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In this assignment, you demonstrate your understanding of the material after you have utilized all of the learning tools in this module (reading materials, videos, quiz, and discussion). You should be able to demonstrate an understanding of: • Common law contracts • Contracts covered by the Uniform Commercial Code (UCC) How common law contracts and contracts covered by the UCC compare and contrast O Submit a 250-word response to the following: This is part of the final exam. Treat the question as an essay exam. This unit covered the courts and resolving issues by litigation and alternate ways to resolve disputes. In this unit we covered both common law contracts that cover events for example when someone sells a car to a friend (they are not in the car business) and when merchants (UCC) enter into contracts. 1. Why do you think the UCC is or is not important to merchants in order to effectively do business? Be sure to give examples. (Hint: Discuss how a common law contract is different from a contract between merchants under the UCC. Then explain why you feel the UCC difference is or is not important to merchants.) 2. What ethical considerations do you have when in a contractual relationship? (Hint: There are two factors in making business decisions we discussed so far in this class. Law. Statutes and Court decisions, and ethics. Discuss how ethics should be a consideration in making business decisions.) The next section must be answered. It is 20% of the assignment grade. This exercise is to develop the skill of evaluating others performance. I will evaluate your participation and performance, and our evaluations should agree. Be candid, you get points for identifying areas that need improvement, none for ignoring them.