The Part Performance Exception for Contracts Involving the Sale of an Interest

question 23

Multiple Choice

The part performance exception for contracts involving the sale of an interest in land provides that:

• A)The parol evidence rule does not apply.
• B)The contract will be enforced despite the fact that it is not in writing.
• C)Where multiple parties share the performance obligations,the contract need not be in writing.
• D)Once a contract has been partially performed,it must be put in writing if that has not already happened.
• E)Contracts cannot be partly performed until they are put in writing.

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Definitions:

Economic Profits

Profits exceeding the opportunity costs of all resources utilized by a firm, representing superior returns over the next best alternative.

Sole Seller

A market condition where only one supplier provides a particular good or service, also known as a monopoly.

Marginal Cost

The investment needed to produce an extra unit of a product or service.

Marginal Revenue

The extra revenue a company earns by selling an additional unit of a product or service.