Millet Grains Cooperative and Corn Cereals,Inc

question 54

Multiple Choice

Millet Grains Cooperative and Corn Cereals,Inc.,discuss the terms of a contract for periodic deliveries of corn. Millet Grains then faxes Corn Cereals a memo on Millet Grains's letterhead that summarizes the points on which they agreed,including a two-year term. Millet Grains begins to perform,and Corn Cereals accepts the deliveries but refuses to pay.
-Refer to Fact Pattern 15-1.The transaction between Millet Grains and Corn Cereals falls within the provision of the Statute of Frauds involving

• A)collateral promises.
• B)the one-year rule.
• C)parol evidence.
• D)integrated contracts.

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Definitions:

Evidence-based Management

The practice of making managerial decisions based on the best available scientific evidence and data.

Simulated Settings

Artificially created environments designed to replicate real-life scenarios for training, testing, or research purposes.

Law of Reciprocity

A social norm suggesting that when someone does something for you, you naturally will want to reciprocate or return the favor in some manner.

Obligation

A duty or commitment to perform or refrain from performing specific actions.