A material breach:

Felipe contracts with Minnetonka Dozers, LLC (Minnetonka) to raze his old building for $12,000. Once Minnetonka begins the work, its employees discover asbestos in the building. Asbestos is hazardous and difficult to remove for environmental and safety reasons, and this will result in an additional $15,000 labor expense. Minnetonka refuses to complete the job until Felipe agrees to pay the additional $15,000. Felipe agrees. Is the contract modification enforceable?

A mistake results from an untrue statement made by one party to the contract.

Thomas did not perform his contract obligation on time or to proper specifications. This is considered a(n) __________________ contract.

When a mistake occurs:

A seller may disclaim the implied warranty of fitness for a particular purpose in writing.

Henry is negotiating a contract with Quinn. He becomes angry that Quinn will not agree to the proposed contract terms. Henry threatens Quinn with a criminal lawsuit claiming that he knew Quinn did not pay his taxes last year and is therefore a tax evader. This is an example of _______________ .

Calvin negotiated and bought a used car for personal use from Lulu’s Peaches Automotive Sales, Incorporated Once the agreement was executed, Calvin left with his car. What type of contract is this?

An insurable interest is the right to insure the goods against only the risk of fraud.

Which of the following is not covered by the Uniform Commercial (UCC)?