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5 Written Questions

5 Matching Questions

  1. Offer (UCC)
  2. Modification
  3. Expressed Contract
  4. Auction with Reserve
  5. Main Purpose Doctrine
  1. a Oral or written mode (Contract)
  2. b A change in terms post-contracting
  3. c DEBT OF ANOTHER
    The party answering for the debt of another must benefit from that answering - without the benefit, such action is seen as a gift or donation
  4. d The auctioneer reserves the right to remove or take back the item at any time prior to acceptance
  5. e Only needs quantity terms (not full QTIPS)

5 Multiple Choice Questions

  1. Cost of insurance and freight
  2. 1. Unilateral mistake
    2. Bilateral (mutual) mistake
  3. Only goods, not services
  4. Where one would do an action that they would not otherwise do, because of the situation at hand
  5. Where a party's influence or power causes another to believe or do an action that they might not otherwise do

5 True/False Questions

  1. QTIPSQ: Quantity terms
    T: Time for performance term
    I: Interested parties
    P: Price term
    S: Subject matter

          

  2. Unconscionable ContractsDesigned to keep an offer open for a stated period of time or a reasonable period of time

          

  3. Cost of Insurance and FreightWhoever takes out cost for insurance coverage and freight expense pays for the damage done to the item

          

  4. Jacob & Youngs v. KentI: Did the plaintiff substantially perform to fulfill the contract?
    R: Substantial Performance: Compare the quality of the original performance and the actual performance for quality and intentional harm or negligence
    A:The wrong piping was of better quality and caliber, compared to the correct brand
    C: Jacobs and Young performed a minor breach, with no malicious intent or substantial damage. The homeowner had to make good on the outstanding balance

          

  5. PrecedentBefore

          

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