Business law class. Please answer for those multiple choses. 1) In which of the

Question

Business law class. Please answer for those multiple choses.

1) In which of the following situations has the implied covenant of good faith and and fair dealing been applied by the courts?

contracts for the sale of real property

employments contracts

This concept applys to all contracts and includes all of the above

insurance contracts

2) The statute of frauds makes oral contracts that are covered by its provisions:

Void

Negligence per se

Unenforceable

Illegal

3) X contracts to build a building for Y, thinking that he will make a profit on the deal. Later, X discovers that she has miscalculated and that the job will not be profitable. In this situation, X is NOT excused from performing on the contract because of commercial impractibility.

True

False

4) A party may excuse the occurrence of a condition and thereby bind herself contractually to the contract by waiving the condition.

True

False

5) Once an assignment is complete, the assignee can assign the contract rights to another assignee as long as the terms are not changed.

True

False

6) Which of the following is always necessary for there to be a valid assignment?

None of the above are always necessary

consideration

a writing

a filing with a local court

7) In order for an assignment to be valid, the assignee should notify the obligor of the assignment, although failure to notify does not invalidate the assignment.

True

False

8) A novation may relieve a party of the duty to perform under the terms of the contract.

True

False

9) Which of the following is covered by the statute of frauds?

A contract involving marriage with a minor

A $300 contract for the sale of pencils

A unilateral contract that cannot be performed in ten years

A real estate contract

10) Which of the following generally is not recoverable in a contract suit?

consequential damages

icidental damages

punitive damages

nominal damages

11) Which of the following rights is most likely to be assignable?

A contract to receive 500 baseball caps

Future wages

A contract to build a house for the assignor

A contract to sign at a concert

12) The statute of frauds covers all contracts that cannot be performed within one year under their terms.

True

False

13) In order to satisfy the statute of frauds, the parties' writing must:

Be signed by the party to be charged (the person using the statute of frauds as a defense) or her agent.

Be kept in a safe deposit box

Be signed by both parties

Be notarized

14) All contractual conditions must be express, because the contract must express the parties intent with specificity.

True

False

15) X contracts with Y to produce an ad for a 4th of July "freedom fundraising party". Y does not produce and deliver the ad until July 6th. In this case, Y's breach of the contract in not a material breach unless the contract clearly stated that time is of the essence.

True

False

contracts for the sale of real property

employments contracts

This concept applys to all contracts and includes all of the above

insurance contracts

Explanation / Answer

1) the correct answer is option C.

the implied covenant of good faith and fair dealing in a contract law means that the parties in the contract deals with each other with honesty, fairness and with integrity not to destroy the rights of each other from enjoying the benefits of the contact. This good faith law apples to all the contract.

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