Williams BBA 3210 MID_T

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QUESTION 3

If a specific future event terminates a party's obligations under a contract, that future event is called a(n):

		foreseeable event.
		continuing condition.
		avoidable condition.
		condition subsequent.

QUESTION 5

Mortgages and leases must be in writing to be enforceable because:

		they cannot be performed within 1 year.
		they involve more than one party.
		the payment of money is involved.
		they are considered to be transfers of interests in real estate.

6 points

QUESTION 6

If an unforeseen event occurs after a contract has been made that makes one of the party's performance under the contract prohibitively more expensive than was contemplated when the contract was made:

		the party whose performance is now more expensive still has to perform their obligations under the contract.
		that party's obligation to perform under the contract can be cancelled under the doctrine of commercial impracticability.
		the parties to the contract will have to renegotiate the terms of the contract.
		the contract is automatically breached.

6 points

QUESTION 7

If a contract requires that a party to the contract perform specific obligations that are expected to take 2 years to complete, what circumstance would remove that contract from the statute of frauds requirement that contracts that cannot be performed within 1 year be in writing?

		No circumstance would remove the contract from the statute of frauds' requirement that the contract be in writing because all contracts that cannot be performed within a year must be in writing.
		If the contract was between two business entities, the contract would not have to be in writing.
		If there is a possibility that the obligations under the contract could be performed in less than a year after the contract was made, the contract would not have to be in writing.
		If the parties to the contract agree that the contract will be enforceable even though it is not in writing, the contract would not have to be in writing.

6 points

QUESTION 8

Does an agreement to get married have to be in writing to be enforceable?

		No, a mutual promise to marry does not have to be in writing.
		Yes, promises made in consideration of marriage are required to be in writing.
		Yes, if the date of the marriage is to be more than 1 year from the date of the agreement.
		Yes, if the parties to the agreement are citizens of different states.

QUESTION 10

If a specific event must occur before a party to a contract is required to perform their obligations under the contract, the contract:

		is voidable.
		must be in writing.
		contains a condition precedent.
		is not enforceable.