Use the following Fact Pattern to answer the questions. 1. In February, Retailer contacted Designer, and asked Designer to design Retailer's website for $20,000, and Designer agreed. 2. Under the terms of the written contract, Retailer was to pay Designer $20,000 by December 31st for designing the Retailer's website. 3. In August, four months before the payment was due in December, Designer learned of an investment opportunity. 4. Designer called Retailer and said, "I need cash quickly to make an investment that will enable me to make a $35,000 profit. 5. I know that you owe me $20,000 in December, but if you promise now to pay me $15,000 in cash by the 25th of this month (August), I will accept that as the full payment for designing your website." 6. Retailer responded, Thanks. That's a good deal. I accept, but only if I can get a loan, as I do not have the cash right now." 7. "Thanks, that would be great," responded Designer. Questions: Required: Answer each question with 2-3 quality sentences, explaining each answer. 1. List and define the elements of a contract. 2. Would the agreement in lines 1-2 be covered by the Common Law or the UCC? How do you know? 3. The agreement in lines 1-2 is a unilateral contract. a) True b) False 4. From sentence 2, Retailer paying $20,000 to the Designer, and Designer designing the website for the Retailer would represent which element of a contract? a) The meeting of the minds b) The acceptance c) The consideration d) The value and 5. Under the original agreement in lines 1-2, Retailer would be considered the Designer would be considered the ____ a) Offeror, acceptor b) Offeree, acceptor c) Offeror, offeree d) Customer, contractor 6. What are the terms of the modified agreement in lines 4-7? Is this a legally binding contract? Explain. 7. According to your knowledge of contracts Sentence 5 most likely represents... a) An acceptance b) An offer c) An invitation to make an offer d) Consideration 8. According to your knowledge of Contracts Sentence 6 most likely represents: a) An acceptance b) An offer c) A rejection, and a counteroffer d) Mutual assent 9. According to your knowledge of Contracts, sentence 7 most likely represents: a) An acceptance b) An offer c) Consideration d) A rejection 10. According to the Statute of Frauds, this is the type of contract that needs in writing because? a) The contract cannot be performed within a year. b) It is a contract for over $500. c) It is a contract for services. d) It does not need to be in writing according to the Statute of Frauds. Use the following Fact Pattern to answer the questions. 1. In February, Retailer contacted Designer, and asked Designer to design Retailer's website for $20,000, and Designer agreed. 2. Under the terms of the written contract, Retailer was to pay Designer $20,000 by December 31st for designing the Retailer's website. 3. In August, four months before the payment was due in December, Designer learned of an investment opportunity. 4. Designer called Retailer and said, "I need cash quickly to make an investment that will enable me to make a $35,000 profit. 5. I know that you owe me $20,000 in December, but if you promise now to pay me $15,000 in cash by the 25th of this month (August), I will accept that as the full payment for designing your website." 6. Retailer responded, Thanks. That's a good deal. I accept, but only if I can get a loan, as I do not have the cash right now." 7. "Thanks, that would be great," responded Designer. Questions: Required: Answer each question with 2-3 quality sentences, explaining each answer. 1. List and define the elements of a contract. 2. Would the agreement in lines 1-2 be covered by the Common Law or the UCC? How do you know? 3. The agreement in lines 1-2 is a unilateral contract. a) True b) False 4. From sentence 2, Retailer paying $20,000 to the Designer, and Designer designing the website for the Retailer would represent which element of a contract? a) The meeting of the minds b) The acceptance c) The consideration d) The value and 5. Under the original agreement in lines 1-2, Retailer would be considered the Designer would be considered the ____ a) Offeror, acceptor b) Offeree, acceptor c) Offeror, offeree d) Customer, contractor 6. What are the terms of the modified agreement in lines 4-7? Is this a legally binding contract? Explain. 7. According to your knowledge of contracts Sentence 5 most likely represents... a) An acceptance b) An offer c) An invitation to make an offer d) Consideration 8. According to your knowledge of Contracts Sentence 6 most likely represents: a) An acceptance b) An offer c) A rejection, and a counteroffer d) Mutual assent 9. According to your knowledge of Contracts, sentence 7 most likely represents: a) An acceptance b) An offer c) Consideration d) A rejection 10. According to the Statute of Frauds, this is the type of contract that needs in writing because? a) The contract cannot be performed within a year. b) It is a contract for over $500. c) It is a contract for services. d) It does not need to be in writing according to the Statute of Frauds