BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Goods from third parties have been contracted
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Manufacturing has substantially begun
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Both of these
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Detailed explanation-1: -Generally, oral contracts are unenforceable in court. Under the statue of frauds, sales goods are valued at 500 or more need to be evidence by writing to be enforceable in court. If a buyer sells the goods, the UCC treats the buyers actions as an acceptance.
Detailed explanation-2: -Such contracts are sometimes called parol contracts. Oral contracts may fail under different circumstances as set forth by the various statutes of frauds in each state or under the UCC, which each require that certain oral contracts or certain terms included therein be memorialized in writing to be considered valid.
Detailed explanation-3: -As previously noted, if the contract is indefinite, meaning that there is no end date, then it need not be in writing. However, if the contract is expected to outlive one or more of the parties involved in the contract, then it must be in writing in order for it to be enforceable.
Detailed explanation-4: -The following types of business contracts must usually be in writing to be legally enforceable: Contracts governing the purchase or transfer of land. Contracts relating to activities that will extend beyond one year. Contracts involving the sale of goods above $500.