Multiply Choice 1. Two individuals signed a contract that was intended to be their entire agreement. The

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Multiply Choice
1. Two individuals signed a contract that was intended to be their entire agreement. The parol evidence rule will prevent the admission of evidence offered to:
(a) Explain the meaning of an ambiguity in the written contract
(b) Establish that fraud had been committed in the formation of the contract
(c) Prove the existence of a contemporaneous oral agreement modifying the contract
(d) Prove the existence of a subsequent oral agreement modifying the contract

2. Raul wants to plant a garden, and he agrees to buy a small piece of land for $300. Later, he agrees to buy a table for $300. Neither agreement is put in writing. The agreement to buy the land enforceable, and the agreement to buy the table enforceable.
(a) Is; is
(b) Is; is not
(c) Is not; is
(d) Is not; is not

3. The common-law Statute of Frauds requires that to be “in writing,” an agreement must be signed by .
(a) The plaintiff
(b) The defendant
(c) Both A and B
(d) None of the above

4. Mandy verbally tells a motorcycle dealer that she will make her son’s motorcycle payments if he falls behind on them. Will Mandy be legally required to live up to this agreement?
(a) Yes, absolutely
(b) Yes, if her son is under 18
(c) Yes, if Mandy will be the primary driver of the motorcycle
(d) Yes, if the motorcycle is worth less than $500
(e) No, absolutely not

5. In December 2012, Eric hires a band to play at a huge graduation party he is planning to hold in May, 2014. The deal is never put into writing. In January 2014, if he wanted to cancel the job, Eric be able to do so. If he does not cancel, and if the band shows up and plays at the party in May 2014, Eric have to pay them.
(a) Will; will
(b) Will; will not
(c) Will not; will
(d) Will not; will not

Dealer
A dealer in the securities market is an individual or firm who stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A dealer seeks to profit from the spread between the...
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Business Law and the Legal Environment

ISBN: 978-1111530600

6th Edition

Authors: Jeffrey F. Beatty, Susan S. Samuelson, Dean A. Bredeson

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