Guy and Boyd Make an Oral Contract Whereby Guy Agrees

question 44

Multiple Choice

Guy and Boyd make an oral contract whereby Guy agrees to sell Boyd 480 widgets (goods) at a price of $480.Later,the parties want to modify the contract so that the price would become $520.This modification:

• A)must be in writing.
• B)must be oral because the first contract was oral.
• C)can be oral but need not be.
• D)is unenforceable because the first contract is unenforceable.

Understand the perfect tender rule and the concept of substantial performance.

Comprehend the requirements of good faith and fair dealing under the Uniform Commercial Code for both merchants and non-merchants.

Analyze the rights and duties of parties in a contract when unforeseen circumstances impact the delivery of goods.

Identify and apply the criteria related to breach of contract and the consequences thereof, including the rights to withhold, resell, or recover damages.

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Definitions:

Security

Measures and protocols implemented to protect people, property, or systems from theft, damage, and unauthorized access or cyber attacks.

Crisis Management

The process of handling unexpected and disruptive events that threaten an organization or its stakeholders.

Three-Step Writing Process

A structured approach to writing that involves planning, drafting, and revising the content.

Instant Messaging

A form of real-time, text-based communication between two or more participants over the internet or other networks.