***Please answer all questions***

1. A contract is _______ when all of the parties have fully performed their contractual duties.

Multiple Choice

• contingent

• ineffective

• executed

• void

2. During the fifth month of a written one-year lease agreement, the contract is considered _______

Multiple Choice

• implied.

• executory.

• executed.

• unilateral.

3. Which of the following is true of the UCC?

Multiple Choice

• It applies to both the sale of goods and services.

• It has changed all the traditional contract rules.

• It recognizes the concept of good faith dealing.

• It is generally less flexible than the common law of contracts.