1. A prenuptial agreement must be in writing to be enforceable under the Statute of Frauds.

Group of answer choices

True

False

2. To recover for fraud, a plaintiff must be twenty-one or more years of age.

Group of answer choices

True

False

3. Misrepresentation can occur by words or actions, but not by silence.

Group of answer choices

True

False

4. The Statute of Frauds is a law that states any contract between two or more people must be in writing to be enforceable.

Group of answer choices

True

False

5. An agreement that includes an option to purchase real estate must be in writing to be enforceable.

Group of answer choices

True

False

6. A party who in good faith performs substantially all of the terms of a contract can enforce the contract against the other party.

Group of answer choices

True

False

7. A collateral promise is one made by a third party to assume the debts or obligations of a primary party to a contract if that party does not perform.

Group of answer choices

True

False

8. A contract that cannot, by its own terms, be performed within one year from the day after the contract is formed does not need to be in writing to be enforceable under the Statute of Frauds.

Group of answer choices

True

False

9. Rudy files a breach of contract lawsuit against Shakes & Shingles, Roofing Contractor, Inc., claiming he is entitled to damages under the doctrine of promissory estoppel. In order to win, Rudy must show that

Group of answer choices

he justifiably relied on Shakes & Shingles' promise to his detriment.

he justifiably refused to fulfill a promise to Shakes & Shingles.

Shakes & Shingles justifiably refused to fulfill a promise to him.

Shakes & Shingles justifiably relied on his promise to its detriment.

10. Dry Gulch Farms hires Elliot to repair its irrigation system on site on a certain date for $2,500, but Elliot does not show up as agreed. Fernando offers to do the job for $2,000 and Dry Gulch accepts and hires him instead. If Dry Gulch sues Elliot for breach of contract, he will likely recover:

Group of answer choices

nominal damages

punitive damages

consequential damages

liquidated damages

11. At an auction for the first time, Dulcinea bids on a one-hundred-year-old Edison-brand phonograph, believing that it is worth more than the price asked. When the item proves to be less valuable, Dulcinea will

Group of answer choices

still have to go forward with her promise to pay the bid amount

be able to void her promise because of mutual mistake because Dulcinea overestimated the value of the auctioned item.

not be required to go through with the contract becuase the auctioneer overstated the value of the auctioned item.

be able to void the promise because of unilateral mistake because this was Dulcinea's first auction.

12. Camille, a tennis pro, convinces Dante, who has no athletic ability, that he has considerable skill and induces him to pay Camille $1,000 for tennis lessons. When Dante realizes the truth, he files a suit against Camille. Dante is most likely to recover on the basis of

Group of answer choices

fraud

undue influence

opinion clause

none of the other answer choices is correct

13. Mona is induced by her lawyer Newt to sign a contract to invest her student loan funds in Overseas Bank through Newt's investment firm. Unknown to Mona, Newt realizes ongoing commissions from the investment. Most likely, Mona may

Group of answer choices

rescind the contract on the basis of undue influence.

not rescind the contract.

rescind the contract on the basis of mistake

rescind the contract on the basis of unconscionability.

14. Drainage & Irrigation Equipment, Inc., contracts to sell its assets to Earth & Sky Aquatic Corporation. Before either party has performed, rescission of this contract requires

Group of answer choices

a mutual agreement to rescind.

a novation.

proof of liability release.

a valid contractual obligation.

15. Franz, the owner and manager of Green's Grocery Store, enters into a contract with Holly, the manager of Ideal Farms, to buy sixty crates of fresh peaches from Ideal Farms Holly. Suppose that Holly dies before she can harvest and deliver the peaches. How does Holly's death affect their contract?

Group of answer choices

It doesn't change the contract because the contract was with Ideal Farms, not Holly.

her obligation under the contract is discharged

Ideal Farms can sue Franz for breach because of the death.

Ideal Farms is discharged from the contract because the peaches can no longer be delivered by Holly if she is dead.

16. Rescission is the remaking of a contract so as to enrich one party at the expense of the other.

Group of answer choices

True

False

17. The element of intent is of prime importance in determining whether a contract has been formed.

Group of answer choices

True

False

18. A liquidated damages provision specifies that a certain amount is to be paid by a breaching party when damages are difficult to determine.

Group of answer choices

True

False

19. A promise to do what one already has a legal duty to do constitutes legally sufficient consideration.

Group of answer choices

True

False

20. Ordinarily, specific performance is not a permissible remedy for a seller's breach of a contract for a sale of real estate.

Group of answer choices

True

False