BLAWch15

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Author:
isatonk
ID:
156615
Filename:
BLAWch15
Updated:
2012-05-31 10:47:50
Tags:
UNT BLAW3430 ch15 BLAW
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Description:
Review questions for Business Law and the Regulation of Business, 10th edition, Mann&Roberts, chapter 15
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  1. Why do some contracts have to be in writing?
    • prevent fraud of content and existence
    • preserve exact terms of contract
    • provide reliable evidence of contract
  2. When does the writing requirement not apply, even if it should have under contract law?
    when contract has been executed
  3. Which contracts have to be in writing to be enforceable under common law?
    • suretyship contracts -- promise to pay debt of another
    • marriage contracts -- marriage is condition of contract
    • land contract -- buy/sell land
    • one-year rule -- contract cannot be performed w/in one year of contract date
  4. Which contracts have to be in writing to be enforceable under UCC?
    sale of goods priced at least $500

    • except:
    • - specially manufactured goods
    • - delivery or (partial) pmt acceptance
  5. When are oral modifications to contract unenforceable?
    resulting contract falls within one of the statutes of fraud

    UCC: contract price still at least $500
  6. When is a contract regarding specially manufactured goods enforceable?
    once the manufacturer has made a substantial beginning of performance
  7. How does a contract meet the writing requirements under common law?
    • specifies parties, subject, essential terms
    • signed by the party to be charged (sued)
  8. How does a contract meet the writing requirements under UCC?
    • indication of an existing contract
    • specify quantity of goods to be sold
    • signed by the party to be charged (sued)
  9. Do all the parts of a contract have to be on the same piece of paper to meet the writing requirements under UCC?
    No, if it is a contract between merchants, written confirmation of an oral agreement signed by the sender satisfies UCC requirement, unless recipient objects in writing w/in 10 days
  10. What are the exceptions to the UCC writing requirement?
    • full performance -- contract has been executed
    • quasi contract -- reliance on an unenforceable contract
    • promissory estoppel -- reasonable and substantial reliance on a promise
  11. What is the parol evidence rule?
    • contract with merger clause
    • written contract that is complete and final expression of terms
    • contract includes only terms stated in the contract
    • cannot be changed with prior oral agreements

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