5 Written questions
5 Matching questions
- Parol Evidence Rule
- UCC Statute of Frauds
- UCC vs. CISG
- Incidental Damages
- UCC, the requirements for an offer
- a 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.
- 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 CISG follows common law mirror image rule & not the UCC "battle of the forms" modification exception, CISG also requires the presence of a price for an offer to be definite enough to be valid, Merchant's offers exist under CISG but their validity is not subject to time limitations, as w/ the UCC 3 month limit.
- d 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.
- e must include only the parties involved & the subject matter
5 Multiple choice questions
- can't be revoked
- Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
- U.N. version of Article II on sales of goods for international transactions. 4 Parts: I.Application II.Formation III.Sale of Goods IV.Final Provisions
- An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
- Knowledge that the info given is false
5 True/False questions
Merchant's Firm Offer → Contract defense for performing a contract slightly differently from what was agreed upon; justification for substitute but equal performance; generally applicable in construction contracts.
Battle of the Forms → Generic term referring to statutes requiring certain contracts to be in writing.
Acceptance by Stipulated Means → The offeree's positive response to the offeror's proposed contract, & only persons to whom the offer is made have the power of acceptance
"Terms Later" → 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.
Accord & Satisfaction → An agreement (accord) to pay a certain amount, the payment of which constitutes full payment (satisfaction) of that debt.