An offeree writes a letter of acceptance with the stipulation that the offeror must lower the selling price by 25%The offer remains open.

T/F

As a judge, Diane applies common law rules.These rules develop from

• Regulations issued by administrative agencies
• Decisions of the courts in legal disputes
• Statutes enacted by Congress
• Uniform laws drafted by legal scholars

An offer is made to sell a house, and the offeree has deposited an acceptance letter in the mailbox, but it has not been received by the offeror and the offeror revokes the offer.The offeror is not required to sell the sell.

T/F

A contract granting a corporation the right to use new data tracking software is governed by the Uniform Commercial Code.

T/F

Deepwater Mining Corporation offers to sell East China Refining, Inc. a set of services to aid in the oil refining process.If East China sends an acceptance via Deepwater's authorized mode of communication, it will be effective when it is

• In transit
• Sent
• Written
• Received

A car salesperson, an employee at a large dealership, makes an offer to a customer then has a heart attack and dies.The customer then accepts the offer and a valid contract is formed.

T/F

For which of the following contracts would an oral agreement be enforceable?

• A contract that allows me to park my boat on another person's land for the next five years.
• A contract between a band and a record label under which the band is obligated to release ten albums with the record label.
• A contract between a vegetable purveyor and a restaurant under which the restaurant is purchasing $1500 worth of various vegetables.
• A contract between me and US Bank under which I agree to pay off my friend's credit card debt in full within one year.