Contracts

Question 1

SoF Unenforceable K

Answer 1

K for the sale of goods for a price of $500 or more is not enforceable UNLESS:

(1) a writing indicating a contract of sale
(2) signed by party against whom enforcement is sought

EXCEPTION
seller delivers goods that are accepted by the buyer

Question 2

insurable interest

Answer 2

A buyer acquires an insurable interest in goods upon the IDENTIFICATION of the goods

For a future goods K – occurs when seller designates goods as those to which the contract refers (ie emblem/logo…)

Question 3

Firm Offer

Answer 3

irrevocable if:

(i) the offeror is merchant,
(ii) there is an assurance that offer is to remain open, AND
(iii) assurance is contained in a signed writing from offeror

A firm offer in a form prepared by the OFFEREE must be separately authenticated by the OFFEROR to protect against inadvertent signing

Question 4

Revocation of Offer

Answer 4

1. via any reasonable manner and means
2. not effective until communicated

UCC – notice when:

(i) it comes to that person’s attention, or
(ii) notice duly delivered in a reasonable form at the offeree’s place of business