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5 Written Questions

5 Matching Questions

  1. Statute of Frauds Contracts
  2. Common Law Statute of Frauds
  3. "Terms Later"
  4. Contract Defense
  5. Parol Evidence Rule
  1. a The effect of the new Section 2-207 is to leave issues of what is or is not included in a contract to the courts that then determine the intent of the parties. The new Section 2-207 is now referred to as the "Terms Later" provision b/c it permits parties to go forward w/ contract performance & decide on terms later or resolve any disputes only if they arise during the course of performance.
  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 Statutes requiring certain contracts to be in writing
  4. d A situation, term, or event that makes an otherwise valid contract invalid
  5. e The prohibition on extrinsic evidence for fully integrated contracts. It is a means for stopping ongoing contradictions to contracts that have been entered into & finalized. Exceptions to the PER: If a contract is incomplete or the terms are ambiguous, extrinsic evidence can be used to clarify or complete the contract, as in the case of UCC contracts in which price, delivery, & payment terms can be added. Evidence that shows lack of capacity or fraud does not violate the PER.

5 Multiple Choice Questions

  1. one form of option makes the offer irrevocable, even without the offeree's payment
  2. Damages agreed to in advance & provided for in the contract; usually appropriate when it is difficult to know how much damages will be.
  3. Contract defense for performing a contract slightly differently from what was agreed upon; justification for substitute but equal performance; generally applicable in construction contracts.
  4. the 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).
  5. 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.

5 True/False Questions

  1. Bilateral ContractParties, subject matter of contract, price, payment terms, delivery terms, performance terms

          

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

          

  3. Express vs. Implied Contracts (Quasi Contractsas if

          

  4. Unconscionable ContractA contract that gives all the benefits to one side & all the burdens to the other.

          

  5. Void ContractAn agreement to do something that is illegal or against public policy, or one that lacks legal elements.

          

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