. 16

1.Jon and Ned are considering entering several contracts with one another.They have some concerns about whether their agreements need to be in writing or not.Which of the following types of agreements would Jon and Ned need to put in writing for their agreement to be legally enforceable:

Agreements for an interest in land

Agreements that cannot be performed within one year

The promise to pay the debt of another

Promise made by an executor of an estate

Promise made in consideration of marriage

All of these agreements need to be in writing for them to be legally enforceable

.

. 17

1.True or False:When resolving a dispute between Michael and LeBron involving whether or not there was a valid offer and acceptance in their contract negotiations, the court will use a subjective standard.

True

False

.

. 18

1.True or False:Verbal agreements are often legally enforceable as contracts.

True

False

.

. 19

1.Steve owns a bank.Steve's bank has made a loan with an interest rate in excess of what is allowed by state law.The penalty that Steve's bank will incur will be:

To forfeit the illegal interest charged

To forfeit the entire loan amount

Dependent upon state law

To forfeit all of the interest charged