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5 Written Questions
5 Matching Questions
- Rejection by Counteroffer Under the UCC (2-207) For merchants
- Contract Defense
- Voidable Contract
- a 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 The effect of a counteroffer is that the original offer is no longer valid & the offeree now becomes the offeror as the counteroffer becomes the new offer.
- b 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?
- c Occurs when one party to a contract is not given full or accurate information by the other party about the contract subject matter
- d Of a minor allows the minor to choose not to honor the contract, in which case the other party to the contract will have no remedy. Exceptions to minor contract rules: Student loan contracts are enforceable
- e A situation, term, or event that makes an otherwise valid contract invalid
5 Multiple Choice Questions
- Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
- can't be revoked
- one form of option makes the offer irrevocable, even without the offeree's payment
- An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
- 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.
5 True/False Questions
CISG (United Nations Convention on Contracts for the International Sale of Goods) → Ex: If Alan agreed to sell his land to Berth under an oral contract & Bertha has paid, has the deed, & had moved in, Alan can't use the statute of frauds to remove Bertha & get the land back
Battle of the Forms → Generic term referring to statutes requiring certain contracts to be in writing.
Liquidated 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.
Express vs. Implied Contracts (Quasi Contracts → Statutes requiring certain contracts to be in writing
Capacity → Both parties to a valid contract must have capacity. Legal term for the ability to enter into a contract