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5 Written Questions

5 Matching Questions

  1. UCC Statute of Frauds
  2. Rejection by Counteroffer Under the UCC (2-207) For merchants
  3. Rejection by Counteroffer Under Common Law
  4. Uniform Commercial Code (UCC)à Article 2
  5. Substantial Performance
  1. 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?
  2. 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.
  3. 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.
  4. 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
  5. 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

  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. 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.
  3. 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.
  4. 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.
  5. 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

  1. Bilateral ContractOne in which both parties promise to perform certain things

          

  2. Battle of the FormsGeneric term referring to statutes requiring certain contracts to be in writing.

          

  3. Under the UCCone form of option makes the offer irrevocable, even without the offeree's payment

          

  4. Consequential DamagesThe 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.

          

  5. Parol Evidence RuleExtrinsic evidence regarding a contract

          

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