BE.C Essay Model Answers Flashcards
An offer requires:
(1) ________________,
(2) certain and definite terms, and
(3) communication to an identifiable offeree.
an express present intent to be legally bound to a contract
An offer requires:
(1) an express present intent to be legally bound to a contract,
(2) ____________, and
(3) communication to an identifiable offeree.
certain and definite terms
An offer requires:
(1) an express present intent to be legally bound to a contract,
(2) certain and definite terms, and
(3) ___________.
communication to an identifiable offeree
The UCC applies to contracts for the sale of goods. Goods are _________.
moveable, tangible property
Merchants
entities/individuals who regularly deal in goods of the kind sold
____________ are always followed by a location. The risk of loss passes to the buyer at the named location. The seller bears the risk of expense of getting goods to the named location. The contracts can either be shipment or destination contracts, depending on the location named.
Free on board (FOB)
Free on board (FOB) are always followed by a location. The risk of loss ____________. The seller bears the risk of expense of getting goods to the named location. The contracts can either be shipment or destination contracts, depending on the location named.
passes to the buyer at the named location
Free on board (FOB) are always followed by a location. The risk of loss passes to the buyer at the named location. The seller ____________. The contracts can either be shipment or destination contracts, depending on the location named.
bears the risk of expense of getting goods to the named location
Acceptance requires
(1) unequivocal acceptance terms, (2) an offeree with power to accept, and (3) _________.
communication of acceptance
Under UCC 2-207, additional or different terms included in the acceptance of an offer generally do not constitute a rejection unless:
(1) offer expressly limits acceptance to the offer terms,
(2) when between non-merchants or a merchant and a non-merchant, the acceptance is made expressly conditional on the offeror’s consent to the additional or different terms, where these terms are a proposal for addition to the contract that is to be separately accepted or rejected, or
(3) when both parties are merchants,
the additional or different terms are part of the contract unless:
(a) the terms materially alter the agreement, or
(b) the offeror objects within a reasonable time
Under UCC 2-207, additional or different terms included in the acceptance of an offer generally ____________ unless:
(1) offer expressly limits acceptance to the offer terms,
(2) when between non-merchants or a merchant and a non-merchant, the acceptance is made expressly conditional on the offeror’s consent to the additional or different terms, where these terms are a proposal for addition to the contract that is to be separately accepted or rejected, or
(3) when both parties are merchants, the additional or different terms are part of the contract unless:
(a) the terms materially alter the agreement, or
(b) the offeror objects within a reasonable time
do not constitute a rejection
Consideration involves (1) a ____________ (2) of legal value.
bargain for exchange
Consideration involves (1) a bargain for exchange (2) of ________.
legal value
Under the UCC, to be enforceable, agreements for the sale of goods for $500 or more must be in writing containing:
(1)
(2)
(3)
(4)
(5)
The writing need not be an actual contract, or the terms be contained on one piece of paper. A series of correspondence between parties may suffice.
(1) identity of parties,
(2) contract’s subject matter,
(3) terms & conditions,
(4) recital of consideration, and
(5) signature of the party to be charged, unless both parties are merchants.
A contract breach occurs when a party fails to perform once (1) ____________, (2) time to perform arrives, and (3) performance is not discharged.
conditions precedent are met or excused
