R5

Question 1

UCC (sale of goods)

Answer 1

generaly only requires the quantity term(Allows for minor changes on the contract)

Question 2

Common lay

Answer 2

RISE (Allows for no changes on the contract ist a mirror rule)
must include all terms (Oferee, price, time, quantity, and nature of work.)

Real estate
Insurance
Service
Employment Law

Question 3

Requirements for a contract

Answer 3

1. agreement made upon offer and an acceptance
2. Exchange of consideration something of legal value
3. a lack of defence(Noone was intoxicated or frustrated)

Question 4

Termination of an offer

Answer 4

By Offeror:
Can terminate any time before the offeree agrees including if he says it will be open for a period of time. (Unless the offeree pays money to keep it open)

By Offeree:
Once rejected can’t accept it if you change your mind, that would create a new contract even if it’s the same.

Termination by operation of law DIDI
Death (Except for option contract)
Incompetence
Destroyed
Ilegal

Question 5

When is acceptance effective

Answer 5

When published/sent (Placed in mail box)

Question 6

When is a rejection accepted

Answer 6

When received

Question 7

To be effective, consideration must be

Answer 7

legally sufficient, which means something that the law recognizes as consideration.

Question 8

Unilateral Contracts

Answer 8

Only have one offer and cant be counteroffered
The contract is made when completed
Contains one promise

Question 9

When is a contract void

Answer 9

DAPIE
Destruction of the subget matter
Adjudicated incompetency
Physical duress
Illegal
Fraud in the execution

Question 10

Contracts requiring writing

Answer 10

MYLEGS(Signature is required only by the defendant)
When considering Marriage
Agreements that cannot be completed within a year.
Interest in land
Executor
Sale of goods for $500 or more.
Surety(Pay the debt of another)

Question 11

Unilateral mistake

Answer 11

is a defense to a contract if the nonmistaken party knew or should have known of the mistake.

Question 12

A mutual mistake of a material fact

Answer 12

will make a contract voidable at the option of the adversely affected party.

Question 13

Novation

Answer 13

the agreement is unchanged but one of the original parties is released and a new party is substituted into their place.

Question 14

substituted contract

Answer 14

The original parties are both released from the original agreement but are both bound by a new agreement.

Question 15

Accord and satisfaction

Answer 15

agreement to substitute one contract for another satisfaction is the execution of the accord

Question 16

mutual rescission

Answer 16

the parties agree to release each other from a contract

Question 17

The parol evidence rule

Answer 17

prohibits a party in a lawsuit involving a fully integrated written contract from introducing at trial evidence of prior or contemporaneous oral agreements that contradict the terms of final written agreements

Question 18

When a contract for the sale of real property is breached

Answer 18

the non-breaching party can either recover compensatory damages
or obtain specific performance
(Cant use both)

Question 19

specific performance

Answer 19

Available only in contracts for unique or rare property. A patent, by definition, is unique

Question 20

The Statute of Frauds requires contracts involving the sales of goods to be in writing if they exceed $500 (MYLEGS). However, if any of these exceptions apply, an oral contract will be enforceable:

Answer 20

SWAP
Specially manufactured (custom) goods

Written confirmation between merchants

Admission in court

Performance

Question 21

Under the Sales Article of the UCC, what is required for writing to be an enforceable contract?

Answer 21

The quantity of the goods

Question 22

In a noncarrier case

Answer 22

Risk of loss passes from a merchant seller on actual delivery of the goods into the buyer’s possession.

Question 23

Where the seller is not a merchant risk of loss

Answer 23

passes to the buyer upon tender of delivery of the goods.

Question 24

In a sale or return

Answer 24

The buyer has title and risk of loss unless and until the goods are returned to the seller.

Question 25

In a sale on approval

Answer 25

risk of loss passes to the buyer on approval of the goods.

Question 26

On an anticipatory breach of contract

Answer 26

the nonbreaching party has a right to demand assurances of performance or to cancel the contract.

Question 27

When a buyer materially breaches a contract

Answer 27

the seller may cancel and seek damages.

Question 28

if the principal is disclosed

Answer 28

An agent generally is not liable on contracts that the agent makes on the principal’s behalf

Question 29

the power of attorney

Answer 29

May limit the agents authority to specific transactions.

Question 30

Duties of agents to principal

Answer 30

Loyalty (Disclose all that is going on and act on the principals main interest)
Obligation (obey all reasonable directions of the principal)
Reasonable care
Account (keep track of transactions)

Question 31

When a subagent is appointed by an agent with authority to appoint a subagent

Answer 31

the subagent owes a duty to both the agent and the principal.

Question 32

Constructive trust

Answer 32

The right to recover secret profits from an agent.

Question 33

Indemnification.

Answer 33

duty to reimburse the agent for all expenses incurred by the agent in carrying out the agency.

Question 33

the incapacity of the principal

Answer 33

An agency is terminated by operation of law

Question 33

A third party can hold who liable when an undisclosed principal

Answer 33

Both the agent and the subsequently disclosed principal