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5 Written questions

5 Matching questions

  1. Contract Defense
  2. Liquidated Damages
  3. Common Law Statute of Frauds
  4. Valid Contract
  5. Capacity
  1. a A situation, term, or event that makes an otherwise valid contract invalid
  2. b 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
  3. c Damages agreed to in advance & provided for in the contract; usually appropriate when it is difficult to know how much damages will be.
  4. d Both parties to a valid contract must have capacity. Legal term for the ability to enter into a contract
  5. e Parties, subject matter of contract, price, payment terms, delivery terms, performance terms

5 Multiple choice questions

  1. Damages suffered by the nonbreaching party to a contract as a result of the breach; for example, late performance fees on a buyer's contract b/c the seller failed to deliver on time.
  2. Clause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events
  3. as if
  4. Occurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.
  5. 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.

5 True/False questions

  1. Limitations: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.

          

  2. Bilateral ContractA contract that is written or orally agreed to

          

  3. Parol Evidence RuleExtrinsic evidence regarding a contract

          

  4. Void ContractParties, subject matter of contract, price, payment terms, delivery terms, performance terms

          

  5. Statute of Frauds ContractsUnder 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

          

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