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5 Written Questions

5 Matching Questions

  1. Scienter
  2. Capacity
  3. Acceptance by Stipulated Means
  4. Express vs. Implied Contracts (Quasi Contracts
  5. Contract Defense
  1. a as if
  2. b A situation, term, or event that makes an otherwise valid contract invalid
  3. c 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.
  4. d Knowledge that the info given is false
  5. e Both parties to a valid contract must have capacity. Legal term for the ability to enter into a contract

5 Multiple Choice Questions

  1. Clause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events
  2. Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
  3. 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.
  4. 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.
  5. 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

5 True/False Questions

  1. Void ContractOne the courts will not honor, & neither party is obligated to perform under that agreement

          

  2. UCC, the requirements for an 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).

          

  3. DuressKnowledge that the info given is false

          

  4. Common Law Statute of FraudsUnder 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. Covenants not to CompeteOf 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

          

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