Business Law Chapter 12

An oral agreement to sell a house is bound by the down payment of the buyer.

• True

• False

Valid contracts may be oral, written, implied form conduct, or some combination of these unless otherwise required by law.

• True

• False

An executed contract cannot be reversed if within the statute of frauds and there is neither writing nor signature.

• True

• False

An executory contract in violation of the statute of frauds is an illegal contract.

• True

• False

A quasi-contract exists when some element of an enforceable contract has unjustly enriched one of the parties in excess of four times its worth.

• True

• False

To comply with the statute of frauds, written contracts must be very specific, explaining every aspect of the contract in great detail.

• True

• False

Rules for the parole of prisoners and the parol evidence rule are NOT related.

• True

• False

Important transactions should include all the essential terms in the writing.

• True

• False

Under the original statute, either party could be successfully sued on the contract.

• True

• False

A writing between merchants that is signed and sent by one party and not objected to within 10 days after receipt is treated as the writing of the other party.

• True

• False