17) If the parties to a contract create a new contract then the old contract is considered A A) terminated B B) amended C C) improved D D) incorporated 19) Under the Uniform Commercial Code, if the goods under contract are partially destroyed A A) the contract is automatically rescinded and the parties are restored to their status quo ante without the possibility of seeking enforcement under the contract's original terms B B) the contract is enforceable and may not be cancelled by either party C C) the seller may demand the right to inspect the damaged goods in order to decide whether to deliver replacement conforming goods or alternatively require the buyer to accept them in their damaged state and provide allowance for the damages D D) the buyer may demand the right to inspect the damaged goods in order to decide whether to reject them or to accept them in their damaged state and claim an allowance for the damages 16) All of the following are ways of terminating a contract EXCEPT A A) ratification B B) agreement C C) impossibility of performance D D) performance 11) A third party will have and duties under a contract if the purpose of the contract is to benefit the third party A A) rights B B) commercial losses C C) court costs D D) fines 7) Parol evidence A A) refers to supplementary evidence or conditions that a party wants to add to an existing written contract B B) states that any spoken or written words that are in conflict with what the written contract states should be introduced as evidence in a court of law C C) specifies that certain kinds of agreements must be in writing to be enforceable D D) does not prohibit a person from legally entering into oral contracts for certain kinds of agreements 5) The element of proper form requires that certain contracts must be A A) witnessed by several witnesses B B) in writing C C) court ordered D D) profitable to all parties 4) The requirements for a license usually include paying an annual fee and passing an examinationwritten, oral, or bothto ensure A A) revenue B B) competence C C) reliance D D) disaffirmance

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17) If the parties to a contract create a new contract then the old contract is considered ________. A. A) terminated B. B) amended C.

17) If the parties to a contract create a new contract then the old contract is considered ________.

	A.	A) terminated
	B.	B) amended
	C.	C) improved
	D.	D) incorporated

19) Under the Uniform Commercial Code, if the goods under contract are partially destroyed:

A) the contract is automatically rescinded and the parties are restored to their status quo ante without the possibility of seeking enforcement under the contract's original terms.

B) the contract is enforceable and may not be cancelled by either party.

C) the seller may demand the right to inspect the damaged goods in order to decide whether to deliver replacement conforming goods or alternatively require the buyer to accept them in their damaged state and provide allowance for the damages.

D) the buyer may demand the right to inspect the damaged goods in order to decide whether to reject them or to accept them in their damaged state and claim an allowance for the damages.

16) All of the following are ways of terminating a contract EXCEPT:

A) ratification.

B) agreement.

C) impossibility of performance.

D) performance.

11) A third party will have ________ and duties under a contract if the purpose of the contract is to benefit the third party.

A) rights

B) commercial losses

C) court costs

D) fines

7) Parol evidence:

A) refers to supplementary evidence or conditions that a party wants to add to an existing written contract.

B) states that any spoken or written words that are in conflict with what the written contract states should be introduced as evidence in a court of law.

C) specifies that certain kinds of agreements must be in writing to be enforceable.

D) does not prohibit a person from legally entering into oral contracts for certain kinds of agreements.

5) The element of proper form requires that certain contracts must be:

A) witnessed by several witnesses.

B) in writing.

C) court-ordered.

D) profitable to all parties.

4) The requirements for a license usually include paying an annual fee and passing an examinationwritten, oral, or bothto ensure ________.