5 Written questions
5 Matching questions
- UCC Statute of Frauds
- Voidable Contract
- Material Fact
- Common Law Statute of Frauds
- a The type of info that would affect someone's decision to enter into the contract. Statement of fact that would influence an individual's decision to buy or sell.
- b Occurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.
- c 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
- d List of types of contracts required to be in writing under most state laws: Contracts for the Sale of Real Property (sales, certain leases, liens, mortgages, & easements) Contracts That Can't be Performed in One Year Contracts to Pay the Debt of Another
- e 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
5 Multiple choice questions
- The effect of the new Section 2-207 is to leave issues of what is or is not included in a contract to the courts that then determine the intent of the parties. The new Section 2-207 is now referred to as the "Terms Later" provision b/c it permits parties to go forward w/ contract performance & decide on terms later or resolve any disputes only if they arise during the course of performance.
- Extrinsic evidence regarding a contract
- One the courts will not honor, & neither party is obligated to perform under that agreement
- UCC version of impossibility. Excuses performance if the basic assumptions the parties made when they entered the contract have changed.
- Governs contracts for the sale of goods. Adopted by all states except Louisiana. Contracts can be formed easier, standards for performance are more defined, & the remedies are more easily determined.
5 True/False questions
Void Contract → An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
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
Rejection by Counteroffer Under the UCC (2-207) For Nonmerchants → 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)
Merchant's Firm 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).
Age Capacity → parties to the contract must be at least the age of the majority (most states, 18). Before the time a party reaches the age of capacity, his or her contracts are voidable.