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5 Written questions

5 Matching questions

  1. Common Law Statute of Frauds
  2. Contract Defense
  3. Void Contract
  4. UCC Statute of Frauds
  5. Limitations:
  1. a A situation, term, or event that makes an otherwise valid contract invalid
  2. 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
  3. 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
  4. d Acceptance by the offeree cuts off the right to revoke
  5. e One the courts will not honor, & neither party is obligated to perform under that agreement

5 Multiple choice questions

  1. 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.
  2. 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.
  3. Statutes requiring certain contracts to be in writing
  4. 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.
  5. An agreement (accord) to pay a certain amount, the payment of which constitutes full payment (satisfaction) of that debt.

5 True/False questions

  1. AcceptanceKnowledge that the info given is false

          

  2. Rejection by Counteroffer Under the UCC (2-207) For Nonmerchantsthere is a more complicated set of rules & details on additional terms in acceptance called the battle of the forms. If the parties reach a basic agreement but the offeree has added terms, there will be an enforceable contract; the added terms are not a rejection. Whether the added terms will become a part of the contract depends on the following questions: Are the terms material? Was the offer limited? Does one side object?

          

  3. Voidable ContractAn agreement to do something that is illegal or against public policy, or one that lacks legal elements.

          

  4. Parol Evidence RuleThe 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.

          

  5. DuressOccurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.