The common law governs all contracts.

True

False

Question $2$

$1$

Point

Contracts for the sale and lease of goods are governed by the UCC to the extent that the UCC has modified general contract law.

True

False

Question $3$

$1$

Point

The definition of a contract is "a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.

True

False

Question $4$

$1$

Point

Contracts relating to services, real estate, employment, and insurance, for instance, generally are governed by the Universal Commercial Code $($UCC$)$ of contracts.

True

False

Question $5$

$1$

Point

The requirements of a Valid Contract are:

Agreement

Consideration

Contractual Capacity

Legality

All of the Above

Question $6$

$1$

Point

All of the following are valid Contract Types Except:

Bilateral

Unilateral

Mailbox Contracts

Formal

Informal

Express

Implied

Question $7$

$1$

Point

The Statute of Frauds is a type of defense that requires that certain contracts must be in writing to be enforceable. $($An electronic record will qualify as a writing.$).$ The writing must be signed by the party against whom enforcement is sought.

True

False

Question $8$

$1$

Point

The first element of a valid contract is an agreement, which consist of an offer and an acceptance which each have their own requirements and ways they could be invalid