1.Under the Uniform Commercial Code, contracts for the sale of goods are subject to an implied promise, called a(n), that the good are suitable for the specific purpose for which they are bought. 2.Each state has a statue of that outlines the requirements for forming each contract.

3.The Uniform Commercial Code controls contracts

4.Generally, a state's statute of frauds will cover types of contracts.

5.A(n) contract is formed when the executor or administrator of a person's estate promises to pay off owed debt with their personal funds

6.When one party in a contract agrees to release the other party from performance and enters into a new contract with another party, this is known as

7.if the sales price for an item is or more, the contract should be in writing.

8.On March 1, a woman sees a car with a "for sale" sign and telephone number to call. She investigates the car and its value. She telephones and states she will pay $4000 if she can have the car by March 31. Her telephone conversation with the seller is

9.The Uniform Commercial Code applies to contract issues related to

10. is the item that's bargained for in a case of agreement.

Used cars usually have options: higher depreciation rate than new cars lower financing costs than new cars lower insurance premiums than new cars lower maintenance costs than new cars

In december of 2004, the company you own entered into a 20-year contract with a grain supplier for daily deliveries of grain to its hot dog bun manufacturing facility. the contract called for "10,000 pounds of grain" to be delivered to the facility at the price of $100,000 per day. until february 2017, the supplier provided processed grain which could easily be used in your manufacturing process. however, no longer wanting to absorb the cost of having the grain processed, the supplier began delivering whole grain. the supplier is arguing that the contract does not specify the type of grain that would be supplied and that it has not breached the contract. your company is arguing that the supplier has an onsite processing plant and processed grain was implicit to the terms of the contract. over the remaining term of the contract, reshipping and having the grain processed would cost your company approximately $10,000,000, opposed to a cost of around $1,000,000 to the supplier. after speaking with in-house counsel, it was estimated that litigation would cost the company several million dollars and last for years. weighing the costs of litigation, along with possible ambiguity in the contract, what are three options you could take to resolve the dispute? which would be the best option for your business and why?

Why do you think the compensation plans differ at the two firms? in particular, why do you think kaufmann’s pays commissions to salespeople, while parkleigh does not? why does parkleigh offer employees discounts on purchases, while kaufmann’s does not?