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5 Written Questions
5 Matching Questions
- Uniform Commercial Code (UCC)à Article 2
- Express Contract
- Article 2A
- Rejection by Counteroffer Under the UCC (2-207) For Nonmerchants
- a Applies to leases of goods
- b The knowing & intentional disclosure of false information or the knowing failure to disclose relevant information
- c A contract that is written or orally agreed to
- d 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)
- e 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.
5 Multiple Choice Questions
- E-commerce. (internet)
- One the courts will not honor, & neither party is obligated to perform under that agreement
- 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.
- One in which both parties promise to perform certain things
- Statutes requiring certain contracts to be in writing
5 True/False Questions
Voidable Contract → An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
Incidental 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.
Exceptions to the Statute of Frauds → 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
UCC vs. CISG → 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.
Bill of Lading → Receipts for goods issued by a carrier; used as a means of transferring title in exchange for payment or draw on a line of credit. Is a contract for the shipment of the goods & provides evidence of who has title to the goods.