Business Law Exam Questions (149 Terms) With Verified Definitions Updated 2024

negligence liability {Ans: Failure to provide standard of care}Statue of Frauds under 2-201 {Ans: Requires a writing for any sale of goods priced $500 or more only requires a writing "sufficient to indicate that the parties made a contract. (memo, note) writing must be signed by the defendant}Mia negotiates with Liam to buy 300 barbecue grills. The parties agree on a price, but other business prevents them from finishing the deal. Six months later, Mia writes, "Remember our deal for 300 grills? I still want to do it if you do." Liam does not respond, but a week later, a truck shows up at Mia's store with the 300 grills, and Mia accepts them {Ans: Agreement (formation basics 2-204)}If the salesclerk for a paint store tells a professional house painter that "this exterior paint will not fade for three years, even in direct sunlight," {Ans: Express warranty}Impossibility {Ans: performance of contract cannot be done}Misrepresentation {Ans: A statement that is factually wrong}