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5 Written Questions
5 Matching Questions
- Acceptance by Stipulated Means
- Express vs. Implied Contracts (Quasi Contracts
- Contract Defense
- a as if
- b A situation, term, or event that makes an otherwise valid contract invalid
- c Required means of acceptance, If the offeree uses the stipulated means of acceptance, the acceptance is effective when it is properly sent, ie mailbox rule applies. (Ex: If the offeror has required a mailed acceptance & the offeree properly mails the letter of acceptance.
- d Knowledge that the info given is false
- e Both parties to a valid contract must have capacity. Legal term for the ability to enter into a contract
5 Multiple Choice Questions
- Clause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events
- Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
- Process of reworking a contract to substitute parties or terms, so that the old contract is abandoned & the new contract becomes the only valid contract.
- Receipts for goods issued by a carrier; used as a means of transferring title in exchange for payment or draw on a line of credit. Is a contract for the shipment of the goods & provides evidence of who has title to the 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
5 True/False Questions
Void Contract → One the courts will not honor, & neither party is obligated to perform under that agreement
UCC, the requirements for an offer → the offer must be made by a merchant, put in some form of record, & signed by the merchant. If these requirements are met, the merchant must hold the offer open for a definite time period (no longer than 3 months).
Duress → Knowledge that the info given is false
Common Law Statute of Frauds → Under the UCC, a separate statute of frauds applies to contracts covering the sale of goods. Contracts for the sale of goods costing $500 or more must be evidenced by a record to be enforceable, Under Revised Article 2, the amount has been increased from $500 to $5,000
Covenants not to Compete → Of a minor allows the minor to choose not to honor the contract, in which case the other party to the contract will have no remedy. Exceptions to minor contract rules: Student loan contracts are enforceable