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5 Written questions

5 Matching questions

  1. Parol Evidence
  2. Statute of Frauds
  3. Bilateral Contract
  4. Common Law Statute of Frauds
  5. Material Fact
  1. a 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.
  2. b One in which both parties promise to perform certain things
  3. 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
  4. d Extrinsic evidence regarding a contract
  5. e Generic term referring to statutes requiring certain contracts to be in writing.

5 Multiple choice questions

  1. Clause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events
  2. 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.
  3. Knowledge that the info given is false
  4. must include only the parties involved & the subject matter
  5. 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)

5 True/False questions

  1. Uniform Commercial Code (UCC)à Article 2Governs contracts for the sale of goods. Adopted by all states except Louisiana. Contracts can be formed easier, standards for performance are more defined, & the remedies are more easily determined.


  2. Express ContractA contract that is written or orally agreed to


  3. Usury LawsThese contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges


  4. MisrepresentationOccurs when the offeror notified the offeree that the offer is no longer good.


  5. Under Common Law, optionscan't be revoked


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