5 Written questions
5 Matching questions
- Unconscionable Contract
- Bill of Lading
- Rejection by Counteroffer Under Common Law
- UCC vs. CISG
- CISG (United Nations Convention on Contracts for the International Sale of Goods)
- a 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
- b A contract that gives all the benefits to one side & all the burdens to the other.
- c Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
- d Receipts for goods issued by a carrier; used as a means of transferring title in exchange for payment or draw on a line of credit. Is a contract for the shipment of the goods & provides evidence of who has title to the goods.
- e 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.
5 Multiple choice questions
- one form of option makes the offer irrevocable, even without the offeree's payment
- parties to the contract must be at least the age of the majority (most states, 18). Before the time a party reaches the age of capacity, his or her contracts are voidable.
- Of a minor allows the minor to choose not to honor the contract, in which case the other party to the contract will have no remedy. Exceptions to minor contract rules: Student loan contracts are enforceable
- 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).
- Occurs when the offeror notified the offeree that the offer is no longer good.
5 True/False questions
UCC, the requirements for an offer → must include only the parties involved & the subject matter
Battle of the Forms → 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.
Express vs. Implied Contracts (Quasi Contracts → as if
Statute of Frauds Contracts → One in which both parties promise to perform certain things
Material Fact → 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.