Contracts

Question 1

a communication will not be considered to be definite and certain enough to be an offer if it is for the sale of goods and is missing…

Answer 1

a quantity term

Question 2

a revocation is generally effective when…

Answer 2

received

Question 3

an acceptance is generally effective when…

Answer 3

dispatched

Question 4

an ordinary option K requires that the offeree gives consideration, whereas a merchant’s firm offer…

Answer 4

does not

Question 5

an offer for a bilateral K can be accepted by

Answer 5

a promise or the beginning of performance

Question 6

CL mirror image rule

Answer 6

requires an absolute and unequivocal acceptance of each and every term of the offer

Question 7

a vague term in a K can be cured by…

Answer 7

part performance

Question 8

an offer for a bilateral K can be accepted by

Answer 8

a promise to perform or the beginning of performance

Question 9

an ad, catalog, or circular letter, listing the price at which a seller is willing to sell a product, would typically be construed as

Answer 9

an invitation for an offer

Question 10

nonfulfillment of a condition will excuse a duty to perform that was…

Answer 10

subject to the condition

Question 11

constructive condition

Answer 11

condition implied by a court even though it is not explicitly stated in the K

Question 12

repudiation must be…

Answer 12

unequivocal

Question 13

prospective failure to perform involves

Answer 13

mere doubts… allows the innocent party to suspend performance until she receives adequate assurances

Question 14

elements for frustration

Answer 14

i) some supervening act or event leading to the frustration
ii) at the time of entering into the K, the parties did not reasonably foresee the act or event occurring
iii) the purpose of the K has been completely or almost completely destroyed by this act or event
iv) the purpose of the K was realized by both parties at the time of making the K

Question 15

frustration will exist if

Answer 15

the purpose of the K has become valueless by virtue of some supervening event not the fault of the party seeking discharge

Question 16

once an offeree of a unilateral K has fully performed, the K can be rescinded, but only if the rescission promise is supported by

Answer 16

i) an offer of new consideration by the nonperforming party
ii) elements of promissory estoppel OR
iii) manifestation of an intent by the offeree to make a gift of the obligation owed to her

Question 17

if an accord agreement is breached by the debtor, the creditor may…

Answer 17

sue either on the original K or for breach of the accord agreement

Question 18

when should the nonbreaching party treat an otherwise minor breach as a material breach

Answer 18

when the breach is coupled with an anticipatory repudiation

Question 19

in an installment K situation, the K can be cancelled by the buyer if…

Answer 19

there is a nonconformity in a shipment that substantially impairs the value of the K and cannot be cured

Question 20

specific performance is not available as a remedy for a breach of K to…

Answer 20

provide services

Question 21

either a nonbreaching buyer or nonbreaching seller may recover incidental damages, but only a buyer may recover…

Answer 21

consequential damages

Question 22

in a suit for restitution, the measure of recovery is…

Answer 22

the value of the benefit conferred

Question 23

warranty of title

Answer 23

unless properly disclaimed, included in evert K for the sale of goods
- seller of goods warrants that the title transferred is good, rightful, and there are no liens or encumbrances against the title of which the buyer is unaware at the time of the K

Question 24

in a K between merchants for the sale of goods, what is the result when the acceptance does not match the terms of the offer

Answer 24

additional terms that do not materially alter the original terms of the offer will be included in the K, but different terms may be knocked out of the K

Question 25

in a shipment K, when goods are destroyed en route from the seller to the buyer, the risk of loss is borne by

Answer 25

the buyer because the risk of loss passed to the buyer when the goods were delivered to the carrier

Question 26

mutual mistake can be a defense to the formation of a K if...

Answer 26

the mistake concerns a basic assumption on which the K is made

Question 27

the SOF requires...

Answer 27

one or more writings that reflect the material terms of the K, signed by the person sought to be held liable

Question 28

when 2 merchants enter into an oral K for the sale of goods and one party sends to the other a signed, written confirmation of the agreement it...

Answer 28

binds both the sender and recipient, provided the recipient had reason to know of its contents and did not object in writing within 10 days of reciept

Question 29

a K entered into between an infant and an adult is...

Answer 29

voidable by the infant but binding on the adult

Question 30

promissory estoppel

Answer 30

allows a promise, unenforceable due to a lack of consideration, to be enforced if necessary to prevent injustice

Question 31

the rights of a 3rd party ben vest when he...

Answer 31

- manifests assent to the promise - brings suit to enforce the promise OR - materially changes position in justifiable reliance on the promise

Question 32

an intended ben must be...

Answer 32

identifiable at the time performance is due

Question 33

if the promisor fails to perform under a K, a donee 3rd party ben whose rights have vested can sue...

Answer 33

the promisor

Question 34

effective assignment

Answer 34

adequate description of the right being assigned and present words of assignment

Question 35

under Art. 2, if the buyer has a right to reject the goods, risk of loss does not pass to the buyer until...

Answer 35

the defects are cured or the buyer accepts the goods despite the defects

Question 36

if the seller is a merchant, the risk of loss does not pass to buyer until...

Answer 36

buyer takes physical possession of the goods

Question 37

regarding a sale of goods K, if the price is left open to be agreed upon later and the parties fail to agree, the price is...

Answer 37

a reasonable price at the time of delivery

Question 38

an implied warranty of merchantability may be disclaimed either by...

Answer 38

specific disclaimer mentioning merchantability or by general language such as "as is"

Question 39

implied warranty of merchantability

Answer 39

- fungible goods will be of fair average quality within the description - warranty that the goods will be of even kind, quality, and quantity within each unit and among all units involved - warranty that the goods will pass without objection in the trade under the K description

Question 40

under a shipment K, the risk of loss passes from the seller to the buyer when the goods are...

Answer 40

delivered to the trucking company for transport

Question 41

FOB K

Answer 41

specifies a location after FOB and the risk passes on delivery to the specified location

Question 42

destination K

Answer 42

requires the seller to deliver the goods at a particular destination, and the risk of loss passes to the buyer when the goods are tendered to the buyer at the destination