Contracts for the Sale of Goods Totaling More Than $500

question 30

Multiple Choice

Contracts for the sale of goods totaling more than $500 must be in writing according to ________.

• A) federal law
• B) Contract Federation Rules
• C) the Uniform Commercial Code
• D) state statutes
• E) Uniform Contract Rules

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Definitions:

Scienter Misrepresentation

A false representation made knowingly, without belief in its truth, or recklessly without caring whether it is true or false.

Unilateral Mistake

An error made by one party during the formation of a contract that may affect the enforceability or terms of the agreement.

Mistake Of Fact

A misunderstanding of a fact that is material to a contract, which can render the agreement voidable if the mistake is mutual between both parties.

Legal Assent

The agreement or consent to the terms of a contract, recognizing that all parties understand and accept the conditions as legally binding.