5 Written questions
5 Matching questions
- Liquidated Damages
- Article 2A
- Bill of Lading
- Acceptance by Stipulated Means
- Statute of Frauds
- a Applies to leases of goods
- b Generic term referring to statutes requiring certain contracts to be in writing.
- c Damages agreed to in advance & provided for in the contract; usually appropriate when it is difficult to know how much damages will be.
- d Required means of acceptance, If the offeree uses the stipulated means of acceptance, the acceptance is effective when it is properly sent, ie mailbox rule applies. (Ex: If the offeror has required a mailed acceptance & the offeree properly mails the letter of acceptance.
- e 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.
5 Multiple choice questions
- An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
- 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
- must include only the parties involved & the subject matter
- there 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?
- The knowing & intentional disclosure of false information or the knowing failure to disclose relevant information
5 True/False questions
CISG (United Nations Convention on Contracts for the International Sale of Goods) → 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
Covenants not to Compete → Damages resulting from a contract breach, such as penalties or lost profits.
Unconscionable Contract → A contract that gives all the benefits to one side & all the burdens to the other.
Merchant's Firm Offer → Changes & rejections in original offer. Response by offeree to offer or when offeree changes terms of offer. The effect of a counteroffer is that the original offer is no longer valid & the offeree now becomes the offeror as the counteroffer becomes the new offer.
Scienter → Knowledge that the info given is false