5 Written questions
5 Matching questions
- Common Law Statute of Frauds
- Age Capacity
- Merchant's Firm Offer
- Point & Click
- a 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
- b 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.
- c E-commerce. (internet)
- d 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).
- e 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 Multiple choice questions
- as if
- These contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges
- Clause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events
- contract that can be unenforceable at the election of one of the parties i.e. voidable contracts give one party the option disaffirming the contract.
- 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)
5 True/False questions
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
Contract Defense → Clause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events
Unconscionable Contract → 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
Commercial Impracticability → UCC version of impossibility. Excuses performance if the basic assumptions the parties made when they entered the contract have changed.
Limitations: → Occurs when the offeror notified the offeree that the offer is no longer good.