True/False (BUSINESS LAW) ____ When a contract may be cancelled at will by eithe

Question

True/False (BUSINESS LAW)

____ When a contract may be cancelled at will by either party, the statute of frauds is not applicable because the contract may be terminated within one year.

____ Fraud requires an intent to deceive.

____ Generally, advertisement, catalog prices and circulars are offers that can be 1 accepted.

____ Consideration can be an act or the promise to performance an act.

____ An assignment is a transfer of rights and a delegation is a transfer of duties.

____ A house-painting contract is discharged if because of continual rain the painter cannot complete the painting by the time specified in the contract.

____ Punitive damages generally are recoverable in contract actions.

____ An ordinary gift made between two living persons is known as an inter vivos gift.

____ For an agency to be terminated by operation of law because of the principal’s death, the agent must be notified of the death.

____ A corporation must have at least two shareholders.

Explanation / Answer

The correct answer is true.

The statue of fraud is nothing but requirements for certain kind of contract that needs to be in a written form, signed by the parties involved with sufficient evidence. The main purpose is to prevent fraud and other types of injury. It applies to certain types of contract and they are of six categories. This include contracts for sale of an interest in land, contracts that require to be performed in more than 1 year, contracts about someone else's debt assumed by other, contract in which marriage is a consideration, contracts for the sale of goods worth more than $500 and promises by executors or administrators.

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