51) If a party, against whom enforcement is sought, admits to an oral contract in court proceedings, then the Statute of Frauds requirement is waived and the oral contract can be enforced.
52) If a buyer receives and accepts goods, pursuant to an oral contract and the Statute of Frauds of applies, then the contract is unenforceable.
53) The written confirmation rule only satisfies the Statute of Frauds requirement if the transaction is between non-merchants.
54) If an oral modification brings a contract within the Statute of Frauds, then it must be in writing to be enforceable.
55) The parol evidence rule allows a party to present outside evidence to support their interpretation of a contract.
56) If the express terms of a written contract are unclear, the court can consider the previous conduct of the parties, in interpreting the contract.
57) Electronic contracts are not covered by the UCC.
58) Under the UCC, electronic agents allow for sale and lease contracting of goods over the Internet.
59) Under the UCC, an electronic record is not the same as writing.
60) A letter of credit guarantees to the seller, that the bank will pay for the goods if the buyer fails to do so.
61) Letters of credit are important instruments in international trade.
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