Fact Pattern 14 - 1 Grain Co-Op LLC and Hearty

question 37

Multiple Choice

Fact Pattern 14 - 1 Grain Co-op LLC and Hearty Cereals Inc. discuss the terms of a contract for periodic deliveries of corn. Grain faxes Hearty a memo on Grain's letterhead that summarizes the points on which they agreed, including a two-year term. Grain begins to perform, and Hearty accepts the deliveries but refuses to pay.
Refer to Fact Pattern 14 - 1. The transaction between Grain and Hearty falls within the provision of the Statute of Frauds involving

• A) collateral promises.
• B) the one-year rule.
• C) sales of goods.
• D) secondary contracts.

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Definitions:

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision.

Additive Strategy

A decision-making approach in which each alternative is rated on each of the important factors affecting the decision and the alternative with the highest overall rating is chosen.

Analogy Heuristic

A rule of thumb that applies a solution that solved a problem in the past to a current problem that shares many features with the past problem.

Algorithm

A systematic, step-by-step procedure, such as a mathematical formula, that guarantees a solution to a problem of a certain type if applied appropriately and executed properly.