Contracts

Question 1

Merchant’s firm offer

Answer 1

If a merchant offers to sell goods in a singed writing and the writing gives assurance that it will be held open, the offer is not revocable for lack of consideration during the time stated

Form supplied by offeree: if the term of an offer assuring that the offer will be held open is on a form supplied by the offeree, that term must be separately signed by the offeror (e.g., by initialing that sentence) to be enforced as a firm offer

Question 2

Merchant

Answer 2

Article 2 generally defines a merchant as one who regularly deals in goods of the kind sold or who otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved

Question 3

Punitive Damages

Answer 3

Punitive damages generally not recoverable in breach of contract actions unless the conduct constituting the breach is also a tort for which punitive damages can be recovered