Question 71 1 pts To be enforceable. which of the following contracts require a written document under the statute of frauds? 0 your promise to pay the debts your sister owes to someone 0 your offer to build someone a house in 18 months 0 your offer to buy a warehouse 0 your offer to a prospective spouse to put $100,000 in his or her name 0 all of the above answers are correct Question 72 1 pts Mrs. Smith offers Mr. Weber $350,000 for his condominium, and they sign an agreement for the sale. Before the money is paid, Mrs. Smith nds out that the values had suddenly fallen clue to economic conditions, and that the condominium is worth only $300,000. Mrs. Smith 0 must pay $350,000; the contract is valid 0 does not have to go through with the contract because there is not adequate consideration 0 does not have to go through with the contract because there was a change in market conditions 0 must buy the condominium, but the price will be lowered when the court reforms the contract 0 must buy the condominium, but the price will be lowered to create consideration of proper value Question 68 1 pts The Electronic Signatures in Global and International Act (E-Sign) created evidence of valid signatures to a contract when signed by the makers of the contract. 0 True 0 False False Question 69 1 pts Rasmussen agreed to sell Deschamps a mobile home trailer park for $1,445,000. The contract explained how Rasmussen would be paid over time. After the sale, Rasmussen died and his estate inherited the asset. Meanwhile Deschamps found signicant problems with the park's water system. He was required $400,000 in repairs. Three years later, Deschamps stopped making payments to the estate claiming that the cost of the water system repairs made payments impossible. The contract clearly stated that Deschamps did not rely on any oral assurances or presentations by Rasmussen. Furthermore. Deschamps signed a contract that stated that he had not relied upon assurances by Rasmussen. Furthermore, Deschamps had the right to inspect the property, but he waived it or satised the inspection. However, Deschamps said that he should be able to admit into evidence the later conversations (after the signing of the contract) between him and Rasmussen regarding the condition of the property. 0 The parol evidence is admissible under this case. 0 Rasmussen committed fraud and therefore Deschamps will not have to make any more payments to the estate. 0 Parol evidence will not be admitted in this case as the contract was clear and unambiguous and there was no further writing that changed the terms of the original contract. 0 Since Rasmussen orally said that the water system was in good condition and that occupancy rate was higher than in fact it was, Deschamps need not make further payments. 0 All but c are correct answers. Question 65 1 pts In breach of contract cases, if there is no tort involved. the damages are only those related to economic losses suffered by the actual breach. 0 True. This is the Economic Loss Rule 0 False. False. One can sue for punitive damages, mental anxiety and other damages in addition to the actual economic losses suffered. Question 66 1 pts In general, which of the following is NOT TRUE of contracts in Japan (compared to business contracts in the U.S.): O The Japanese view contracts as secondary to the ongoing relationships of the parties. 0 Contracts with the Japanese should be brief and flexible, not detailed. O The Japanese often want \"good faith clauses" in contracts with Westerners {as there is a perception that Westerners are will not negotiate disputes in good faith and are more likely to sue). 0 Long, detailed contracts may be viewed with suspicion by the average Japanese company. 0 AAII of the above are true statements. Question 67 1 pts 67. A furniture store sold items on credit to an unsophisticated. low-income person. Under contract, none of goods were considered "paid for:" until every item was paid. The buyer paid for all items on time but failed to make payments on the last item bought. The store wanted to repossess everything, notjust last item. 0 The store can do this, because this condition was a part of the contract. 0 This is a case of an unenforceable, unconscionable contract, as there was unequal bargaining power between the buyer and the store. Question 63 1 pts You sit at your window in awe, watching a crew of workers from the L&T Paving Company you're your driveway. You're just thrilled! The problem is that you didn't order the work. When L&T Paving sends you the bill Q You must pay them. This is a quasi contract. 0 You don't have to pay them. They made the mistake in paving the wrong driveway, not you. 0 You don't have to pay them the full price for the driveway, because part of the fault lies with the company. 0 You can sue them for breach of contract. 0 None of the above is correct answers. Question 64 1 pts You are at work one day, and when you get home, you nd that a paving company has mistakenly paved your driveway. You're just thrilled! When L&T Paving sends you the bill 0 You must pay them. This is a quasi contract. 0 You don't have to pay them. They made the mistake in paving the wrong driveway, not you. 0 You don't have to pay them the full price for the driveway, because part of the fault lies with the company. 0 Your decision to pay them or not is an ethical or moral issue. but not an enforceable contract at law. 0 b and cl are both correct answers. Question 61 1 pts Alice takes care of Mrs. Newman, a 95-year-old widow who must have a lot of assistance in getting around, bathing, cooking, shopping for groceries and clothing, etc. Mrs. Newman is very dependent on Alice, and often tells Alice how grateful she is that Alice is helping her. Alice realizes that Mrs. Newman is dependent on her, which gives her an advantage in negations. She tells Mrs. Newman that she can take better care of her if Mrs. Newman can sign over her house and car into Alice's name and also place Alice's name on Mrs. Newman's bank accounts. Trusting Alice, Mrs. Newman does all of this. When Mrs. Newman's daughter learns of this, she tries to talk her mother into suing Alice to get the assets back. If Mrs. Newman sues Alice, the court will likely find that the transfers through verbal contract are O valid and enforceable as Mrs. Newman was sane at the time of their making. O the contracts were valid and would be enforced, but the contracts would be reformed by the court for the value of Alice's service to Mrs. Newman. O there was fraudulent misrepresentation by Alice and therefore the contracts are unenforceable. O there was undue influence by Alice and therefore the contracts are unenforceable. O there was duress by Alice and therefore the contracts are unenforceable. Question 62 1 pts Prohibiting the introduction of oral evidence when it contradicts the terms of a written contract is an example of: O the right to disaffirm O the parol evidence rule O promissory estoppels O a legal detriment O none of the other choicesQuestion 59 1 pts N&W Construction prepared a bid to submit to Mississippi Job Corps Center (MJCC) to build a kitchen facility at its training center. N&W received oral bids from plumbing subcontractors in preparing its larger bid to MJCC. Hinson quoted $92,000 as a bid as plumbing subcontractor. The next lowest bid was $139,000. N&W used Hinson's bid to prepare its bid to MJCC and was awarded the contract by MJCC. When N&W contacted Hinson that it needed plumbing work to begin, he refused to do the job. N&W then hired next lowest bidder; and had to pay an additional $47,000 to get work done . In this case. 0 N&W will sue on the theory of promissory estoppels. also known as detrimental reliance. O N&W will receive an award of $47,000 for the additional money it had to pay for the 2nd higher bidder. 0 Since there was no actual contract signed here. N&W will not have a lawsuit. 0 N&W did not actually rely on Hinson's bid, as they know that plumbers are always unreliable. O a and b are both correct answers. Question 60 1 pts You are tired of some people trespassing on your land and drinking on the back 10 acres of your property. As a result you asked the court to ne them $50 and order them to never to enter your land. What remedies have you asked the court for? O Liquidated damages 0 Punitive damages 0 Nominal damages 0 Permanentlnjuncon O c and d are both correct answers. Question 57 1 pts Scheerer, a real estate agent who helped to arrange to buy commercial real estate for the cost of $20 million. The seller and Fisher each promised to pay Scheerer 2% commission. The deal fell apart and so Fisher formed a new company, and had third party, Antonio, buy the property then sell it to Fisher's new company in order to cut out Scheerer from receiving his 2% commission. When Scheerer learned of deal and that he had gotten no commission from it. what occurred. 0 Scheerer sued for breach of contract for quantum meruit {also known as quasi contract} for compensation. 0 There was actually no contract or basis of payment. 0 Under the concept of competition in the market, what Fisher did is legal and there will be no compensation to Sheerer. 0 Although the original contract failed, the law implies a promise to pay some reasonable compensation for services rendered by Sheerer. 0 All but c are correct answers. Question 58 1 pts Pena and Fox were in an auto accident in which Pena was injured. Prior to suing. Pena's attorney sent settlement offer to Fox's insurer, USAA. The offer was for payment of Fox's policy limits to Pena in exchange for her release of all claims against Fox regarding the accident. The offer letter stated the release would apply to Fox only but not to any other parties. Pena considered reply as a rejection to her offer and then sued Fox. Fox requested trial court to enforce settlement agreement offered by USAA. In this case 0 The settlement agreement is considered a contract and is governed by contract law. 0 There was no meeting of the minds and therefore no contract. 0 There was an acceptance to the offer and there for a contract was formed. 0 The acceptance did not mirror Pena's offer. 0 All but c are correct answers