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5 Written questions

5 Matching questions

  1. Incidental Damages
  2. Bilateral Contract
  3. UCC Statute of Frauds
  4. Battle of the Forms
  5. Exceptions to the Statute of Frauds
  1. a 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.
  2. b 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.
  3. c 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
  4. d Ex: If Alan agreed to sell his land to Berth under an oral contract & Bertha has paid, has the deed, & had moved in, Alan can't use the statute of frauds to remove Bertha & get the land back
  5. e One in which both parties promise to perform certain things

5 Multiple choice questions

  1. E-commerce. (internet)
  2. An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
  3. Statutes requiring certain contracts to be in writing
  4. Generic term referring to statutes requiring certain contracts to be in writing.
  5. 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).

5 True/False questions

  1. Article 2AThe offeree's positive response to the offeror's proposed contract, & only persons to whom the offer is made have the power of acceptance


  2. Substantial PerformanceContract defense for performing a contract slightly differently from what was agreed upon; justification for substitute but equal performance; generally applicable in construction contracts.


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


  4. "Terms Later"One in which both parties promise to perform certain things


  5. Rejection by Counteroffer Under the UCC (2-207) For NonmerchantsOffer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.