contracts uworld

Question 1

Under the UCC, a contract for exclusive dealing in the type of goods concerned (eg, output or requirements contract)

Answer 1

carries with it an implied obligation by the seller to use its best efforts to supply the goods and by the buyer to promote their sale.

Question 2

both parties to a sale-of-goods contract

Answer 2

impliedly assume the risk of price and demand fluctuations,

Question 3

Under the UCC, modifications of a contract that falls within and satisfies the statute of frauds

Answer 3

do not need to be in writing unless they affect the subject matter of the contract or the quantity of goods to be sold.

Question 4

At common law, a party that has substantially performed…

Answer 4

ie, rendered imperfect performance without defeating the contract’s main purpose—can recover the contract price less the cost to remedy any defects in performance.