Contracts

Question 1

Unilateral Contract

Answer 1

Offeror makes an offer that calls for performance (looking for action)

Question 2

Bilateral Contract

Answer 2

Offeror and offeree exchange mutual promises

Question 3

Option Contract

Answer 3

An offer, a subsidiary promise to keep the offer open, consideration

Question 4

Statute of Frauds

Answer 4

$500 or more, real estate contracts, a contract not completed within one year of its formation,

Question 5

In a destination contract, the seller has agreed to tender the goods

Answer 5

at a particular location.

Question 6

FOB (the location of the seller) is a _____ contract.

Answer 6

shipment contract

Question 7

FOB (any other location) is a ______ contract

Answer 7

destination contract

Question 8

Modification of contracts requires?

Answer 8

NON-UCC - consideration

UCC - good faith, no consideration required

Question 9

What is anticipatory repudiation?

Answer 9

When a party breaches a contract before the time of performance.