5 Written Questions
5 Matching Questions
- UCC Statute of Frauds
- Rejection by Counteroffer Under the UCC (2-207) For merchants
- Rejection by Counteroffer Under Common Law
- Uniform Commercial Code (UCC)à Article 2
- Substantial Performance
- a 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?
- b Contract defense for performing a contract slightly differently from what was agreed upon; justification for substitute but equal performance; generally applicable in construction contracts.
- c Governs contracts for the sale of goods. Adopted by all states except Louisiana. Contracts can be formed easier, standards for performance are more defined, & the remedies are more easily determined.
- d 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
- e Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
5 Multiple Choice Questions
- 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)
- 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.
- 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.
- 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.
- These contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges
5 True/False Questions
Bilateral Contract → One in which both parties promise to perform certain things
Battle of the Forms → Generic term referring to statutes requiring certain contracts to be in writing.
Under the UCC → one form of option makes the offer irrevocable, even without the offeree's payment
Consequential Damages → 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.
Parol Evidence Rule → Extrinsic evidence regarding a contract