Contracts

Question 1

Statute of Frauds (Gros)

Answer 1

Goods over $500 sale of goods
Real Estate
One year or more
Surety
(Must be in writing)

Question 2

Voidable Contracts - Minor

Answer 2

Can be voided for a reasonable time after reaching the age of majority

Question 3

Article 2 UCC Contract Sale of Goods

Answer 3

Common Law
Open Price
Open Quantity
Open Delivery
To be enforceable still must have offer, acceptance, consideration

Question 4

Parole Evidence Rule allows

Answer 4

1. After contract is form, oral/written agreements: modifications (subsequent not prior)
2. Evidence of fraud in the execution of the contract: “You tricked me”
3. Clarification: Missing and ambiguous terms

Question 5

Common Carrier Liability

Answer 5

Exception: Natural disaster common carrier not liable

Question 6

Donee Beneficiary

Answer 6

Receives benefit and can
enforce contract only against
party charged with delivering benefit

Question 7

Creditor Beneficiary

Answer 7

Receives benefit as settlement of a debt and
can enforce the contract against
BOTH parties

Question 8

Nonconforming Goods

Answer 8

Risk of Loss belongs to the Seller