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5 Written questions

5 Matching questions

  1. Void Contract
  2. Rejection by Counteroffer Under Common Law
  3. Uniform Commercial Code (UCC)à Article 2
  4. Bilateral Contract
  5. Under the UCC
  1. a One in which both parties promise to perform certain things
  2. b Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
  3. c 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.
  4. d One the courts will not honor, & neither party is obligated to perform under that agreement
  5. e one form of option makes the offer irrevocable, even without the offeree's payment

5 Multiple choice questions

  1. 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.
  2. 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 The effect of a counteroffer is that the original offer is no longer valid & the offeree now becomes the offeror as the counteroffer becomes the new offer.
  3. Knowledge that the info given is false
  4. 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. The 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 True/False questions

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

          

  2. UCC, the requirements for an offermust include only the parties involved & the subject matter

          

  3. Rejection by Counteroffer Under the UCC (2-207) For merchantsthere 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?

          

  4. Usury LawsOccurs when a party is physically forced into a contract or deprived of a meaningful choice when decided whether to enter into a contract.

          

  5. Unconscionable ContractA contract that gives all the benefits to one side & all the burdens to the other.