! True/False 1) Agreements not to compete are legal if the restraint isreasonable as to time and area.TRUEFALSE2) An agreement that calls for the commission of a civilwrong is always valid.TRUEFALSE• TRUEFALSE3) The U.C.C. has its own Statute of Frauds of $500.4) The Statute of Frauds requires all contracts to be inwriting.TRUEFALSE5) Parol Evidence may be used to supply missing terms to anobviously incomplete contract.TRUEFALSE6) An ambiguous contract is interpreted strictly against theparty who drafted it.TRUE FALSE7) A party to a contract is usually not bound if the contractproves to be a bad bargain and results in no profit.8) To be valid, an assignment must always be in writing.9) The original parties to a contract may terminate it solong as the third party beneficiary has not substantiallychanged position in reliance on it.10) The death of a party always cancels out a contract for thepayment of money made before death.TRUEFALSETRUE,FALSETRUEFALSETRUEFALSE

easonable as to a agreement that calls for the commission of a civil rong is always valid. ne U.C.C. has its own Statute of Frauds of $500. ne Statute of Frauds requires all contracts to be in riting. arol Evidence may be used to supply missing terms to a oviously incomplete contract. a ambiguous contract is interpreted strictly against t arty who drafted it. party to a contract is usually not bound if the contr roves to be a bad bargain and results in no profit. - be valid, an assignment must always be in writing. ne original parties to a contract may terminate it so ong as the third party beneficiary has not substantial panged position in reliance on it. ne death of a party always cancels out a contract for ayment of money made before death.

easonable as to a agreement that calls for the commission of a civil rong is always valid. ne U.C.C. has its own Statute of Frauds of $500. ne Statute of Frauds requires all contracts to be in riting. arol Evidence may be used to supply missing terms to a oviously incomplete contract. a ambiguous contract is interpreted strictly against t arty who drafted it. party to a contract is usually not bound if the contr roves to be a bad bargain and results in no profit. - be valid, an assignment must always be in writing. ne original parties to a contract may terminate it so ong as the third party beneficiary has not substantial panged position in reliance on it. ne death of a party always cancels out a contract for ayment of money made before death.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter16: Bargaining

Section: Chapter Questions

Problem 16.1IP

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