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5 Written Questions

5 Matching Questions

  1. Voidable Contract
  2. Bilateral Contract
  3. Exceptions to the Statute of Frauds
  4. Void Contract
  5. Covenants not to Compete
  1. 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.
  2. b One in which both parties promise to perform certain things
  3. 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
  4. d An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
  5. e Promises to protect employers & buyers from loss of goodwill through employee or seller competition. (ex 253)

5 Multiple Choice Questions

  1. Knowledge that the info given is false
  2. 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
  3. 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 The effect of a counteroffer is that the original offer is no longer valid & the offeree now becomes the offeror as the counteroffer becomes the new offer.
  4. One the courts will not honor, & neither party is obligated to perform under that agreement
  5. must include only the parties involved & the subject matter

5 True/False Questions

  1. 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

          

  2. Express vs. Implied Contracts (Quasi ContractsStatutes requiring certain contracts to be in writing

          

  3. Usury LawsThese contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges

          

  4. RevocationProcess of reworking a contract to substitute parties or terms, so that the old contract is abandoned & the new contract becomes the only valid contract.

          

  5. CapacityBoth parties to a valid contract must have capacity. Legal term for the ability to enter into a contract

          

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