NYLE NY Contract Law Principles 2

Question 1

Under New York law, what is required for a valid contract modification?

Accepted Answer

A signed writing if the original contract was required to be in writing under the statute of frauds

Answer

Under GOL § 15-301, if the original agreement is required to be in writing, any modification must also be in writing and signed.

Question 2

Under New York's Statute of Frauds (GOL § 5-701), which of the following contracts MUST be in writing to be enforceable?

Accepted Answer

A contract that by its terms cannot be performed within one year from its making

Answer

GOL § 5-701(a)(1) requires a writing for agreements that by their terms cannot be performed within one year from the date of making.

Question 3

Under New York law, which remedy is generally NOT available for breach of contract?

Accepted Answer

Punitive damages

Answer

Punitive damages are generally not available in breach of contract actions under New York law unless the breach also constitutes an independent tort.

Question 4

Under New York law, what is the parol evidence rule?

Accepted Answer

Extrinsic evidence may not be used to contradict or vary the terms of a fully integrated written agreement

Answer

The parol evidence rule in New York bars extrinsic evidence that would contradict, vary, or add to the terms of a fully integrated written contract.

Question 5

Under GOL § 5-1103, New York eliminated the requirement of consideration for which type of agreement?

Accepted Answer

Written modifications and discharges of existing contracts

Answer

GOL § 5-1103 provides that a written agreement that modifies or discharges an existing obligation is not invalid for lack of consideration.

NYLE - New York Law Exam Practice Test