BUSINESS 21056 Cheeseman Statue of Frauds and Equitable Exceptions, Latest 2020

) The primary purpose of the Statute of Frauds is to ensure that the terms of important contracts are not forgotten, misunderstood, or fabricated. Answer: TRUE Diff: 2 Topic: Statute of Frauds - Writing Requirement 2) The source of the Statute of Frauds today is a federal statute. Answer: FALSE Diff: 2 Topic: Statute of Frauds - Writing Requirement 3) A promise made in consideration of marriage need not be in writing under the Statute of Frauds. Answer: FALSE Diff: 1 Topic: Statute of Frauds - Writing Requirement 4) The Statute of Frauds may not be used as a defense to an already executed oral contract. Answer: TRUE Diff: 3 Topic: Statute of Frauds - Writing Requirement 5) Generally speaking, an oral contract that the Statute of Frauds requires to be in writing is voidable. Answer: FALSE Diff: 2 Topic: Statute of Frauds - Writing Requirement 6) The Statute of Frauds is generally raised by one party as a defense to the enforcement of the contract by the other party. Answer: TRUE Diff: 1 Topic: Statute of Frauds - Writing Requirement 7) Even if a contract is required to be in writing by the Statute of Frauds, the parties may voluntarily perform the contract if they so choose. Answer: TRUE Diff: 2 Topic: Statute of Frauds - Writing Requirement 8) Fixtures, such as cabinets, start out as personal property but become part of the real estate when they are attached to the wall. Answer: TRUE Diff: 1 Topic: Contracts Involving Interests in Land 9) The part performance exception to the Statute of Frauds applies only to guaranty contracts. Answer: FALSE Diff: 2 Topic: Contracts Involving Interests in Land 10) For Statute of Frauds purposes, an "interest in land" includes only the land itself and any fixtures attached to the land. Answer: FALSE Diff: 2 Topic: Contracts Involving Interests in Land 11) Under the Statute of Frauds, express easements must be in writing. Answer: TRUE Diff: 2 Topic: Contracts Involving Interests in Land 12) A lease for more than a one-year term must comply with the Statute of Frauds. Answer: TRUE Diff: 2 Topic: Contracts Involving Interests in Land 13) The "part performance" exception to the Statute of Frauds would allow an oral contract for the transfer of land to be enforced if the buyer had taken possession of and/or paid for the land. Answer: TRUE Diff: 1 Topic: Contracts Involving Interests in Land 14) The Statute of Frauds does not apply to mortgage contracts. Answer: FALSE Diff: 1 Topic: Contracts Involving Interests in Land 15) If Fred cannot finish building a 20-story hotel by the contract's own terms within one year of its formation, the contract must be in writing. Answer: TRUE Diff: 2 Topic: One-Year Rule