Contracts

Question 1

Contracts that fall under the Statute of Frauds

Answer 1

1. Sale of Goods $500 or more
2. Real estate contracts
3. Contracts that cannot be completed w/in 12 months
4. Assumption of Debts of another person
5. Marriage contracts

Question 2

Firm offer

Answer 2

Offer made by merchant for sale of goods only (not RE or services)

3 elements required:

1. A merchant must be involved in transaction
2. The sales agreement must be reduced to a signed writing
3. There must be a guarantee that the offer will be held open

Acceptance is valid and contract formed when the acceptance is mailed (not received).

Question 3

UCC Article 2

Answer 3

State law that governs sale of both new and used good by both merchants and non-merchants. Is Uniform state law and is very similar between States.