Frank Zelco Is a Manufacturer's Rep Who Represents the Product

question 93

Multiple Choice

Frank Zelco is a manufacturer's rep who represents the product lines of several manufacturers. Frank has worked with his brother, Dion, in their two person firm for almost five years. They have no written contract, but they split the profits. Frank would like to create a business organization and put their arrangement in a written contract. Which sources of law will Frank need to help him do this?

• A)Ordinances
• B)The UCC
• C)State laws on business organizations
• D)Both b and c

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Definitions:

Definiteness

A characteristic of a contract that requires its terms to be clear enough for the parties involved to understand their obligations and rights.

Reasonable Time

An amount of time that is fair and appropriate under the circumstances to perform a legal duty or obligation.

Promissory Estoppel

A legal principle that prevents a promisor from going back on a promise when the promisee reasonably relies on that promise to their detriment.

Revocations

The act of officially cancelling or withdrawing something, such as a license, permission, or legal right.