1) The following types of contracts are required to be in writing except

a

Contracts involving real estate

b

Contracts to pay back a loan for over one year

c

Prenuptial agreements

d

Agreements for the sale of goods over $500

2)

Katie moves into a new neighborhood where a new school has been planned to be built. The residents of the neighborhood anticipate that their property values of their homes will increase because of the new school. The plans to build the school fall through and it is not built in the neighborhood. Katie may

a

Bring an action as an intended beneficiary

b

Not bring an action as she is an incidental beneficiary

c

Bring a class action on behalf of her entire neighborhood

d

Sue for the potential value increase to her property

3)

A term in an employment contract for a law clerk that provides that her continued employment will be discharged if she fails to pass the bar exam is an example of a condition subsequent.

a

True

b

False

4)

Anticipatory repudiation is treated as a material breach of contract.

a

True

b

False

5) The following are all ways in which a contract may be discharged by operation of law except

a

Material alteration

b

Bankruptcy

c

Anticipatory repudiation

d

Frustration of purpose

6) Punitive damages are often awarded in contract law disputes

a

True

b

False

7) This type of remedy is often awarded in contract disputes involving the sale of land.

a

Rescission and restitution

b

Specific performance

c

Monetary damages

d

Injunction

8) For contracts for the sale of goods under the UCC, it is possible to include provisions that limit potential remedies.

a

True

b

False