5 Written questions
5 Matching questions
- Accord & Satisfaction
- Age Capacity
- Common Law Statute of Frauds
- Rejection by Counteroffer Under Common Law
- a parties to the contract must be at least the age of the majority (most states, 18). Before the time a party reaches the age of capacity, his or her contracts are voidable.
- b Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
- c An agreement (accord) to pay a certain amount, the payment of which constitutes full payment (satisfaction) of that debt.
- d Acceptance by the offeree cuts off the right to revoke
- e 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
5 Multiple choice questions
- there is a more complicated set of rules & details on additional terms in acceptance called the battle of the forms. If the parties reach a basic agreement but the offeree has added terms, there will be an enforceable contract; the added terms are not a rejection. Whether the added terms will become a part of the contract depends on the following questions: Are the terms material? Was the offer limited? Does one side object?
- 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
- Extrinsic evidence regarding a contract
- 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)
- 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 True/False questions
UCC vs. CISG → 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.
Contract Defense → Clause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events
Valid Contract → Parties, subject matter of contract, price, payment terms, delivery terms, performance terms
Point & Click → E-commerce. (internet)
Commercial Impracticability → parties to the contract must be at least the age of the majority (most states, 18). Before the time a party reaches the age of capacity, his or her contracts are voidable.