12 OF 12 QUESTIONS REMAINING One of the primary purposes of the statute of frauds requirement that a contract be in writing is: A) that courts do not favor verbal contracts. B) to provide reliable evidence that a contract exists. C) to ensure that lawyers are involved in the making of all contracts. D to ensure that contracts involving large sums of money are precise. Question 2 4 Points If a contract requires that a party to the contract perform specific obligations that are expected to take 2 years to complete, what circumstance would remove that contract from the statute of frauds requirement that contracts that cannot be performed within 1 year be in writing? A) No circumstance would remove the contract from the statute of frauds' requirement that the contract be in writing because all contracts that cannot be performed within a year must be in writing. B If the contract was between two business entities, the contract would not have to be in writing. If there is a possibility that the obligations under the contract could be performed in less than a year after the contract was made, the contract would not have to be in writing. D if the parties to the contract agree that the contract will be enforceable even though it is not in writing, the contract would not have to be in writing Question 3 4 Points Does an agreement to get married have to be in writing to be enforceable? A) No, a mutual promise to marry does not have to be in writing- B Yes, promises made in consideration of marriage are required to be in writing. C Yes, if the date of the marriage is to be more than 1 year from the date of the agreement. D Yes, if the parties to the agreement are citizens of different states. Question 4 4 Points If a party to a contract performs almost all of their obligations under the contract and has not intentionally failed to perform the obligations under the contract that they have not completed: A) a court may find that there has not been a breach of contract according to the substantial performance doctrine. B they have breached the contract. (C a continuing condition has not been satisfied. D the contract is voidable. Question 5 4 Points If a specific event must occur before a party to a contract is required to perform their obligations under the contract, the contract: A ) is voidable. B must be in writing- C contains a condition precedent. (D) is not enforceable. Question 6 4 Points If a specific future event terminates a party's obligations under a contract, that future event is called a(n): A) foreseeable event. B continuing condition. (c) avoidable condition. D condition subsequent.12 OF 12 QUESTIONS REMAINING If A and B make a contract and then, with A's consent, C replaces B in the contract: A) the contract has been breached. B A can still hold B liable if the contract is breached. C a novation has occurred. D B can hold C responsible if the contract is breached. Question 8 4 Points Partial performance is an exception to the statute of frauds requirement that a contract be in writing to be enforceable because: A the actions of the parties in partially performing the contract demonstrate the existence of the contract and the terms of the contract. B once performance of obligations required in a contract begin, that performance must be completed. partial performance is considered to be an admission that the parties to the contract have carefully considered the obligations they assumed in making the contract. D under English common law, any action under a contract makes a party to the contract responsible for fully performing the contract. Question 9 4 Points Is a prenuptial agreement that is in writing always enforceable? A ) No. unless there is consideration for the agreement. B Yes, promises made in contemplation of marriage must be in writing. (c) No. prenuptial agreements violate public policy and are not enforceable. D Yes, because a prenuptial agreement has all of the elements necessary to form a contract. Question 10 4 Points If a party to a contract unjustifiably fails to perform their obligations under a contract: A) substantial performance will save them from having breached the contract. B that party can avoid breaching the contract by creating a novation. C a material breach of the contract has occurred. D the contract is cancelled. Question 11 30 Points Have you ever bought something, paid for it, and arranged to have it delivered to you at a later date? That is a fairly typical transaction, and, under the Uniform Commercial Code (UCC), a delivery contract is created. However, it is a little complicated to determine when you become the complete owner of the thing purchased. First, when the contract is made and the purchase price is paid, the title to the item purchased is transferred to you, the purchaser. The UCC says that title is ownership, so you become the owner when the contract is signed and the purchase price is paid. However, only when the item purchased is actually delivered to you does the risk of loss pass to you. Why is that two-step process (i.e., [1] title is transferred to you when the purchase price is paid, and [2] then risk of loss is transferred to you when the good is delivered to the purchaser) necessary or helpful? Your response must be at least 200 words in length. Use the editor to format your answer Question 12 30 Points The principal agent relationship, the employer-employee relationship, and the employer-independent contractor relationship are three types of agency relationships commonly found in business settings. Why is it important for business professionals to know what type of agency relationship they are forming