What is the time period of performance that requires contracts to be in writing? a. b. If a contract cannot be performed within one month, it is unenforceable unless it is in writing. If a contract cannot be performed within six months, it is unenforceable unless it is in writing. C. If a contract cannot be performed within one year, it is unenforceable unless it is in writing. d. If a contract cannot be performed within two years, it is unenforceable unless it is in writing.
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- Which of the following is not a requirement of the seller in a shipment contract? a. The seller must assume the risk of loss until the buyer physically receives the goods. b. The seller must act appropriately in selecting and making a transportation contract for the goods with the independent carrier. c. The seller must notify the buyer when the goods have been shipped. d. The seller must be sure that the goods are appropriately packaged for shipment. The seller must assume the risk of loss until the buyer physically receives the goods. e. The seller must provide to the buyer any documents of title necessary for the buyer to take possession of the goods.If the seller has already sent a counteroffer to one prospective buyer and then receives another offer from a second prospective buyer that is even better: They are free to respond to the new offer from the second prospective buyer without withdrawing their counteroffer to the first prospective buyer. They should withdraw the counteroffer to the first prospective buyer before responding to the new offer from the second prospective buyer. They must tell the first prospective buyer about the new offer from the second prospective buyer and give the first prospective buyer an opportunity to match the new amount. They cannot do anything until they hear back from the first prospective buyer +A North Carolina broker who has received three simultaneous offers on a property listed with the broker may disclose the terms of the offers to all offerors only if O A. all offerors have given the broker express permission to do so. O B. the broker discloses the same information to all offerors. O C. the seller has given the broker express permission to do so. O D. the broker does not disclose the prices offered. IF THIS ANSWER IS (C) WHY OR NOT NOT (a)
- In many states, including New York, an operating agreement is required for a limited liability company to exist. True FalseHow can an offer be affected where the terms are not clear?What are the essential elements of a valid contract under business law, and how do they contribute to the enforceability of the contract?
- You've read about the statute of frauds and how it requires certain agreements to be in writing (remember the acronym MYLEGS). Thinking about all contracts, do you think that all contracts should be in writing? Or do you think this would hinder or slow down transactions? Please discuss your thoughts on these questions while keeping in mind the purpose behind the statute of frauds.Which of the following is true of a severable contract? Multiple Choice It must be enforced or rejected in its entirety. It contains multiple parts that need to be performed collectively. It has both legal and illegal portions in the contract. It needs complete performance by both parties.a) List the five requirements for contract formation and give a short (approximately 1–2 sentences) description of each requirement.b) Choose one of the requirements from your answer to (a). Write a short (approxi- mately 5–10 sentences) example of a contract that does not satisfy this requirement and explain why.
- If a loan shark promises you $500 if you will rough up one of his nonpaying customers to encourage prompt repayment, what sort of contract is this? a.Valid b.Void c.Voidable d.EnforceableDefined as an unconscious ignorance or forgetfulness of the existence or non existence of a fact,past or present,material to the contract.Which of the following statements is TRUE about an entrenching provision? Group of answer choices It must be altered by at least 75% of members present and voting. It can be amended by following the provisions of S.26(1) of the Companies Act. It can never be removed. It must be amended with the approval of all members.