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5 Written questions

5 Matching questions

  1. Express Contract
  2. Merchant's Firm Offer
  3. Article 2A
  4. Consequential Damages
  5. Capacity
  1. a 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).
  2. b Both parties to a valid contract must have capacity. Legal term for the ability to enter into a contract
  3. c Applies to leases of goods
  4. d A contract that is written or orally agreed to
  5. e Damages resulting from a contract breach, such as penalties or lost profits.

5 Multiple choice questions

  1. Generic term referring to statutes requiring certain contracts to be in writing.
  2. Acceptance by the offeree cuts off the right to revoke
  3. UCC version of impossibility. Excuses performance if the basic assumptions the parties made when they entered the contract have changed.
  4. 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. contract 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 True/False questions

  1. MisrepresentationOccurs when one party to a contract is not given full or accurate information by the other party about the contract subject matter


  2. Bill of LadingOccurs when the offeror notified the offeree that the offer is no longer good.


  3. Rejection by Counteroffer Under the UCC (2-207) For merchantsthe 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)


  4. RevocationProcess 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. Force MajeureThe knowing & intentional disclosure of false information or the knowing failure to disclose relevant information