5 Written questions
5 Matching questions
- Contract Defense
- Liquidated Damages
- Common Law Statute of Frauds
- Valid Contract
- a A situation, term, or event that makes an otherwise valid contract invalid
- b 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
- c Damages agreed to in advance & provided for in the contract; usually appropriate when it is difficult to know how much damages will be.
- d Both parties to a valid contract must have capacity. Legal term for the ability to enter into a contract
- e Parties, subject matter of contract, price, payment terms, delivery terms, performance terms
5 Multiple choice questions
- Damages 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.
- Clause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events
- as if
- Occurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.
- Process of reworking a contract to substitute parties or terms, so that the old contract is abandoned & the new contract becomes the only valid contract.
5 True/False questions
Limitations: → Process of reworking a contract to substitute parties or terms, so that the old contract is abandoned & the new contract becomes the only valid contract.
Bilateral Contract → A contract that is written or orally agreed to
Parol Evidence Rule → Extrinsic evidence regarding a contract
Void Contract → Parties, subject matter of contract, price, payment terms, delivery terms, performance terms
Statute of Frauds Contracts → 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