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5 Written questions

5 Matching questions

  1. UCC vs. CISG
  2. Acceptance
  3. Under Common Law, options
  4. UCC Statute of Frauds
  5. UCC, the requirements for an offer
  1. a The offeree's positive response to the offeror's proposed contract, & only persons to whom the offer is made have the power of acceptance
  2. b can't be revoked
  3. c 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
  4. d must include only the parties involved & the subject matter
  5. e CISG 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.

5 Multiple choice questions

  1. 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)
  2. One the courts will not honor, & neither party is obligated to perform under that agreement
  3. U.N. version of Article II on sales of goods for international transactions. 4 Parts: I.Application II.Formation III.Sale of Goods IV.Final Provisions
  4. Statutes requiring certain contracts to be in writing
  5. Changes & rejections in original offer. Response by offeree to offer or when offeree changes terms of offer. The effect of a counteroffer is that the original offer is no longer valid & the offeree now becomes the offeror as the counteroffer becomes the new offer.

5 True/False questions

  1. Limitations:Acceptance by the offeree cuts off the right to revoke


  2. Rejection by Counteroffer Under Common LawOffer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.


  3. FraudOccurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.


  4. Consequential DamagesDamages suffered by the nonbreaching party to a contract as a result of the breach; for example, late performance fees on a buyer's contract b/c the seller failed to deliver on time.


  5. Bill of Ladingparties 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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