5 Written questions
5 Matching questions
- Common Law Statute of Frauds
- Contract Defense
- Void Contract
- UCC Statute of Frauds
- a A situation, term, or event that makes an otherwise valid contract invalid
- b 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
- c 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
- d Acceptance by the offeree cuts off the right to revoke
- e One the courts will not honor, & neither party is obligated to perform under that agreement
5 Multiple choice questions
- The 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.
- 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.
- Statutes requiring certain contracts to be in writing
- Damages suffered by the nonbreaching party to a contract as a result of the breach; for example, late performance fees on a buyer's contract b/c the seller failed to deliver on time.
- An agreement (accord) to pay a certain amount, the payment of which constitutes full payment (satisfaction) of that debt.
5 True/False questions
Acceptance → Knowledge that the info given is false
Rejection by Counteroffer Under the UCC (2-207) For Nonmerchants → 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?
Voidable Contract → An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
Parol Evidence Rule → 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.
Duress → Occurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.