A contract entered into by a minor is a illusory b

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22. A contract entered into by a minor is: a . illusory.
b . voidable. c . void. d . binding. 23. The main issue in CASE 8.1 Option Wireless, Ltd. v. OpenPeak, Inc. (2012) involved the so- called "knockout rule."
24. According to the UCC, if no amount of time is specifically stated, a firm offer provided by a merchant must be kept open for a reasonable period of time, up to:
25. Under the UCC, a firm offer only applies to:
26. A proposal by a sales representative that is subject to approval by the home office is not an offer. True False
27. A product liability action brought in tort generally permits recovery of economic damages suffered by a purchaser of an inferior or defective product whereas a breach of warranty action would not allow such a claim.
28. Polly sold Jason a used car for $1,000. Their contract provided that the engine in the car was in good shape, a true statement as far as Polly knew. Unfortunately, the day after Jason purchased the car, it broke down and was discovered to have significant engine problems. Jason told Polly that he wanted a refund. Polly told him that he was not entitled to a refund because she did not lie and that as far as she knew, there was nothing wrong with the car. Which of the following is true?
29. If a sales contract requires or authorizes the seller to ship goods by carrier, when does the risk of loss pass to the buyer if the contract does not require delivery at a particular destination?
30. The UCC requires an obligation of good faith in the performance of every contract or duty covered by the act. True False
31. Under the UCC, the __________ term(s) must be in a writing order to satisfy the statute of frauds.
32. As defined by the UCC, "good faith" involves the observance of objective reasonable commercial standards of fair dealing but there is no requirement as to honesty in fact.

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