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5 Written Questions

5 Matching Questions

  1. Acceptance by Stipulated Means
  2. Fraud
  3. Bilateral Contract
  4. UCC vs. CISG
  5. Acceptance
  1. a 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.
  2. b The knowing & intentional disclosure of false information or the knowing failure to disclose relevant information
  3. c One in which both parties promise to perform certain things
  4. d The offeree's positive response to the offeror's proposed contract, & only persons to whom the offer is made have the power of acceptance
  5. e CISG follows common law mirror image rule & not the UCC "battle of the forms" modification exception, CISG also requires the presence of a price for an offer to be definite enough to be valid, Merchant's offers exist under CISG but their validity is not subject to time limitations, as w/ the UCC 3 month limit.

5 Multiple Choice Questions

  1. A contract that gives all the benefits to one side & all the burdens to the other.
  2. One the courts will not honor, & neither party is obligated to perform under that agreement
  3. These contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges
  4. An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
  5. Knowledge that the info given is false

5 True/False Questions

  1. Statute of Frauds ContractsGeneric term referring to statutes requiring certain contracts to be in writing.

          

  2. Substantial PerformanceThe 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.

          

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

          

  4. Voidable Contractcontract that can be unenforceable at the election of one of the parties i.e. voidable contracts give one party the option disaffirming the contract.

          

  5. Limitations:Acceptance by the offeree cuts off the right to revoke

          

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