Unit 5 True False Quiz

True or False

Executing a contract means performing it.

True or False

The following describes the concept of a statute of frauds: “No lawsuit (“suit” or “action”) can be maintained unless there is a writing signed by the party to be charged (or its authorized representative)”.

True or False

A statute of frauds is a criminal law which makes cheating, stealing from or defrauding someone  illegal.

True or False

Contracts written and signed in the United States are interpreted based on U. S. federal contract law principles.

True or False

Statutes of limitations are laws which establish time periods for filing court claims for breaches of legal duties.

True or False

For purposes of statutes of limitations, time periods generally begin to run when the plaintiff (demandante) knows or “should have known” of the breach.

True or False

Under U. S. laws often an employer can be held liable under a contract executed by an employee, even if the employee did not have actual authority from the employer to obligate the employer, if the other party to the contract reasonably believed the employee was authorized, based on the actions and words of the employer.

True or False

The phrase “Terms and Conditions” is used to describe the contents and all the provisions of a contract.

True or False

“Conditions suspensive” is a term often used by American and Canadian lawyers to describe a condition which must first occur before a duty or obligation comes into existence.

True or False

Indemnifications and warranties contained in contracts are never valid after contracts are fully executed.

True or False

Under U. S. law all the parties to a written agreement must sign or execute the same copy of the agreement for it to be valid and enforceable.

True or False

A boilerplate provision in a contract is one which contains standard language identical (or very similar) to that contained in other documents of the same type.

True or False

Boilerplate provisions are very rarely used in commercial contracts.

Contracts found on the internet are always reliable to copy and use in legal transactions.

True or False

Contracts written and signed in the United States must be drafted or approved by licensed attorneys to be valid and enforceable.

True or False

“Consideration” is a word used to describe the good faith and fair dealing parties must exhibit when contracting with each other.

The preamble of a contract refers to an introductory section or paragraphs for such purposes as identifying the parties, stating the effective date or date of execution (signing), and describing the contract’s purpose and/or the parties’ intent.

True or False

Contracts for the sale of goods or services in the U. S. must contain notarized signatures of the parties to be valid and enforceable.

It is always a violation of the rules of ethics which U. S. lawyers must follow to “copy and paste” material from contracts found on the internet to the course of creating new contracts for clients.

True or False

Although U. S. lawyers are generally cautious and trained to avoid risks, they are immune from suits from clients for any errors that may commit.