Question

Question 13

A contract that involves terms for both goods and services is called a ___________
.

? Question 14

One of the four elements of contract formation is _________ which is defined as
each party receiving something of value from the other party, and each party giving
up something of value.

? Question 15

Certain contracts must be in writing in order for the courts to enforce them. The law
requiring a writing for enforceability is called the ___________ .

? Question 16

If one of the parties to a contract dies or becomes incapacitated before undertaking
performance of contract obligations, the contract may be discharged based on
__________ .

Answer 1

Question 13

The correct answer is mixed sale.

Uniform commercial code (UCC) is nothing but collection of rules for the sales and commercial transaction that regulates financial contract. Mixed sale is a contract which is formed for the sale of goods as well as services.

Question 14

The correct answer is offer.

A contract is nothing but the legal binding between two or more parties that enter into a legal agreement. The elements of contract include offer, acceptance, consideration, intent of legal consequence, capacity of the parties with respect to age and mental ability and the object of the contract is legal. Offer is an act to do something or to pay an amount, if accepted, forms a valid contract. To make an offer there should be at least two parties or even more who can legally enter into a contract. It is important to specify the deadline for the acceptance of offer in order to avoid potential dispute between the parties or cancellation. An offer cannot take silence as a form of acceptance from the other party.

Question 15

The correct answer is Statute of Fraud.

The statue of fraud is nothing but requirements for certain kind of contract that needs to be in a written form, signed by the parties involved with sufficient evidence. The main purpose is to prevent fraud and other types of injury.

It applies to certain types of contract and they are of six categories. This include contracts for sale of an interest in land, contracts that require to be performed in more than 1 year, contracts about someone else's debt assumed by other, contract in which marriage is a consideration, contracts for the sale of goods worth more than $500 and promises by executors or administrators.

Question 16

The correct answer is death or permanent incapacitation.

Death or permanent incapacitation occurs when one of the party to the contract die or become insane permanently then the contract is discharged.