a.)Identify the purposes or applications of the Statute of Frauds.A purpose of the Statute of Frauds is toensure that contracts formed for fraudulent purposes are preserved in writingb.)outline the penalties for committingfraud in certain kinds of contractsc.)enforce the full execution of oral contractsd.)prevent one party from falsely claimingthat a contract was formed in certain areas of exchange

Approach to solving the question:Step 1: Comprehending the Context of the QuestionThe initial stage…

Answered: a.) Identify the purposes or…

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter12: Contracts And Sales:introduction And Formation

Section12.5: Formation Of Contracts

Problem 5.3CQ

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Similar questions

What is the knowing misrepresentation of the truth in order to trick someone into entering into a contract? Fraud O Duress O Embezziement Mistake
TRUE OR FALSE 1) A contract procured by fraud during face to face negotiations with an impostor is void. 2) A contract procured by fraud by mail with an impostor is voidable. 3) A usurious loan is a valid loan.
Does the coverage of the Statute of Frauds make sense as it currently stands? Would it be better to expand the law and require that all contracts be in writing? Or should the law be done away with altogether?
It’s a contract whereby a person binds himself to render some service or to do something in representation or on behalf of another, with the consent or authority of the latter. a. Contract of agency b. Contract of barter or exchange c. Contract for a piece of work d. None of the above
If a company reported fi ctitious revenue, it could try to cover up its fraud by: C . creating a fi ctitious asset.
Explain when exculpatory agreements, agreements involving the commitment of a tort, and agreements involving public officials will be held to be illegal.
A negotiable instrument can be indorsed by way of a restrictive indorsement, which prohibits further negotiation and constitutes the indorsee as agent of the indorser. As agent, the indorsee has the right, among others, to a. receive payment of the instrument. b. demand payment of the instrument only. c. notify the drawer of the payment of the instrument. d. instruct that payment be made to the drawee.
Which of the following is an INCORRECT statement regarding a fully disclosed agency? OA. A fully disclosed principal is liable on a contract with the third party. OB. In a fully disclosed agency, the agent's signature must clearly indicate that he or she is acting as an agent for a specifically identifie OC. In a fully disclosed agency, the agent is not liable on the contract with the third party. OD. In a fully disclosed agency, the contract is between the agent and the third party. OE. In a fully disclosed agency, the third party typically relied on the principal's credit and reputation when the contract was made.
Listen When a person claims to have been deceived into signing a negotiable instrument by being told it is something else, the level of his or her intelligence may determine whether he or she should have understood the nature of the deal before signing. True Fals
1. A contract of adhesion is a: A. take or leave it contract. B. charging above the maximum interest rate allowed. C. equally at fault. 2. A judicially decreed incompetent will enter into a void/voidable/valid contract. A. Void B. Voidable C. Valid 3. A sales contract has an implied condition precedent/condition concurrent/condition subsequent. A. condition precedent B. condition concurrent C. condition subsequent
The following are grounds for liability to pay damages, except: a. Negligence b. Fraud c. Contravention of the tenor of the obligation d. Advance
A contract that only one of the parties can enforce in a court is not valid. True False

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