Question

T/F

Andrea agrees to sell Joe a vacant lot for $400.  This contract needs to be in writing in order to be enforceable.

Andrea promises to give Joe $75 next Thursday. This arrangement involves consideration.

Andrea owes Joe $75, due on Monday. She cannot get him the money by then. She tells him that if he waits until Thursday, she will pay him $80, and he agrees. This arrangement involves consideration.

Andrea and Joe are dating, and he moves into her home. In exchange for helping her pay the mortgage, she agrees to give him half ownership of the home. This contract needs to be in writing in order to be enforceable.

Answer 1

1.

True

Since it is a sale of real estate property, then the statute of fraud is applied. So, this type of contract should be in writing.

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2.

False

In return of receiving the payment, Joe is not doing any work or favor to Andrea, so consideration element of contract is missing in the given scenario.

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3.

True

The additional payment of $5 to delay the payment owned, acts as a consideration in the given scenario.

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4.

True

It is also a contract involving real estate property. So, statute of fraud is applied and contract should be in writing.