5 Written questions
5 Matching questions
- Consequential Damages
- Rejection by Counteroffer Under the UCC (2-207) For Nonmerchants
- Valid Contract
- Liquidated Damages
- Usury Laws
- a the addition of terms in the counteroffer doesn't result in a rejection; there will still be a contract if there is a clear intent to contract, but the additional terms will not be a part of the contract. (Ex 232)
- b Parties, subject matter of contract, price, payment terms, delivery terms, performance terms
- c These contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges
- d Damages resulting from a contract breach, such as penalties or lost profits.
- e Damages agreed to in advance & provided for in the contract; usually appropriate when it is difficult to know how much damages will be.
5 Multiple choice questions
- 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.
- An agreement (accord) to pay a certain amount, the payment of which constitutes full payment (satisfaction) of that debt.
- An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
- 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
- Occurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.
5 True/False questions
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
UCC vs. CISG → Both parties to a valid contract must have capacity. Legal term for the ability to enter into a contract
Statute of Frauds → Generic term referring to statutes requiring certain contracts to be in writing.
UCC, the requirements for an offer → must include only the parties involved & the subject matter
Revocation → Occurs when the offeror notified the offeree that the offer is no longer good.