Reference no: EM133262271

1. Some contracts must be in writing; what is not an example of such a contract that falls within or under the "Statute of Frauds"?

a. contracts that cannot by their terms be performed within 1 year from the day after the date of formation

b. all employment contracts

c. under the UCC, contracts for sale of good priced at $500 or more

d. contracts involving the sale of land

2. In the classic movie The Godfather, Mafia boss Don Corleone famously states to the frustrated film star/crooner who wants a film contract, about the studio executive producer who won't hire him, "I'm gonna make him an offer he can't refuse." https://www.youtube.com/watch?v=fmX2VzsB25s If you don't know the book or the film, the Mafia Don has his goons leave a grisly message to "persaude" the studio exec to change his mind (the bloody decapitated head of the exec's beloved horse under the exec's bedcovers).

What would best describe the principle that would make such a contract rescindable?

a. undue influence

b. fraudulent misrepresentation

c. mistake

d. duress

3. What is not one of the standard 4 elements of fraudulent representation?

a. to collect damages, a party must have been harmed as a result of the misrepresentation

b. there is an intent to deceive

c. a misrepresentation of material fact must occur

d. the deceiving party must have broken a criminal law, e.g., forgery or identity theft

e. the innocent party must justifiably rely on the misrepresentation

4. What is not one of the categories of contracts that care not legally enforceable? Or to avoid the double negative, of all the choices, which type of contract is not illegal?

a. usury contracts (e.g., payday loan whose rate exceeds the statutory maximum)

b. gambling contracts that violate state statute

c. hitman contracts / contracts to commit a crime

d. contracts that are not 100% fair to one party, such as adhesion contracts (take-it-or-leave it standard-form contracts)

e. exculpatory clauses that impose unreasonable terms

f. contracts in restraint of trade, such as covenant not to compete / non-competition agreement that impose unreasonable time and areas of restraint

5. What is not one of the classes of people legally unable to enter into a contractual obligation? Or to avoid the double negative, of the four choices, which is the only class of persons legally able to enter into a contractual obligation?

a. minors (persons under 18 years old) under certain conditions

b. mentally incompetent persons

c. intoxicated persons

d. parents of children