Barfs and Rules

Question 1

Contract Barf

Answer 1

A K is a kind of promise or set of promises for the breach of which the law gives a remedy, or the performance in which the law in some way recognizes as duty

Question 2

Good Faith

$

Answer 2

$1-203 Every K or duty has an obligation of good faith; failure to perform in good faith is breach of K.

Question 3

Offer Barf

$$

Answer 3

$$24 - Is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.

Question 4

Common Law -

Good Faith

Answer 4

Rule holds an implied covenant of good faith and fair dealings in every K

Question 5

Goods

$

Answer 5

$2-105 - means all things which are movable at the time of identification to the K for sale other then the money for which the price is to be paid, investment securities, and things in action

Question 6

Merchant

S

Answer 6

$2-104 - a person who deals in goods of the kind or otherwise by his occupation holds him out as having knowledge or skill to the practice or goods involved in the transaction.

Question 7

Acceptance barf

Answer 7

is the manifestation of assent to the terms to the offer creating a binding K. The acceptance is measured by an objective standard, a reasonable person in the position of the offeror to beleive that the acceptance has been given

Question 8

Duress barf

Answer 8

true duress occurs where one parties assent to the agreement occurs in the face of an improper threat. Under duress, the face value is generally valid consideration, but because not freely bargained for, no consideration.

Question 9

Express Warranty barf

$

Answer 9

$2-313 - an express warranty can be created in 3 ways providing that the goods will conform to it, as long as it becomes a part of the basis of the bargain. however, if the buyer does not rely on it then it does not constitute a warranty, and no c/a can be held.

Question 10

$ 30 - form of acceptance

Answer 10

an offer may invite or require acceptance to be made by an affirmative answer in words, or by performing or refraining from performing specified act, or may empower the offeree to make a selection in terms of his acceptance

2. unless otherwise indicated by lang. or the circumstances, an offer invites acceptance in any mannerand by any medium reasonable in the circum.

Question 11

$45 - Option K

Answer 11

option k created by part performance or tender
- once performance started, offer becomes irrevocable
trad. common law - can revoke at any time
UCC irrevocable after started

Question 12

2-206

Answer 12

An acceptance is when a Co. ships goods that are agreed upon. If sent different goods (color) it is a breach of K and makes it a counter offer, unless notification- but still counter offer.