5 Written Questions
5 Matching Questions
- Statute of Frauds Contracts
- Common Law Statute of Frauds
- "Terms Later"
- Contract Defense
- Parol Evidence Rule
- a The effect of the new Section 2-207 is to leave issues of what is or is not included in a contract to the courts that then determine the intent of the parties. The new Section 2-207 is now referred to as the "Terms Later" provision b/c it permits parties to go forward w/ contract performance & decide on terms later or resolve any disputes only if they arise during the course of performance.
- 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 Statutes requiring certain contracts to be in writing
- d A situation, term, or event that makes an otherwise valid contract invalid
- e The prohibition on extrinsic evidence for fully integrated contracts. It is a means for stopping ongoing contradictions to contracts that have been entered into & finalized. Exceptions to the PER: If a contract is incomplete or the terms are ambiguous, extrinsic evidence can be used to clarify or complete the contract, as in the case of UCC contracts in which price, delivery, & payment terms can be added. Evidence that shows lack of capacity or fraud does not violate the PER.
5 Multiple Choice Questions
- one form of option makes the offer irrevocable, even without the offeree's payment
- Damages agreed to in advance & provided for in the contract; usually appropriate when it is difficult to know how much damages will be.
- Contract defense for performing a contract slightly differently from what was agreed upon; justification for substitute but equal performance; generally applicable in construction contracts.
- the offer must be made by a merchant, put in some form of record, & signed by the merchant. If these requirements are met, the merchant must hold the offer open for a definite time period (no longer than 3 months).
- 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 True/False Questions
Bilateral Contract → Parties, subject matter of contract, price, payment terms, delivery terms, performance terms
Void Contract → One the courts will not honor, & neither party is obligated to perform under that agreement
Express vs. Implied Contracts (Quasi Contracts → as if
Unconscionable Contract → A contract that gives all the benefits to one side & all the burdens to the other.
Void Contract → An agreement to do something that is illegal or against public policy, or one that lacks legal elements.