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5 Written questions

5 Matching questions

  1. UCC Statute of Frauds
  2. Duress
  3. Voidable Contract
  4. Material Fact
  5. Common Law Statute of Frauds
  1. a The type of info that would affect someone's decision to enter into the contract. Statement of fact that would influence an individual's decision to buy or sell.
  2. b Occurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.
  3. c 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
  4. d 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
  5. e 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

5 Multiple choice questions

  1. 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.
  2. Extrinsic evidence regarding a contract
  3. One the courts will not honor, & neither party is obligated to perform under that agreement
  4. UCC version of impossibility. Excuses performance if the basic assumptions the parties made when they entered the contract have changed.
  5. 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 True/False questions

  1. Void ContractAn agreement to do something that is illegal or against public policy, or one that lacks legal elements.


  2. Acceptance by Stipulated MeansThe offeree's positive response to the offeror's proposed contract, & only persons to whom the offer is made have the power of acceptance


  3. Rejection by Counteroffer Under the UCC (2-207) For Nonmerchantsthe 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)


  4. Merchant's Firm Offerthe 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).


  5. Age Capacityparties 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.


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