Contracts

Question 1

What are the required conditions for performance to be excused by Anticipatory Repudation

Answer 1

1. Executory bilateral contract with executory duties on both sides.
2. Words or conduct unequivocally indicates that she will not perform at the time of the contract.

Question 2

What is the threshold for the Statute of Frauds for Article 2 and Article 2A?

Answer 2

1. Sale of Consumer Goods–$500 or more.

2. Lease of goods or real property–$1,000 or more.

Question 3

What is the difference between an oral modification at Common Law and an oral modification under Article 2?

Answer 3

1. Oral modification ALWAYS allowed under Common Law.

2. May contract to prohibit or restrict oral modifications under Article 2

Question 4

What constitutes a satisfactory writing under Article 2?

Answer 4

Quantity term, and signed by the party by which an breach would be enforced.