Spf Flashcards
(26 cards)
What does UCC 1-308 allow a party to do?
It allows a party to perform or accept performance of a contract while reserving their rights.
True or False: UCC 1-308 applies only to contracts for the sale of goods.
False
Fill in the blank: UCC 1-308 is part of the __________ Code.
Uniform Commercial
What is the purpose of UCC 1-308?
To protect a party’s rights when they perform under a contract while disputing its terms.
Which phrase is commonly used to reserve rights under UCC 1-308?
‘Without prejudice’
True or False: A party can waive their rights by performing under UCC 1-308.
False
What is a key requirement for invoking UCC 1-308?
The party must clearly express their intent to reserve their rights.
Multiple Choice: Which of the following is NOT a method of reserving rights under UCC 1-308? A) Written notice B) Oral statement C) Silence D) Explicit statement
C) Silence
Short Answer: What does the term ‘performance’ refer to in UCC 1-308?
The fulfillment of contractual obligations.
What happens if a party does not reserve their rights when performing under a contract?
They may be deemed to have waived those rights.
True or False: UCC 1-308 can be used in situations involving commercial transactions.
True
Fill in the blank: UCC 1-308 is often cited in __________ disputes.
contract
Short Answer: Can UCC 1-308 be applied in court?
Yes, it can be cited in legal proceedings.
What does the term ‘reservation of rights’ mean in the context of UCC 1-308?
It means to maintain legal rights while fulfilling contractual duties.
Multiple Choice: What is a common misconception about UCC 1-308? A) It applies only to sales contracts B) It protects against waiver of rights C) It eliminates all contractual obligations D) It is irrelevant in legal disputes
A) It applies only to sales contracts
True or False: A written reservation of rights is always necessary under UCC 1-308.
False
Short Answer: Give an example of a phrase that can be used to reserve rights.
‘Without prejudice to my rights’
What is the effect of performing under a contract without a reservation of rights?
The party may lose the ability to contest the contract terms later.
Fill in the blank: The UCC is designed to __________ commercial transactions.
facilitate
Multiple Choice: Which section of the UCC contains UCC 1-308? A) Article 1 B) Article 2 C) Article 3 D) Article 4
A) Article 1
True or False: UCC 1-308 applies to both written and oral contracts.
True
Short Answer: What should a party do if they wish to dispute a contract while still performing?
They should explicitly reserve their rights.
What is one potential consequence of not reserving rights under UCC 1-308?
The party may be considered to have accepted the contract terms.
Fill in the blank: UCC 1-308 helps to balance the interests of __________ and __________ parties in a contract.
performing, disputing
