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5 Written questions

5 Matching questions

  1. Unconscionable Contract
  2. Bill of Lading
  3. Rejection by Counteroffer Under Common Law
  4. UCC vs. CISG
  5. CISG (United Nations Convention on Contracts for the International Sale of Goods)
  1. a U.N. version of Article II on sales of goods for international transactions. 4 Parts: I.Application II.Formation III.Sale of Goods IV.Final Provisions
  2. b A contract that gives all the benefits to one side & all the burdens to the other.
  3. c Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
  4. d 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.
  5. e 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 Multiple choice questions

  1. one form of option makes the offer irrevocable, even without the offeree's payment
  2. 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.
  3. Of a minor allows the minor to choose not to honor the contract, in which case the other party to the contract will have no remedy. Exceptions to minor contract rules: Student loan contracts are enforceable
  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. Occurs when the offeror notified the offeree that the offer is no longer good.

5 True/False questions

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

          

  2. Battle of the FormsTerm used to describe the problem of merchants using their purchase orders & invoices w/ conflicting terms as their contractual understanding; problem is remedied by section 2-207 of the UCC.

          

  3. Express vs. Implied Contracts (Quasi Contractsas if

          

  4. Statute of Frauds ContractsOne in which both parties promise to perform certain things

          

  5. Material FactThe type of info that would affect someone's decision to enter into the contract. Statement of fact that would influence an individual's decision to buy or sell.