Basics

Question 1

Different types of contracts (2 basic)

Answer 1

Express or implied-in-fact

Question 2

Merchants are those who either ____ or ____.

Answer 2

Regularly deal in goods of the kind sold;

Otherwise by their profession hold themselves out as having special knowledge or skills as to the goods sold

Question 3

Offers must show an intention to be ____, not just an invitation _____.

Answer 3

Bound; to negotiate

Note: whether a reasonable person would believe it is a valid offer, regardless of subjective intent

Question 4

Exception to ads not being offers: (3 elements)

Answer 4

Promise

Certain/definite terms

Identifies the offeree or class

Question 5

Indefiniteness: what is required for definiteness? 3

Answer 5

Offeree’s name

Offer’s subject matter

Price

Question 6

Specificity: a UCC sale of goods just needs to state the:

Answer 6

Quantity of the goods

Question 7

“Requirements” contract— what is it?

Answer 7

B promises to buy from S all the goods that B requires

Question 8

Output contract:

Answer 8

S promises to sell to B all goods that S produces

Question 9

An offer may state that a material term will be agreed upon at a future date. T/F

Answer 9

False— this offer is too uncertain