Contracts

Question 1

UCC vs. Common Law

Answer 1

UCC sale of goods; Common law everything else

Question 2

Contract Formation

Answer 2

Offer, Acceptance, Consideration.

Question 3

Not Consideration

Answer 3

Grauitous promise,
Consideration occured prior to K,
Moral obligation to perform, Inadequate consideration,
Illusory,
Pre-existing legal duty

Question 4

Parole Evidence Rule

Answer 4

Oral evidence of additional terms are not admissible if a writing is completely integrated.

(Look to see they are trying to add a term. If they are it may be barred; if not and just providing a defense or clarity, prob not barred by PRE)

Question 5

Common Law - Performance

Answer 5

Substantial Performance is Required

Question 6

UCC - Performance

Answer 6

Perfect Tender is Required

Question 7

UCC Breach

Answer 7

• buyer can reject all, accept all, reject some and accept others

Question 8

Anticipatory Repudiation

Answer 8

• Unequivical manifestation from one party to another that they will not perform
  -Before performance is due

they can:

1. sue immediately
2. suspend performance and waiting to sue
3. treating K as discharged
4. Urging them to perform

Question 9

Prospective Inability to Perform

Answer 9

-reasonable doubts
-insecure party can demand assurance from other parties
wf