MULTIPLE CHOICE QUESTIONS: Choose the best answer for each item With regard to written contracts, which of the following types of evidence are allowed to modify a contract despite the parol evidence rule? a. Prior oral or written agreements. b. Contemporaneous written or oral agreements. 1. c. Subsequent oral or written agreements modifying the agreement d. All of the above may be used to modify a written agreement e. None of the above is true Julio offered to sell his painting, Blue Opus #2, to Pollock for S 10,000. Pollock was to send his acceptance by mail to Julio by the 30th of the month. Before Pollock could accept the offer, Julio died. Which statement best describes the legal status of the transaction? 2. a. Pollock can still accept the offer if he mails the acceptance before the 30 of the month. b. Julio's estate is bound by the exact terms of the offer and cannot raise the price. c. Pollock cannot accept the offer because it terminated by operation of law when Julio died. d. The offer is still valid because all the required elements are present. e. Statements a, b, and d are all true statements about the offer Assume now that Pollock's acceptance arrived at Julio's on the 21 and Julio died two days later on the 23 Which statement best describes the legal status of the transaction? 3. a. The contract is void because it terminated by operation of law at Julio's death b. The estate of Julio and Pollock would have to negotiate a new contract c. The contract is voidable, but only at the option of Julio's estate. d. The contract is voidable, but only Pollock has the right avoid it. A valid contract exists and Julio's estate will have to sell Blue Opus #2 to Poliock for $10,000. e. 4. Which of the following is an illusory promise? a. I will buy your car if my husband likes it." b. "I will drive you to work if your car is still in the repair shop." C. "I will go with you to the donkey basketball game if I can't think of anything better to do." d. "I will buy tickets to the World Series if the Red Sox win the Pennant." e. All of the above are illusory promises. 5. Tuvoc owes Monica $500 for a used car. The two agree that Tuvoc can satisfy the debt by raking Monica's leaves throughout the fall season. The new contract is a(n): a. Satisfaction b. Accord C. Novation d. Restitution MULTIPLE CHOICE QUESTIONS: Choose the best answer for each item With regard to written contracts, which of the following types of evidence are allowed to modify a contract despite the parol evidence rule? a. Prior oral or written agreements. b. Contemporaneous written or oral agreements. 1. c. Subsequent oral or written agreements modifying the agreement d. All of the above may be used to modify a written agreement e. None of the above is true Julio offered to sell his painting, Blue Opus #2, to Pollock for S 10,000. Pollock was to send his acceptance by mail to Julio by the 30th of the month. Before Pollock could accept the offer, Julio died. Which statement best describes the legal status of the transaction? 2. a. Pollock can still accept the offer if he mails the acceptance before the 30 of the month. b. Julio's estate is bound by the exact terms of the offer and cannot raise the price. c. Pollock cannot accept the offer because it terminated by operation of law when Julio died. d. The offer is still valid because all the required elements are present. e. Statements a, b, and d are all true statements about the offer Assume now that Pollock's acceptance arrived at Julio's on the 21 and Julio died two days later on the 23 Which statement best describes the legal status of the transaction? 3. a. The contract is void because it terminated by operation of law at Julio's death b. The estate of Julio and Pollock would have to negotiate a new contract c. The contract is voidable, but only at the option of Julio's estate. d. The contract is voidable, but only Pollock has the right avoid it. A valid contract exists and Julio's estate will have to sell Blue Opus #2 to Poliock for $10,000. e. 4. Which of the following is an illusory promise? a. I will buy your car if my husband likes it." b. "I will drive you to work if your car is still in the repair shop." C. "I will go with you to the donkey basketball game if I can't think of anything better to do." d. "I will buy tickets to the World Series if the Red Sox win the Pennant." e. All of the above are illusory promises. 5. Tuvoc owes Monica $500 for a used car. The two agree that Tuvoc can satisfy the debt by raking Monica's leaves throughout the fall season. The new contract is a(n): a. Satisfaction b. Accord C. Novation d. Restitution