1: Dell is negotiating the sale of his dairy farm to Alice. Dell told her it has been operated profitably for the last few years and presented her with appropriate financial records for review. Despite his comments, Dell knew the farm had been losing money over the last year and the records so indicated. Alice thoroughly reviewed the records but made an mathmatical error leading her to believe that Dell's statement about the farm being profitable was accurate. Relying on her interpretation of the financial records she agreed to purchase the facility. Which of the following is true?

A. Dell's statement is false and therefore a claim of fraud by Alice will be successful.

B. Because Alice made an independent investigation, she did not rely on Dell's statement in making the decision to buy. Therefore fraud does not apply.

C. This is an example of duress.

D. None of the above is true.

2: Doug owns a vase that he is selling through Craig's list, which is an online service akin to EBay. Doug believes that the vase has little collector's value. He sold it for $200. He later learns that the market value is about $5,000. Can Doug avoid the contract?

	A.	No. This is the sort of mistake the law considers a bilateral one and does not constitute grounds to avoid the contract.
	B.	This mistake is the sort that relates to the value of an item rather than to the facts. This kind of mistake does not constitute grounds to avoid the contract.
	C.	This mistake is so great that a court will avoid the contract for fairness.
	D.	None of these answers is correct.

Jerry owns a farm and is considering selling the farm and several other things to Morgan. Which of the following would not require a writing?

	A.	A sale of the farm for $50,000
	B.	A lease of the farm for 2 years at $100,000 per month
	C.	A sale of all animals on the farm for $400
	D.	An easement across the farm for $5,000
	E.	All of the selections would require some writing under the Statute of Frauds

Mandy wanted to buy a boat and applied for a loan at the bank. Due to her limited credit history, the bank refused to lend to Mandy unless she arranged for a cosignor. Her brother agreed to cosign on the loan with her. Which of the following is true?

	A.	If the loan contract is oral, the bank will not be able to enforce the loan against Mandy's brother.
	B.	Even if the loan contract is oral, the bank will be able to enforce the loan against Mandy's brother.

Dwight signed a contract today with West Publishing Company to write two children's books. According to the terms of the contract, the manuscripts must be completed no later than Valentine's Day. Must this contract be in writing to be enforceable?

	A.	Yes
	B.	No

MCC ordered $5000 worth of mugs for graduating students that read, "Congratulations graduate!" The contract was oral. Upon delivery of the mugs MCC accepted the goods and then refused to pay, claiming the contract was unenforceable under the statute of frauds. Will the mug manufacturer be successful if it sues MCC for payment?

	A.	Yes, this type of contract does not require a writing.
	B.	Yes, since the goods were delivered and accepted, a written contract is not required.
	C.	No, the contract required a writing to be enforceable

Which of the following is true?

	A.	The writing required under the Statute of Frauds must include in detail all the terms of the agreement.
	B.	To satisfy the requirements of the statute of frauds, both parties to a contract must sign a written agreement.
	C.	As long as either party to a contract signs a written agreement, the requirement of the Statute of Frauds will be satisfied.
	D.	To satisfy the statute of frauds, the party to be charged must sign a written agreement.