BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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any means available to accept the offer is considered reasonable.
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the UCC rules do not apply.
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a written contract is necessary in order for the contract to be enforceable.
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an oral contract for the sale of goods is enforceable.
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Detailed explanation-1: -Yes. If the contract involves the sale of goods for $500 or more, then the contract must be in writing to be enforceable. Under the statute of frauds, a contract that involves the sale of goods will be required to be made in writing in order to be enforceable if the price of those goods is over $500.
Detailed explanation-2: -Sale of Goods of $500 or More-Sales of goods fall under the provisions of the UCC. The UCC requires that any contract for the sale of goods for $500 or more must be in writing to be enforceable. Modifications to any such agreement must also be in writing.
Detailed explanation-3: -When the price of the goods is $500 or more, a writing signed by the defendant is required in all cases. An offer to buy or sell goods may be accepted in any manner that is reasonable under the circumstances. Goods physically existing and owned by a seller at the time of a transaction are called existing goods.
Detailed explanation-4: -Oral contracts are verbal agreements between two parties. An oral contract occurs when spoken words are rendered valid and legally enforceable in a court of law. However, an oral contract is not legally enforceable unless it is provable in court, and it must meet various requirements of contract formation.