5 Written questions
5 Matching questions
- Under the UCC
- UCC, the requirements for an offer
- Acceptance by Stipulated Means
- a The knowing & intentional disclosure of false information or the knowing failure to disclose relevant information
- b must include only the parties involved & the subject matter
- c one form of option makes the offer irrevocable, even without the offeree's payment
- d Required means of acceptance, If the offeree uses the stipulated means of acceptance, the acceptance is effective when it is properly sent, ie mailbox rule applies. (Ex: If the offeror has required a mailed acceptance & the offeree properly mails the letter of acceptance.
- e Both parties to a valid contract must have capacity. Legal term for the ability to enter into a contract
5 Multiple choice questions
- An agreement (accord) to pay a certain amount, the payment of which constitutes full payment (satisfaction) of that debt.
- 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)
- A situation, term, or event that makes an otherwise valid contract invalid
- Occurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.
- Promises to protect employers & buyers from loss of goodwill through employee or seller competition. (ex 253)
5 True/False questions
CISG (United Nations Convention on Contracts for the International Sale of Goods) → 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
Parol Evidence Rule → Extrinsic evidence regarding a contract
Statute of Frauds → 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
Age Capacity → Both parties to a valid contract must have capacity. Legal term for the ability to enter into a contract
Article 2A → The knowing & intentional disclosure of false information or the knowing failure to disclose relevant information