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Barbara Is Attending a Community College for Her Associate's Degree

question 16

Multiple Choice

Barbara is attending a community college for her associate's degree and plans to transfer into a four-year college for a bachelor's degree.She is not close with her family, and moved into her own apartment at 17.She has always worked and earned her way through school on her own.She has never asked her parents for anything, but she needs car repairs and cannot afford to pay for the repairs and her tuition this semester.Her parents have the means to help her, but will not do so.She has completed two semesters and is very upset over having to skip this semester.She is angry with her parents and feels isolated.She has entered a deep depression and has lost the confidence she had in completing her degree.Based on the chapter, what is the optimal advice for Barbara?

Recognize the enforceability of oral agreements in specific circumstances.

Understand the concept of integrated contracts and the difference between fully and partially integrated contracts.

Know the legal implications of intended final written statements in contracts.

Understand the role and limitations of the parol evidence rule in contract disputes.

Definitions:

Purchase Price

The amount of money paid to buy a good or service.

Parking Lot Lighting

Illumination for outdoor parking areas designed to improve safety, security, and the visibility of vehicles and pedestrians.

Land Improvements

Enhancements to a piece of land to increase its value or usability, such as landscaping, fencing, and adding utilities, which are subject to depreciation.

Useful Life

The estimated period over which an asset is expected to be used by an entity before it is replaced or becomes obsolete.