Business law

Under the UCC, contracts for the sale of goods priced at $500 or more are subject to the statute of frauds, requiring a written document signed by the parties to be enforceable. This written contract satisfies the evidence rule; therefore answer B is correct. Answer A is wrong because the writing requirement still applies, and notarisation (C) or federal approval (D) are unnecessary.

An agency ends when the parties mutually agree, the agency’s purpose is fulfilled, or a legal event (such as death or bankruptcy) terminates it, reflecting the principle that agency relationships are not perpetual. The idea that only a court order can end it is a trap; termination can occur without judicial involvement, so that choice is wrong.

A legally binding contract requires an offer, an acceptance of that offer, and consideration, which is the exchange of value between parties. A diagram for this topic isn't available yet — the worked example below walks the same reasoning step by step.

• !Option C is incorrect because many oral contracts are legally enforceable, meaning a written agreement is not a universal requirement for all contracts.
• !Option A is incorrect because specific performance is an equitable remedy reserved primarily for unique goods or real estate, not all breaches.
• !Answer A is wrong because the writing requirement still applies, and notarisation (C) or federal approval (D) are unnecessary.
• !The idea that only a court order can end it is a trap; termination can occur without judicial involvement, so that choice is wrong.

Answer each from memory — you'll see instantly whether you're right and why.

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