5 Written Questions
5 Matching Questions
- Force Majeure
- Covenants not to Compete
- Statute of Frauds Contracts
- Void Contract
- Under the UCC
- a One the courts will not honor, & neither party is obligated to perform under that agreement
- b Statutes requiring certain contracts to be in writing
- c Clause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events
- d Promises to protect employers & buyers from loss of goodwill through employee or seller competition. (ex 253)
- e one form of option makes the offer irrevocable, even without the offeree's payment
5 Multiple Choice Questions
- An agreement (accord) to pay a certain amount, the payment of which constitutes full payment (satisfaction) of that debt.
- Occurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.
- UCC version of impossibility. Excuses performance if the basic assumptions the parties made when they entered the contract have changed.
- Extrinsic evidence regarding a contract
- One in which both parties promise to perform certain things
5 True/False Questions
Acceptance by Stipulated Means → The offeree's positive response to the offeror's proposed contract, & only persons to whom the offer is made have the power of acceptance
CISG (United Nations Convention on Contracts for the International Sale of Goods) → Ex: If Alan agreed to sell his land to Berth under an oral contract & Bertha has paid, has the deed, & had moved in, Alan can't use the statute of frauds to remove Bertha & get the land back
Under Common Law, options → can't be revoked
Contract Defense → Clause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events
UCC vs. CISG → CISG follows common law mirror image rule & not the UCC "battle of the forms" modification exception, CISG also requires the presence of a price for an offer to be definite enough to be valid, Merchant's offers exist under CISG but their validity is not subject to time limitations, as w/ the UCC 3 month limit.