5 Written questions
5 Matching questions
- Uniform Commercial Code (UCC)à Article 2
- Rejection by Counteroffer Under Common Law
- Commercial Impracticability
- Merchant's Firm Offer
- Express Contract
- a A contract that is written or orally agreed to
- b UCC version of impossibility. Excuses performance if the basic assumptions the parties made when they entered the contract have changed.
- c 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).
- d Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
- e 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.
5 Multiple choice questions
- can't be revoked
- A situation, term, or event that makes an otherwise valid contract invalid
- Damages agreed to in advance & provided for in the contract; usually appropriate when it is difficult to know how much damages will be.
- 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
- Damages resulting from a contract breach, such as penalties or lost profits.
5 True/False questions
Exceptions to the Statute of Frauds → 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
Usury Laws → These contracts are credit or loan contracts that charge interest in excess of the state's limits for interest or finance charges
Void Contract → Parties, subject matter of contract, price, payment terms, delivery terms, performance terms
UCC, the requirements for an offer → 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).
Article 2A → Applies to leases of goods