2.01 Business Law Practice

Brady and Jennifer Lopez are purchasing their first home. What law requires that their contract be in writing?

• Parol Evidence

• Promissory Estoppel

• Statute of Frauds

• Statute of Limitations

Nia gives up her legal right to sue Cassie. What term describes this situation?

• Benefit

• Counteroffer

• Detriment

• Forbearance

Any loss suffered or anything given up is called a

• Detriment

• Benefit

• Forbearance

• Counteroffer

Something that a party was not previously entitled to receive

• Forbearance

• Counteroffer

• Detriment

• Benefit

If the offeror mails an offer to the offeree, and the offeree faxes the acceptance, when will the offer go into affect?

• When offered

• When received

• When sent

• When written

Sally agrees to buy a set of tires for her new Ford Mustang GT after talking to the salesman over the phone. What type of contract is this?

• Oral

• Unenforceable

• Valid

• Written

Cook and Stevenson signed a real estate contract to purchase a historic home. In the body of the contract, a change is handwritten in. What law requires the contract to be in writing?

• Statute of Frauds

• Statute of Limitations

• Statute of Realtors

• Uniform Commercial Code

Bill and Sarah agreed at lunch to a contract for landscaping services. Bill did not have the contract form for Sarah to sign. What type of contract is this?

• Oral

• Unenforceable

• Valid

• Written

Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. Who is Mark?

• Donee

• Donor

• Offeree

• Offeror

Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. Who is Jill?

• Donor

• Donee

• Offeree

• Offeror