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Legal 4400 b. questions and answers verified 2024
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Legal 4400 b. questions and answers verified 2024
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Legal 4400 - Test 3Statute of Frauds - correct answer ✔Requires that certain designated types
of contracts be evidenced by writing to be enforceable.
Contracts within the statute - correct answer ✔1) Promises to answer for the
duty of another
2) Pormises of an executor or adminsitrator to answer personally for a duty of
the decedent whose funds he is adminstering
3) Agreements upon consideration of marriage
4) Agreements for the transfer of an interest in land
5) Agreements not to be performed within one year
Uniform Electronic Tranaction Act - correct answer ✔Gives full effect to
electronic contracts, encouraging their widespread use, and develops a
uniform leagal framework for their implementation
E-sign does similar things
Surety Provision - correct answer ✔This applies to a contractual promise by
a surety (promisor) to a creditor (promisee) to perform the duties or
obligations of a third person (principal debtor) if the principal debtor does not
perform.
ex: if a mother tells a merchant to extend 1000 worth of credit to her son and
says if he doesn't pay i will, the promise must be in writing.
Main Purpose Doctrine - correct answer ✔This is an exception to the
suretyship provision. AKA the leading object rule.
,This says that the promisor has interest in the contract, then the obligation to
pay and serve as surety need not be in writing
Promise Made to Debtor - correct answer ✔Thie suretyship provision has
been interpreted not to include promises made to a debtor.
For ex: D owes a debt to C. S promises D that she will .pay D's debt in return
for valid considerration from D. Because S made the promise to the debtor D,
and not the Creditor, the promise may be oral
Executor-Administrator Provision - correct answer ✔This applies when an
executor or administrator promises to pay personally a debt of the decedent,
meaning that this must be in writing to be enforceable.
This does not apply though when you promise to pay with assets from the
estate
Marriage provision - correct answer ✔This does need to be enforceable if
two parties both mutually agree to marry each other, rather it comes into play
when someone promises land or an item for marriage.
EX: if greg promises to convey title to a certain farm to betsy if she accepts his
proposal of marriage it would need to be in writing
Land Contract Provision - correct answer ✔This covers the promise to
transfer "any interest in land", including right, privilege, and power, or
immunity in real property.
This does not include personal property or short term leases (1yr or less)
,The courts may enforce an oral contract for the transfer of an interest in land if
the party seeking enforcement has so changed his position in reasonable
reliance upon the contract
Part performance - correct answer ✔This exception whereby the contract
need not be in writing typically requires that eithe r a portion or all of the
purchase price be paid, and the transferee has either taken possession of the
land or begun to do valuable improvements on the land.
One year provision - correct answer ✔This statue requires that all contracts
that cannot be fully performed within one year of their making to be in writing.
the possibility test - correct answer ✔to determine whether a contract can be
performed witin a year, the courts ask whether it is possible to complete its
performance within a year. Does not depend on the probanilities or the
actuality of subsequent events, but whether the terms of the cotnract make it
possible for performance to occur within one year.
For EX: if alice promises to employ bill for life, it need not be in writing
because the contract could be performed in one year technically as bill could
pass early.
computation of time - correct answer ✔The time for the one year provision
begins on the agreement. Thus if you say that A will work for B starting in
march for 11 months, and today is janurary, because thats longer than 1 year
duration the contract must be in writing and is said to be within the statute
Full Performance by one party - correct answer ✔where on party to a
contract has fully performed, most courts hold that the promise of the other
party is enforceable, even though by its terms the performance of the contract
was not possible within the period of a year.
, EG: vince borrows 4800 from julie, orally promising to pay julie 4800 in three
annual installments of 1600. vince promise is enforcebale, notwithstanding the
one-year pvosion, because julie has fully performed by making the loan.
Sale of Goods - correct answer ✔UCC states that a contract for the sale of
goods for the price of $500 or more is not enforcebale unless there is some
writing or record sufficient to indiciate that the parties have a made a cotnract
for sale.
However, if the other parties admits an oral contract was made then this may
be enforceable, but quantity can be limited
Specially manufactured goods - correct answer ✔the code permits a seller to
enforce an oral contract for goods specially manufactured for a buyer, but only
if evidence indicates that the goods were made for the buyer and the seller
can show that he made a substantial beginning to their manufacturer prior to
any notice of repudation
Specially manufactuered goods ex - correct answer ✔Jim brings action
against robin alleging breach of an oral contract under which robin agreed to
purchase three million balloons with robins trademark for a price of 30k. Robin
must show that the balloons are suitable for sale to other buyers, and that jim
heard of repudiation before he began making a lot of them.
Delivery or Payment and Acceptance - correct answer ✔Under the code,
partial performance validates the contract only for the goods that have been
accepted or for which payment has been acepted.
For ex: J orally agrees to buy 1k watches from B for 100k. B delivers 300
watches, and thus j is orally on the hook for paying for 300, but the other 700
he is not on th ehook for.
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