Question

66. The UCC does not require a contract to be in writing if it is valued at or above $500 for goods but the goods are custom made.
Answers:
True
False

67. Common law includes four instances where the Statute of Frauds applies and the UCC adds two more.
Answers:
True
False

68. The sale of real estate must be evidenced by a writing but the lease of an apartment does not.
Answers:
True
False

69. The Statute of Frauds instance addressing administrators and executors of a deceased's estate applies only if the administrator/executor is a blood relative or spouse of the deceased.
Answers:
True
False

Answer 1

66) False

The UCC requires that any contract for the sale of goods with a price of $500 or more must be in writing.

67) True

The elements of common-law contract formation include offer, acceptance, and consideration

The statute of frauds applies, the defendant may raise it as a defense—indeed, they often must do affirmatively for the defense to be valid.

In the United States, two primary sources of law govern our contracts: the common law and the Uniform Commercial Code. The Uniform Commercial Code (UCC) contains two sets of rules for contracts. One set involves rules for everyone, and the other set involves rules for merchants. In this section, we will explore the UCC as it applies to merchants

68) True

An apartment for lease is basically the same thing as an apartment for rent.

69) True

If a person dies and they do not have a valid Will, then it is said that they died 'intestate'. The next of kin will need to apply to the Court for letters of Administration. A Court will make an order for a Grant of Letters of Administration to the person or people who are the next of kin, under a complex set of rules.