Richard sold Tom his boat for $10,000 taking back a loan from Tom in the amount of $8,000 on the purchase. When Tom stopped paying on the loan, Richard tried to repossess the boat, only to find out that Tom sold the boat the week before to his brother George for $1.

Richard can repossess the boat.

Richard can repossess the boat only because the sale was to a relative.

Richard cannot repossess the boat.

Richard cannot repossess the boat only because the sale was illegal.

Restrictive covenants and covenants not to compete are always struck down because they are unreasonable restraints of trade

true

false

Brandon, a recent law school graduate, says he will provide affordable legal services to anyone who needs help. Although his bar exam results are not out yet, Brandon is certain he has passed and assists many clients with their legal matters. Are Brandon's clients required to pay forlegal services rendered before he has received his license?

Yes, a court will require that his clients pay in full for any services they received from him.

Yes, but if Brandon discoversthat he failed the bar exam, he must return all client monies.

No, because it is against the law for anyone without the required state regulatory license to practice law.

No, because Brandon has acted incompetently.

The illegal practice of charging more than the amount of interest allowed by law is called

Libel

In pari delicto

Slander

Usury

Jones goes to work for XYZ Foundry and signs an employment contract that provides "employee shall assume all risks associated with his position and will not hold the company liable for any injury or damage he may sustain during the scope of his employment." This exculpatory clause is enforceable.

true

false

A party's written agreement to pay another's debt is enforceable as a surety.

true

false

Exceptions to the parol evidence rule include evidence

of subsequent modification of a written contract.

to show that a written contract is voidable or void.

of the meaning of ambiguous terms used in a written contract.

all of the above

Barney orders a dozen kegs of beer from Moe at a cost of $600. Moe never delivers the beer, and Barney brings a lawsuit. He has a written copy of the agreement between himself and Moe. For this writing to overcome the Statute of Frauds, which party must have signed it?

Barney

Moe

both Barney and Moe

neither Barney and Moe

Under the UCC, which of the following consitute a writing sufficient to satisfy the Statute of Frauds?

a canceled check

an invoice

a faxed copy of a document

all of the above