NAME

Question types


Start with


Question limit

of 54 available terms

Advertisement Upgrade to remove ads
Print test

5 Written questions

5 Matching questions

  1. Parol Evidence Rule
  2. UCC Statute of Frauds
  3. UCC vs. CISG
  4. Incidental Damages
  5. UCC, the requirements for an offer
  1. a 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.
  2. b 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
  3. c 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.
  4. d 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. e must include only the parties involved & the subject matter

5 Multiple choice questions

  1. can't be revoked
  2. Offer ends when the offeree does not fully reject the offer but rejects some portion of the offer or modifies it before acceptance.
  3. 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
  4. An agreement to do something that is illegal or against public policy, or one that lacks legal elements.
  5. Knowledge that the info given is false

5 True/False questions

  1. Merchant's Firm OfferContract defense for performing a contract slightly differently from what was agreed upon; justification for substitute but equal performance; generally applicable in construction contracts.

          

  2. Battle of the FormsGeneric term referring to statutes requiring certain contracts to be in writing.

          

  3. Acceptance by Stipulated MeansThe offeree's positive response to the offeror's proposed contract, & only persons to whom the offer is made have the power of acceptance

          

  4. "Terms Later"The effect of the new Section 2-207 is to leave issues of what is or is not included in a contract to the courts that then determine the intent of the parties. The new Section 2-207 is now referred to as the "Terms Later" provision b/c it permits parties to go forward w/ contract performance & decide on terms later or resolve any disputes only if they arise during the course of performance.

          

  5. Accord & SatisfactionAn agreement (accord) to pay a certain amount, the payment of which constitutes full payment (satisfaction) of that debt.

          

Create Set