On June 1, Edward visited a bicycle sales and service center. Edward a used bike he liked and was told by the dealer that he could have the bike for $100 cash. Since Edward needed a few days to get the money, Edward got a signed, written statement by the dealer that Edward could buy the bike for $100 at any time on or before June 15. On June 10 Edward came to the dealer with the money, but the bike had been sold to another customer. Was the dealer under any obligation to Edward to keep this offer open on June 15? Give legal reasoning for your answer.

1) Identify whether the following statements could result in actionable fraud and why or why not?

a. A statement by an art dealer to a potential buyer. "I think this painting is underpriced because the artist is now gaining national recognition."

b. A vacuum cleaner salesperson's statement, "This machine is the best available for the cost."

c. A city councilman's statement to a fellow councilman, "If we vote for that action, the resulting consolidation will be illegal."

2) a. How does Article 2 of the UCC modify the common law of contracts with regard to consideration?

b. Explain how output and requirements contracts differ from illusory promises.

3.Discuss the concept of ratification and the ways in which a minor may ratify a contract. Give an example.

4.Identify at least six situations in which the parol evidence rule does not apply.