5 Written questions
5 Matching questions
- Incidental Damages
- Bilateral Contract
- UCC Statute of Frauds
- Battle of the Forms
- Exceptions to the Statute of Frauds
- a Term 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.
- b 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.
- c 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
- d 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
- e One in which both parties promise to perform certain things
5 Multiple choice questions
- E-commerce. (internet)
- An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
- Statutes requiring certain contracts to be in writing
- Generic term referring to statutes requiring certain contracts to be in writing.
- 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 True/False questions
Article 2A → The offeree's positive response to the offeror's proposed contract, & only persons to whom the offer is made have the power of acceptance
Substantial Performance → Contract defense for performing a contract slightly differently from what was agreed upon; justification for substitute but equal performance; generally applicable in construction contracts.
UCC, the requirements for an offer → must include only the parties involved & the subject matter
"Terms Later" → One in which both parties promise to perform certain things
Rejection by Counteroffer Under the UCC (2-207) For Nonmerchants → Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.