Chapter 16

Question 1

What does it mean to be in writing?

Answer 1

It is written and has some very specific language

Question 2

Under the U.C.C. writing means?

Answer 2

Term of Quantity, Signature of the Party to be charged, Enough Info to Resemble a K

Question 3

Under the Common Law, writing means?

Answer 3

5 Elements- Parties, Subject Matter, Terms and Conditions, consideration and signature of party to be charged

Question 4

If a K under the Common Law does not have all of the then the k is…?

Answer 4

Oral, not written

Question 5

What are examples of the sale of real property?

Answer 5

A contract to buy a house or a building or a farm and acreage

Question 6

What is the sale of real property defined as?

Answer 6

Includes land, houses, buildings and anything attached to the land is part of the land

Question 7

What is not the sale of real property?

Answer 7

A lease under 12 months, this k could be oral and still enforceable.

Question 8

What are the exception to the sale of goods greater than 500$?

Answer 8

1. If it is a custom-made good
2. The K was oral but there was a confirming memo between Merchants 2-201
3. Delivery/Acceptance of Goods

Question 9

What are the elements of a “confirming memo between Merchants 2-201” K?

Answer 9

Both parties are merchants
A written confirmation is sent
The party receiving it has reason to know its contents
It is valid UNLESS the party receiving it objects within 15 days

Question 10

What is the rule about Delivery/Acceptance of Goods?

Answer 10

Even if the K is oral, once you receive the foods and keep them you must pay since the K was performed.

Question 11

How is a year determined regarding contracts?

Answer 11

You start counting the day after the contract was formed

Question 12

Why do you have to watch out for construction k’s?

Answer 12

It can be preformed in a year

Question 13

What does the parol evidence state?

Answer 13

Prior or contemporaneous Oral or Written Agreements that Alter or Vary or Contradict a Final Written K are inadmissible.

Under this rule, the final written regiment is the entire agreement between parties

Question 14

What does “cannot” be performed with a year mean?

Answer 14

Cannot means impossible

Question 15

What does inadmissible mean?

Answer 15

You can’t bring this up in court because the jury cannot hear any testimony about prior conversations/agreements before the final k.

Question 16

Important Concept One

Answer 16

There are three contracts that must be in writing to be enforceable: contracts for the sale of real property; contracts that cannot be completed within a year and contracts for the sale of goods heather than $500.00.