QUESTION 1 A written contract or memorandum MUST be signed by o the party bringing suit. o either party o the party to be held liable. o both parties. QUESTION 2 The statute of frauds eliminates the other elements of a contract. True False QUESTION 3 Under the provisions of the statute of frauds, one example of a contract that does NOT have to be in writing to be enforceable is a(n) o agreement for the transfer of ownership in real property. o agreement to rent real property for two years. agreement for the sale of merchandise valued at $400. promise to pay the debts of another living person. QUESTION 4 A lease for one year MUST be in writing. True O False QUESTION 5 An agreement is illegal and void if it violates state usury statutes. violates state licensing statutes. violates state criminal statutes. is against public policy. QUESTION 6 An agreement to fix prices is the preferred way of doing business. opposed to public policy. void. a violation of antitrust laws. QUESTION 7 The obligor is the one who is obligated to pay money or complete an act for another under a contract. True False QUESTION 8 An oral promise to pay your own debts is NOT enforceable. True O False QUESTION 9 A contract is NOT assignable if the obligor fails to notify the assignee. o the assignment was made as security for a debt. the assignment is not in writing. em sumil. Click Save All Answers to save all answers