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Bar Review > Contracts > Flashcards

Contracts Flashcards

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1
Q

Do you have any remedies if you receive a unilateral offer and the offer is revoked, but you spent money in reliance on the offer

A

Yes, you can recover reliance damages

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2
Q

Does a demand for reasonable assurances need to be in writing?

A

Yes

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3
Q

Can you make a demand for assurances based on a rumor?

A

Yes, even if that rumor turns out to be false later

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4
Q

Can a statement of opinion ever be considered fact?

A

Yes, if it is made to seem like a fact based on knowledge the other party doesn’t know

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5
Q

If in a contract, one party’s performance will take a period of time and the other’s won’t, then when does the other need to perform?

A

they do not need to perform until the other has, unless the contract says otherwise

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6
Q

when is a contract voidable due to intoxication?

A

Only if the non-intoxicated party knows about the intoxication

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7
Q

Can a breaching party ever get damages?

A

Yes, restitution damages

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8
Q

Can a general disclaimer of warranties disclaim an express warranty?

A

No

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9
Q

When a buyer receives goods on credit, and the seller learns that the buyer is insolvent, what may the seller do?

A

the seller may reclaim the goods, provided a demand is made within 10 days after the buyer’s receipt of the goods. Although this 10-day limit does not apply if the seller receives assurances of the buyer’s solvency within three months before the delivery of the goods, such assurances must be in writing.

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10
Q

Is threat of criminal prosecution enough to constitute duress?

A

Yes, even if the person accused is guilty

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11
Q

Is a clause that prohibits oral modification enforceable?

A

Only under the UCC

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12
Q

In an auction, if a higher bid is accepted and then withdrawn, is the next highest bid enforceable?

A

No

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13
Q

What are the general requirements for contract damages?

A

They must be foreseeable and able to be proven with reasonable certainty

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14
Q

When are punitive damages available in contract actions

A

Rarely, typically they are only recoverable if the conduct constituting the breach is also a tort for which punitive damages are available.

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15
Q

If, following a misrepresentation but before the deceived party has avoided the contract, the facts are cured so as to be in accord with the facts that were previously misrepresented is the contract voidable?

A

No

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16
Q

Can a minor void a contract after reaching majority?

A

Yes, they have a reasonable time (aka their ability to void doesn’t end the day they turn 18)

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17
Q

Does SOF invalidate a contract where the goods sold have already been transferred?

A

No

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18
Q

Would, “I won’t be able to buy the car unless I get inheritance” be a condition precedent?

A

Yes

19
Q

How long is a firm offer irrevocable for?

A

The stated time period, where such period is three months or less

20
Q

Firm offer

A

A firm offer made by the offeror in a signed writing is irrevocable for the stated time period, where such period is three months or less, provided that the offeror is a merchant

21
Q

What is the damages of an implied-in-law contract?

A

the value of the benefit conferred upon the party

22
Q

Under the mailbox rule, if an acceptance is sent and then a rejection, is the acceptance valid?

A

Yes and it creates a contract

But exception: Rejection is received first and offeror relies on it

23
Q

If rejection is sent first and then an acceptance, does mailbox rule apply?

A

No, whatever is received first applies

24
Q

After a contract is formed, can additional terms be added?

A

Only with the consent of both parties (true under UCC and common law)

25
Q

Is there an implied duty to mitigate damages under contracts?

A

Yes and so there is a duty to timely notify the other party of issues

26
Q

What is looked for for an unconscionable defense?

A

unfair bargaining power at the time the contract was entered into

27
Q

What kind of mistake does a mistake defense require?

A

a mistake as to a material fact that goes to the heart of the contract

28
Q

What does impracticability defense need?

A

the subject matter of the contract to be destroyed by an unforeseeable event

29
Q

Can the warranty for a particular purpose or a generally warranty of merchantability be disclaimed?

A

Yes, and it can be done generally as long as it is in writing and conspicuous

30
Q

Is an as is sale enough to disclaim implied warranties?

A

Yes

31
Q

Failure of a promise vs. failure of a condition

A

Failure of promise = breach

failure of condition = relieves a duty to perform

32
Q

Does failure of a condition precedent give rise to damages?

A

No

33
Q

Implied in fact contract

A

contract through conduct that qualifies as assent (ex: you go to restaurant)

34
Q

Implied in law contract

A

Quasi-Contract
o Look for unjust enrichment
o Creates an agreement
o Applies when you don’t have an actual contract

35
Q

When are modifications enforceable under the UCC?

A

as long as they are in good faith

36
Q

owner sells ring to buyer, whose check bounces. Buyer sells ring to bfp third party. Can owner sue third party?

A

No, the law protects third parties who are good faith purchasers for value

37
Q

When a request for adequate assurances has been made, how must the other company provide assurances?

A

the other company must provide assurances in writing within 30 days

38
Q

What happens if assurances are not provided timely?

A

the requesting party is then allowed to treat the contract as repudiated, but they must do so in order for there to no longer be a contract

39
Q

Is contradictory evidence and supplemental evidence barred by the parol evidence rule?

A

Yes to contradictory but not to supplemental

40
Q

Are defenses grounds for modification?

A

No, they are only grounds for recission

41
Q

Under UCC who retains the risk of loss?

A

merchant seller retains the risk of loss until the buyer receives the goods unless a contract says otherwise

EXCEPTION: If the buyer is in breach the risk of loss passes to the buyer for any loss not covered by store’s insurance

Non-merchant seller, the loss transfers to the buyer once delivery has been tendered

42
Q

Are liquidated damages clauses valid?

A

Yes, as long as they are not a penalty

43
Q

When are liquidated damages seen as a penalty

A

They are a penalty when they are a lot over the actual damages or are extremely unreasonable at time of contracting

Bar Review (8 decks)

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