UCC vs Common Laws

Question 1

What is the “Definite and Certain” requirement for UCC VS Common Law?

Answer 1

“UCC - Quantity

RISE - All Terms”

Question 2

What make UCC or CL contracts “Irrevocable”?

Answer 2

“UCC - Firm Offer (No Consideration Required)

RISE - Options (Consideration Required)”

Question 3

How to make acceptance “Unequivocal” (clear)?

Answer 3

“UCC - No Mirror Image required. Minor changes are acceptable

RISE - Mirror Image is required. No changes are allowed. “

Question 4

How to make a “modification enforceable”?

Answer 4

“UCC - Modification is enforceable without consideration with [good faith]

RISE - Must give [consideration]”

Question 5

What is the “Statue of Limitation” for a legal action to be commenced against UCC or CL contracts?

Answer 5

“UCC - Four Years from the date of breach

RISE - Four to Six Years from the date of Breach”

Question 6

Per “Statute of Fraud”, what must be included for UCC vs CL

Answer 6

“UCC - Contract $500 or More

RISE - Multi-year Service Contracts”

Question 7

What is the result of “Material or Substantial Breach or Intentional”?

Answer 7

“UCC - Perfect Tender Rule

RISE - Discharge from Contract”

Question 8

When will “recession or cancellation” occur?

Answer 8

“UCC - Perfect Tender Rule and contract will cancel for any breaches

RISE - Doctrine of Substantial Performance and Substantial performance cannot be cancelled. “

Question 9

What is the “Fraud Remedy” and Mnemonic?

Answer 9

“UCC - Sue for Money damage or rescind

RISE - Sue for damages or seek rescission

Fraud (MAIDS):
Material Misrep
Actual Reliance
Inducement
Damages
Scienter"

Question 10

What is the result of Impracticability (UCC) and Impossibility (RISE)?

Answer 10

“UCC - Impracticable to Perform = [Discharge]

RISE - Impossible to Perform = [Discharge]”

Question 11

What does RISE stands for? They are governed by what law?

Answer 11

“Real Estate
Insurance
Services
Employment

Governed by Common Law”

Question 12

What is Statue of Fraud?

Answer 12

“MY LEGS:

1. Marriage is a consideration
2. Multi-year contracts
3. Land involved (Lease of RP, Sale of House or warehouse)
4. Executors to pay estate debts out of personal funds
5. Goods for $500 or more (Srv can be oral regardless of price if it can be completed within one year)
6. Surety (to pay the debt of another)”

Question 13

What is the Statue of Fraud for UCC goods of $500 or More

Answer 13

“SWAP:

1. Specially manufactured merchandise
2. Written confirmation (bind the recipient if not rejected within 10 days)
3. Admitted in court
4. Performed”