Essay Problem
• What contracts must adhere to the Statutes of Frauds? Be very comprehensive and specific in your answer.
• Distinguish the primary differences between UCC-2 and UCC-2A. What is the UCC abbreviation represent?
• Define the Parole Evidence Rule. What does the "four corners" directive state? What exceptions, if any, does the rule allow?
• Describe by legal name all parties to a contract assignment? May all rights be assigned? Are anti-assignment clauses in a contract allowed to prevent assignments?
• Define and distinguish the Covenant, the Condition Precedent Contract and the Condition Subsequent Contract.
• What is the legal definition of Minor Breach and Material Breach? What are the legal ramifications of both? May the non-breaching party rescind the contract with either breach?
• Define compensatory, liquidated and nominal damages. Which provides for the loss of a bargain (financial) of the contract? What are the primary requirements for liquidated damages?
The response must include a reference list. One-inch margins, double-space, Using Times New Roman 12 pnt font and APA style of writing and citations.