5 Written questions
5 Matching questions
- Parol Evidence
- Statute of Frauds
- Bilateral Contract
- Common Law Statute of Frauds
- Material Fact
- 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.
- b One in which both parties promise to perform certain things
- 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 Extrinsic evidence regarding a contract
- e Generic term referring to statutes requiring certain contracts to be in writing.
5 Multiple choice questions
- Clause in a international contract that excuses performance in the event of war, embargo, or other generally unforeseeable events
- 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.
- Knowledge that the info given is false
- must include only the parties involved & the subject matter
- 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
Uniform Commercial Code (UCC)à Article 2 → Governs 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.
Express Contract → A contract that is written or orally agreed to
Usury Laws → These contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges
Misrepresentation → Occurs when the offeror notified the offeree that the offer is no longer good.
Under Common Law, options → can't be revoked