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t that calls for the commis ways valid. has its own Statute of Frar - of Frauds requires all co.

t that calls for the commis ways valid. has its own Statute of Frar - of Frauds requires all co.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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! True/False
Name: 1) Agreements not to compete are legal if the restraint is reasonable as to time and area. TRUE FALSE 2) An agreement that calls for the commission of a civil wrong is always valid. 3) The U.C.C. has its own Statute of Frauds of $500. TRUE FALSE • TRUE FALSE 4) The Statute of Frauds requires all contracts to be in writing. TRUE FALSE 5) Parol Evidence may be used to supply missing terms to an obviously incomplete contract. TRUE FALSE 6) An ambiguous contract is interpreted strictly against the party who drafted it. 7) A party to a contract is usually not bound if the contract proves to be a bad bargain and results in no profit. 8) To be valid, an assignment must always be in writing. 9) The original parties to a contract may terminate it so long as the third party beneficiary has not substantially changed position in reliance on it. 10) The death of a party always cancels out a contract for the payment of money made before death. TRUE FALSE TRUE FALSE TRUE, FALSE TRUE FALSE TRUE FALSE
Transcribed Image Text:Name: 1) Agreements not to compete are legal if the restraint is reasonable as to time and area. TRUE FALSE 2) An agreement that calls for the commission of a civil wrong is always valid. 3) The U.C.C. has its own Statute of Frauds of $500. TRUE FALSE • TRUE FALSE 4) The Statute of Frauds requires all contracts to be in writing. TRUE FALSE 5) Parol Evidence may be used to supply missing terms to an obviously incomplete contract. TRUE FALSE 6) An ambiguous contract is interpreted strictly against the party who drafted it. 7) A party to a contract is usually not bound if the contract proves to be a bad bargain and results in no profit. 8) To be valid, an assignment must always be in writing. 9) The original parties to a contract may terminate it so long as the third party beneficiary has not substantially changed position in reliance on it. 10) The death of a party always cancels out a contract for the payment of money made before death. TRUE FALSE TRUE FALSE TRUE, FALSE TRUE FALSE TRUE FALSE
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