Which of the Following Is True of Oral Contracts for the Sale

question 18

Multiple Choice

Which of the following is true of oral contracts for the sale of goods of $500 or more?

• A)All oral contracts are unenforceable unless they are for the sale of goods of $500 or more.
• B)An oral contract is not enforceable,unless a written confirmation is received and signed by one party,and sent to the other for approval.
• C)An oral contract by a merchant is enforceable if a written confirmation is received by another merchant who does not object to within 10 days.
• D)An admission in court about the terms of the contract does not negate the general rule.

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Definitions:

Invested

The act of allocating resources, usually money, into something to earn a return or profit.

Interest Rate

The percentage of a sum of money charged for its use, typically expressed as an annual percentage.

Period

A specified duration of time characterized by particular events, conditions, or phenomena.

Interest

The expense associated with taking out a loan, usually shown as a percentage of the total amount loaned.