1.Maker manufactures printing presses. News, a publisher of a local newspaper,was interested in purchasing a few presses. Rep, a representative of Maker, metwith Bill, the president of News, to describe the advantages of Maker'spresses. Rep also drew rough plans of the alterations that would be required inthe News pressroom to accommodate the new presses, including additional floorspace and new electrical installations, and left the plans with Bill. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> OnDecember 1, Bill received a letter signed by Seller, a member of Maker's salesstaff, offering to sell the required number of presses at a cost of $2.4million. The offer contained provisions relating to the delivery schedule,warranties, and payment terms, and stated that the terms will be good for 60days. Under the Uniform Commercial Code was a firm offer created? A.Yes, since both parties were merchants. B.Yes, since the letter was a signed writing giving assurances that the offerwill be held open. C.No, since the offer stated the period of time for which it would beirrevocable. D.No, since the offeror did not sign the form supplied by the offeror. 2.Pottery Plant Co. has entered into an agreement to buy its actual requirementsof potting soil for six months from Green Supplies, a garden supply company.Green Supplies has agreed to sell all the potting soil they will require forsix months. The agreement between the two companies is: A.Unenforceable because it is too indefinite as to quantity. B.Unenforceable because it lacks mutuality of obligation. C.Unenforceable because it is illusory. D. Avalid and enforceable contract. 3.Motors entered into an oral option with Hap, Inc., for $50. The option was topurchase at cost any late model used yacht received by Motors as a trade in ona new yacht for the next 100 days. Hap paid the $50 in cash and promptly sentMotors a signed memorandum which correctly described the agreement and itsterms. Motors did not respond until after 30 days had elapsed and it haddiscovered they had made a very bad bargain. Motors notified Hap that theywould no longer perform under the terms of the option, which they alleged wasinvalid, and enclosed a check for $50 to Hap. Which of the following iscorrect? A.The oral option is invalid for lack of consideration. B.The Statute of Frauds can be validly asserted by Motors to avoid liability. CMotors has entered into a valid contract with Hap. D.Options for a duration of more than three months are unenforceable. 4.Ellie, a 17 year old minor, contracted with Compco to purchase a used computerfor $700. The computer was purchased for Ellie's personal use. The agreementprovided that Ellie would pay $300 down on delivery and $100 thirty days laterover the next four months. Ellie took delivery and paid the $300 down payment.Twenty days later, the computer was seriously damaged as a result of Ellie'snegligence. Five days after the damage occurred a ...