Contracts

Question 1

Merchant Test

Answer 1

(1) one who regularly deals in goods of the kind, or (2) who otherwise by their profession holds themselves out as having special knowledge or skill as to the goods involved

Question 2

Goods

Answer 2

all things moveable when determined at the time of the contract

Question 3

Offer

Answer 3

manifestation of intent to be bound via an expression of promise, undertaking or commitment that is certain and definite and communicated with the offer

Question 4

Real Estate Contract Essential Terms

Answer 4

description of the land and the price

Question 5

Sale of Goods essential terms

Answer 5

quantity

Exceptions: requirement and output contracts (but cannot be unreasonably disproportionate as to the normal business or estimate

Question 6

Employment contract essential terms

Answer 6

if duration not specified, then at will

Question 7

Service contracts

Answer 7

material terms like who and what . . . nature of the work to be performed