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5 Written questions

5 Matching questions

  1. Limitations:
  2. Accord & Satisfaction
  3. Age Capacity
  4. Common Law Statute of Frauds
  5. Rejection by Counteroffer Under Common Law
  1. a 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.
  2. b Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
  3. c An agreement (accord) to pay a certain amount, the payment of which constitutes full payment (satisfaction) of that debt.
  4. d Acceptance by the offeree cuts off the right to revoke
  5. e 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

5 Multiple choice questions

  1. there is a more complicated set of rules & details on additional terms in acceptance called the battle of the forms. If the parties reach a basic agreement but the offeree has added terms, there will be an enforceable contract; the added terms are not a rejection. Whether the added terms will become a part of the contract depends on the following questions: Are the terms material? Was the offer limited? Does one side object?
  2. 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
  3. Extrinsic evidence regarding a contract
  4. 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. 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).

5 True/False questions

  1. UCC vs. CISGCISG 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.

          

  2. Contract DefenseClause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events

          

  3. Valid ContractParties, subject matter of contract, price, payment terms, delivery terms, performance terms

          

  4. Point & ClickE-commerce. (internet)

          

  5. Commercial Impracticabilityparties 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.

          

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