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Which of the following is a correct statement regarding past consideration?

In the Hamer v. Sidway case cited in the textbook, the New York Court of Appeals concluded that:

A new agreement to pay less than the creditor claims is owed is called a(n) ________.

Wally wants to sell his used computer to Susan for $400. Susan says that she will think about it. Wally tells Susan on Monday that if she wants the computer, she must call him on his cell phone by 6 p.m., the next day. That next morning Susan decides she does want the computer, but she has misplaced Wally’s cell phone number. She finds his address in an old campus directory. Therefore, she drops a note to him through the United States Postal Service telling him that she wants the computer. Meanwhile, on Wednesday, before he gets Susan’s acceptance, Wally sells the computer to Alice. When Wally calls Susan to tell her the bad news, Susan tells Wally that she accepted the contract and that under the Mailbox Rule, he is liable to her for damages computed by the difference between $400 and the amount it costs her to obtain a similar computer. Who will win in the dispute between Wally and Susan and why?

A sale-on-approval contract occurs when the seller and buyer agree that the buyer may return the goods at a later time.

What was the result in Scott v. Mid-Carolina Homes, Inc., the case referenced in the textbook in which the defendant attempted to rescind a contract to sell a mobile home because its salesperson was acting under a mistake of fact when he gave the plaintiff the sales price?

With a simple delivery contract in which the seller is a merchant, which party sustains the loss if, through no fault of either party, the goods are destroyed through fire prior to delivery to the buyer?

An agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party’s property is known as a(n) ________.

Mistakes in contract law do not result from untrue statements made by one party to the contract.

Which of the following is true regarding transportation costs when the shipping term “FOB” is used in a contract for the sale of goods requiring delivery?