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- The following situations generally require a contract to be in writing: • sales of land • purchases of goods over $500 • promises made in consideration of marriage ⚫ contracts that cannot be completed in less than one year • a contract in which one person promises to pay the debt of another person This legal concept is known as offer and acceptance promissory estoppel the statute of frauds et lux perpetua luceat eis1. A contract to sell real estate is generally not enforceable unless it is in writing. a) True b) False33) The act of forbearance of some deed at the request of the guarantor is usually consideration to the guarantor in a contract of guarantee. a. True b. False 34) A guarantee occurs when a third party agrees to pay off a loan made to another. a. True b. False 35) Exemption clauses in insurance contracts are strictly interpreted by the courts. a. True b. False 36) An offer to purchase life insurance is accepted when the agent provides the applicant with an insurance binder. a. True b. False 37) A comprehensive general insurance policy is one that covers most types of damage or loss to an insured's property as well as providing third party liability. a. True b. False 38) Subrogation allows an insurance company to recover its loss from the person(s) responsible without having to pay the insurance proceeds to the insured. a. True b. False 39) An insurance contract is one that is usually said to require utmost good faith on the part of the…
- Which of the following statements regarding discharge of contracts is FALSE? 1) All parties are relieved of their obligations if the contract is discharged. 2) Party A need not pay for any goods received from Party B if Party A willingly accepts the partial performance of the contract by Party B. 3) A contract that becomes more expensive or difficult to perform will not be automatically discharged. O 4) A contract will be discharged if it becomes impossible subsequently to perform the contract.29. A sting broker is employed to find a purchaser and produces a full cash offer that meets the seller's terms. The seller refuses to accept the offer because he doesn't like the buyer. Which condition exists? (4) The broker is entitled to compensation since he produced a buyer who met the seller's terms for the sale A (b) The broker is obligated to find another buyer that the seler kes in order to be compensated (c) The troker is not entiled to compensation unit the contract is signed by all parties. The broker is only wted to compensation when the contract is consummated on the day of closingQuestion 13 A party contracts to guaranty the collection of the debts of another. As a result of the guaranty, the creditor, upon debtor's default, can immediately proceed against the guarantor without further notice. True False Question 14 Hudson National Bank files a financing statement regarding a transaction with EcoVibes. To be valid, the financing statement must contain both the debtor's and creditor's signatures. True False Question 15 The Truth-In-Lending Act applies to all merchants that sell consumer goods. True False
- 1. State the issue in this case. 2. State the contract in this case. 3. State the elements of contract in this case.9 - Which of the following is the transfer method of registered negotiable documents?A) as written on the billB) Transfer of possessionC) TurnoverD) Quotation for no reasonE) the way of assignment and delivery of the receivableSue Flay's Cakery promises to pay Oscar Ruitt not to park in a city-designated no-parking zone in front of her store. This agreement is: (Choose all of the correct answers.) Not enforceable because Oscar Ruitt has no legal right to park in a city-designated no-parking zone Not enforceable because Oscar Ruitt never made any enforceable promise to Sue Flay's Cakery Not enforceable because Oscar Ruitt is merely making an illusory promise Enforceable because Oscar Ruit is giving up the right to do something he would otherwise have the right to do Enforceable because Sue Flay's Cakery is offering legally sufficient consideration to Oscar Ruitt
- With the aid of relevant examples write short notes on any 5 remedies available for breach of contract.1. “Section 10 of Contract Act 1950 mentioned that all agreements are contracts if they are made by the free consent of parties”. Based on the section, discuss TWO (2) examples of voidable contract. Note: need simple introduction and conclusion.Emilio's Italian Restaurant enters into a contract with Vino winery wherein Emilio's agrees to purchase all the wine that Vino produces for $8/bottle. a. This contract is unenforceable because it fails to specify a quantity in the contract. b. This is an enforceable contract. c. This contract will only be enforceable if every other contract terms is specified in the contract. d. This contract is unenforceable because Vino hasn't given any consideration for selling all their wine to Emilio's.