Question1: The Statute of Frauds:

a. Began in a Congressional act in the early 1900s

b. Began in the UCC over 100 years ago and only exists in the UCC

c. began over 325 years ago in England

d. Began over 100 years ago in the New England states.

Question2: A contract where the terms are written or stated clearly and agreed to by both parties is called:

a.implied-in-fact

b. implied-in-law

c. express

d. quasi

Question3: A mutual exchange or benefits and detriments is called:

a. contract formation

b. illegality

c. voiding a contract

d. consideration

question4: a life insurance policy beneficiary is a good example of :

a. third party beneficiary

b. delegation

c. liquidated damages clause

d. confidential beneficiary

question5: Rescission would be allowed in a contract that involved:

a. exculpatory clauses

b. material misrepresentation

c. puffing

d. scienter