 14. Compensatory damages are foreseeable damages that arise from a party's breach of a contract -F 15. A party seeking to recover compensatory damages may also be entitled to recover incidental damages -T 16. Recovery under quasi contract may be used when one party partially performs under a contract that is unenforceable -T 17. To date, most courts have applied traditional contract law principles to contracts formed in the online environment -T 18. A contract, to be enforced, may require the signature of the party against whom enforcement is sought -T 19. State e-signature laws are uniform. -F

20. Ace Properties. Inc., and Dandy Capital Corporation enter into a contract for a sale of land. To be enforceable, the contract must be in writing if the land is valued at...
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