5 Written Questions
5 Matching Questions
- Acceptance by Stipulated Means
- Bilateral Contract
- UCC vs. CISG
- a Required means of acceptance, If the offeree uses the stipulated means of acceptance, the acceptance is effective when it is properly sent, ie mailbox rule applies. (Ex: If the offeror has required a mailed acceptance & the offeree properly mails the letter of acceptance.
- b The knowing & intentional disclosure of false information or the knowing failure to disclose relevant information
- c One in which both parties promise to perform certain things
- d The offeree's positive response to the offeror's proposed contract, & only persons to whom the offer is made have the power of acceptance
- 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
- A contract that gives all the benefits to one side & all the burdens to the other.
- One the courts will not honor, & neither party is obligated to perform under that agreement
- These contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges
- An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
- Knowledge that the info given is false
5 True/False Questions
Statute of Frauds Contracts → Generic term referring to statutes requiring certain contracts to be in writing.
Substantial Performance → 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.
Bill of Lading → These contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges
Voidable Contract → 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.
Limitations: → Acceptance by the offeree cuts off the right to revoke