Attachments: ETH 321 NJ Week 3 DQs.docx [ Preview Here ]
Does an oral contract have to be in writing to be enforced? Think: Statute of Frauds.
What is the penalty for failure to satisfy the SOF?
Two types of law govern contracts: The Common Law of Contracts & Article 2 of the Uniform Commercial Code. What do they each cover? Which one follows the Mirror Image Rule?
What is the MIR?
And why does it matter?
What about Equitable Remedies?
What are the elements of an enforceable contract?
Why is the LLC the best form for a small business to use? Taxes, Flexibility of ownership
Liability & Administrative Burdens.
What is Limited Liability? What is Double Taxation?