is an example of an illegal wager. Ii: :31 Stock transactions on a daily basis I: )1 Betting on the future performance of a stock Ii: :II Commodity transactions '1: :II Risk-shifting agreements The legal concept of unconscionability: Ii\" _::I is part of the doctrine of freedom of contract. k. if\") rules that certain sections of contracts are voidable. k. if\") pertains to unequal bargains. ' comes into effect only during contracts between consumers and large \\. | | ,- companies. K, Which of the following is a reason for voiding a contract based on illegality? i: :3 Both of the parties are ignorant of the facts that made the bargain illegal. i: :31 It is in violation of the Code alone, not the common law. 1: :31 It is contrary to public policy. 1: a} The court does not allow the recovery of damages. According to the Uniform Commercial Code (UCC), _____ . I: :11 the sale of goods between two parties is always legal ( f) the doctrine of promissory estoppel will always overrule a written contract If\") the sale of goods costing $500 or more is not enforceable without a writing or other specified evidence I: :11 there is no need for the formality of writing during sales transactions Contracts that are traditionally required to be in writing by the statute of frauds are: \"a bilateral contracts that are capable of being performed within a year of their I formation. 1: :1 contracts for the transfer of an interest in land. 1: )1 bilateral contracts that have been fully performed by both parties. 1: :11 contracts for the sale of goods costing less than $500. According to most states, which of the following is true if there is only a memorandum of two parties' agreement? 1: :11 The writing can be in any form but must indicate that the parties had a contract. 1: :11 The entire contract must be in writing and in a single document. 1: :11 The writing cannot be in the form of telegrams or receipts. 1: BC*th parties' signatures have to appear in the writing. Logan, a farmer, had agreed to supply corn to Roxy Inc. Unfortunately, his crops wilted due to extreme temperatures. Logan decided to terminate its agreement as he could not find suitable substitutes for the crops. However, Logan can be excused for nonperformance on grounds of: f :31 commercial impracticability. Ii: :31 illness or death of the promisor. ( l} non-occurrence of condition subsequent. i' :31 destruction of subject matter. Tony contracted to buy wheat from Brown, a farmer. It was contracted that Tony would pay Brown three days after the delivery of the wheat. Brown's delivery would be a(n) _____ of Tony's duty to pay. 1:: )1 implied concurrent condition 1:: :31 condition subsequent 1:: )1 constructive concurrent condition '1: :) constructive condition precedent A party suing for breach of contract who has suffered actual losses as a result of the breach is entitled to recover :: M} nominal damages 1: :) punitive damages 1: a] liquidated damages 1: a) compensatory damages An agency relationship: 5"\") exists only when it is in the form of a written document signed by both the 1 parties. 1' \")1 can be either compensated or uncompensated. 5' \"3' will not exist if the parties have expressly agreed that they do not intend to create one. i: :11 can be formed only by contract