Mgmt 455 exam 2 - Study guides, Class notes & Summaries

A written contract is defined as a document upon which has been printed all of the terms and conditions of the parties' agreement. - ️️F A quasi contract may be imposed by the Court upon the parties to a contract in order to prevent one party from being unjustly enriched to the dteriment of the other party. - ️️T A voidable contract is one which the Court will refuse to enforce against the defaulting party. - ️️F The Court may refuse to enforce a contract if the contract is...

The Statute of Frauds is a rule of law that prevents one party from testifying and attempting to change the terms of a written contract. - ️️False An enforceable contract for the sale of an interest in real estate does not have to be in writing unless the real estate value is greater than $500 - ️️false A contract to pay the debt of another person must be in writing in order to be enforceable - ️️True If an oral contract violates the Statute of Frauds, the oral contract is i...

Community Association (Definition) - Answer a residential homeowners' association in which membership is a condition of ownership (mandatory) of a unit in a planned unit development, or of a lot for a home or a mobile home, or of a townhouse, villa, condominium, cooperative, or other residential unit which is part of a residential development scheme and which is authorized to impose a fee (assessment) which may become a lien on the parcel. Assessment - Answer The amount of money a unit or pa...