5 Written questions
5 Matching questions
- UCC vs. CISG
- Under Common Law, options
- UCC Statute of Frauds
- UCC, the requirements for an offer
- 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
- b can't be revoked
- 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
- d must include only the parties involved & the subject matter
- 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
- 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)
- One the courts will not honor, & neither party is obligated to perform under that agreement
- 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
- Statutes requiring certain contracts to be in writing
- 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 The effect of a counteroffer is that the original offer is no longer valid & the offeree now becomes the offeror as the counteroffer becomes the new offer.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
Limitations: → Acceptance by the offeree cuts off the right to revoke
Rejection by Counteroffer Under Common Law → Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
Fraud → Occurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.
Consequential Damages → 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.
Bill of Lading → 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.