5 Written Questions
5 Matching Questions
- Voidable Contract
- Bilateral Contract
- Exceptions to the Statute of Frauds
- Void Contract
- Covenants not to Compete
- a contract that can be unenforceable at the election of one of the parties i.e. voidable contracts give one party the option disaffirming the contract.
- b One in which both parties promise to perform certain things
- c 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
- d An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
- e Promises to protect employers & buyers from loss of goodwill through employee or seller competition. (ex 253)
5 Multiple Choice Questions
- Knowledge that the info given is false
- 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
- 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 The effect of a counteroffer is that the original offer is no longer valid & the offeree now becomes the offeror as the counteroffer becomes the new offer.
- One the courts will not honor, & neither party is obligated to perform under that agreement
- must include only the parties involved & the subject matter
5 True/False Questions
Common Law Statute of Frauds → 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
Express vs. Implied Contracts (Quasi Contracts → Statutes requiring certain contracts to be in writing
Usury Laws → These contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges
Revocation → 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.
Capacity → Both parties to a valid contract must have capacity. Legal term for the ability to enter into a contract