5 Written questions
5 Matching questions
- Express Contract
- Merchant's Firm Offer
- Article 2A
- Consequential Damages
- a 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).
- b Both parties to a valid contract must have capacity. Legal term for the ability to enter into a contract
- c Applies to leases of goods
- d A contract that is written or orally agreed to
- e Damages resulting from a contract breach, such as penalties or lost profits.
5 Multiple choice questions
- Generic term referring to statutes requiring certain contracts to be in writing.
- Acceptance by the offeree cuts off the right to revoke
- UCC version of impossibility. Excuses performance if the basic assumptions the parties made when they entered the contract have changed.
- 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.
- 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.
5 True/False questions
Misrepresentation → Occurs when one party to a contract is not given full or accurate information by the other party about the contract subject matter
Bill of Lading → Occurs when the offeror notified the offeree that the offer is no longer good.
Rejection by Counteroffer Under the UCC (2-207) For merchants → 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)
Revocation → Process of reworking a contract to substitute parties or terms, so that the old contract is abandoned & the new contract becomes the only valid contract.
Force Majeure → The knowing & intentional disclosure of false information or the knowing failure to disclose relevant information