Business law short answers

1-Define the Parol Evidence Rule. What does the “four corners” directive state? What exceptions, if any, does the rule allow?

2-What is the legal definition of Minor Breach and Material Breach? What are the legal ramifications of both? May the non-breaching party rescind the contract with either breach.

3.-Define and distinguish the Covenant, the Condition Precedent Contract, and the Condition Subsequent Contract.

4.-Define compensatory, liquidated, and nominal damages. Which provides for the loss of a bargain (financial) of the contract? What are the primary requirements for liquidated damages?

5. What contracts must adhere to the Statutes of Frauds? Be very comprehensive and specific in your answer.

6. Distinguish the primary differences between UCC-2 and UCC-2A. What is the UCC abbreviation represent?

7. Describe by legal name all parties to a contract assignment. May all rights be assigned? Are anti-assignment clauses in a contract allowed to prevent assignments?

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