Question

BUSINESS LAW- TRUE OR FALSE

Answer 1

A statement that is valid according to law of contract will be termed true while an invalid one is termed false.

Validity of the statements

1. Under the UCC, a contract will generally fail because one or more terms are left open, (TRUE)
2. A contract without a quantity term is valid. (TRUE)
3. A contract for services is specifically covered by the UCC. TRUE
4. Whether there has been an offer is determined by a subjecive standard. TRUE
5. A says to B: "I am going to sell my car for $2,000." B says: "I accept, here is my check." There is a contract. TRUE
6. Offers made in jest are always invalid. FALSE
7. B agrees to buy all of her requirements from S. S agrees. The contract fails for lack of a definite quantity term. TRUE
8. A writes to B: "I will offer you S20 a week if you will give violin lessons to my son. You have 30days in which to reply to this offer." B is still thinking about it when a purporis to revoke 15days later. B can nonetheless accept. TRUE
9. When an offeree learns from a third party that the offeror has sold the goods. the offer is re-voked. TRUE
10. The modern view is that once the offeree of a unilateral contract begins to perionin, the offeror may not revoke his promise. FALSE
11. An offer continues until there is an express revocation of the offer. TRUE
12. A offers to sell his watch to B for 100. B says she will take it for 575. B may laier accept the offer for S100. TRUE
13. A offers to sell his watch 10 B for $100.1 gives a 55 to keep the offer open. A may not revoke. TRUE
14. Under the UCC, a non-merchant may make her offer irrevocable without consideration. TRUE
15. In general, an offeree must affirmatively convey his or her intention to accept an offer to enter into a bilateral contract TRUE
16. A says to B:"If you paint my house, I will give you 5100." B promises to paint a's house. Thereis a contract. TRUE
17. At common law, an offeree may request additional terms in accepting the offer. TRUE
18. Merchant S accepts Merchant B's offer with an additional clause providing for reasonable interest for overdue invoices. The additional clause is part of the contract. TRUE
19. Revocation of an offer sent by mail is elfective upon receipt. TRUE
20. lla ained for forbearance of a legal right will constitut esileration TRUE
21. B agrees to buy a house offered by S if B gets a bank loan. There is a contract TRUE

Law of contract

Law of contract is an agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

learn more about law of contract: brainly.com/question/984979