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5 Written questions

5 Matching questions

  1. Consequential Damages
  2. Rejection by Counteroffer Under the UCC (2-207) For Nonmerchants
  3. Valid Contract
  4. Liquidated Damages
  5. Usury Laws
  1. a the 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)
  2. b Parties, subject matter of contract, price, payment terms, delivery terms, performance terms
  3. c These contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges
  4. d Damages resulting from a contract breach, such as penalties or lost profits.
  5. e Damages agreed to in advance & provided for in the contract; usually appropriate when it is difficult to know how much damages will be.

5 Multiple choice questions

  1. 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.
  2. An agreement (accord) to pay a certain amount, the payment of which constitutes full payment (satisfaction) of that debt.
  3. An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
  4. 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. 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 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. UCC vs. CISGBoth parties to a valid contract must have capacity. Legal term for the ability to enter into a contract

          

  3. Statute of FraudsGeneric term referring to statutes requiring certain contracts to be in writing.

          

  4. UCC, the requirements for an offermust include only the parties involved & the subject matter

          

  5. RevocationOccurs when the offeror notified the offeree that the offer is no longer good.

          

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