Reg 5

Question 1

For a service contract, there must be a ________ term or the contract will fail. if there is a sale for goods, and the price is not specified, the contract may be enforceable as prices for the good can be ___________

Answer 1

PRICE; COMPARED TO SIMILAR GOODS

Question 2

A promise to keep an offer is usually only valid when 1) a ___________ has the promise in writing or 2) purchaser has given up their right to purchase another __________ in exchange for time to decide

Answer 2

MERCHANT; PRODUCT

Question 3

If an offer acceptance is sent by mail the ___________ rule applies, the offeror must specify a date to which they would like to receive an offer otherwise an acceptance that comes at a later date will be considered a ___________offer

Answer 3

MAILBOX (which states that if an acceptance is sent by mail a day before due date, and received much later, the offer counts); COUNTER

Question 4

Contracts that are required to be in writing are those that involve _________, cannot be completed in a _______, contracts involving _____, contracts by _________, sale of ________ greater than $500, and contracts to act as ______

Answer 4

MARRIAGE; YEAR; LAND; EXECUTORS; GOODS; SURETY

Question 5

A mutual mistake of fact will allow for a contract to be _____________ and allow it to be __________

Answer 5

UNENFORCEABLE; RESCINDED

Question 6

Under statute of frauds, contracts involving interest in real estate require material information be set forth in _________. A person may accept terms orally for contract to be enforced

Answer 6

WRITING

Question 7

Accord and satisfaction is an agreement to ____________ one contract for another which also results in a ____________ of a party to a contract

Answer 7

SUBSTITUTE; DISCHARGE

Question 8

Novation is when a new contract substitutes a ____ party for an old party in an existing contract

Answer 8

NEW

Question 9

Parol _________ rule doesn’t allow introduction of prior or contemporaneous oral agreements that contradict the terms of the final written agreements

Answer 9

Evidence

Question 10

Service contracts are governed by the common ____ and under common law of contracts, modifications of a contract are treated as a separate contract

Answer 10

LAW

Question 11

When a contract of real property is breached the nonbreaching party may recover _____________ damages or obtain specific performance (for unique property like patents)

Answer 11

COMPENSATORY

Question 12

Compensatory damages is monetary compensation to put the nonbreaching party in a position they would have ______

Answer 12

BEEN

Question 13

UCC sales article applies to the sale of _______ and if contract is over $500, a written contract is required

Answer 13

GOODS

Question 14

Firm offer is when a contract involves the sale of _______, relevant when the seller is a __________, it was in _______ and ________ by the merchant

Answer 14

GOODS; MERCHANT; WRITING; SIGNED

Question 15

Under UCC a written contract is not required if the goods are 1) specially ___________, 2) there is written confirms between _________, 3) admission in court, 4) performance

Answer 15

MANUFACTURED; MERCHANTS

Question 16

On a anticipatory breach of contract, the nonbreaching party has the right to demand assurance of ___________being performed and the right to ___________ the contract

Answer 16

PERFORMANCE; CANCEL

Question 17

Anticipatory repudiation is a material breach of contract which allows the nonbreaching party to ____

Answer 17

SUE

Question 18

Duty of loyalty, which states that agent must act solely in the best interest of the principal, is owed to the __________

Answer 18

PRINCIPAL

Question 19

Principal is bound by agent’s actions if they act with either implied, __________ or _________ authority

Answer 19

EXPRESSED; APPARENT

Question 20

__________ is terminated under law when the principal is declared incapacitated

Answer 20

AGENCY

Question 21

_____________ is the reimbursement to the agent by the principal for acts the agent performed while carrying out their services for the principal

Answer 21

INDEMNIFICATION

Question 22

__________ are referred to as either as disclosed, partially disclosed, and undisclosed

Answer 22

PRINCIPALS

Question 23

Respondeat __________ holds an employer liable for acts an ____________ makes

Answer 23

SUPERIOR; EMPLOYEE

Question 24

Surety contract must be in writing (T or F)

Answer 24

TRUE

Question 25

Subrogation a right a surety has that gives an a surety the best method of ___________ from the debtor

Answer 25

COLLECTING

Question 26

Co-surety has the right of ____________ which is the right to share liability pro-rata

Answer 26

CONTRIBUTION

Question 27

Attachment rights under the UCC require that parties 1) create a ____________ interest, 2) the debtor must have rights in the __________ 3) the creditor must give ________

Answer 27

SECURITY; COLLATERAL; VALUE

Question 28

___________ damages enough money to put nonbreaching party in a position they would have been had the other party performed

Answer 28

COMPENSATORY

Question 29

_____________ performance is a remedy available to for a product that is unique

Answer 29

SPECIFIC

Question 30

_____________ damages are damages that are foreseeable at the formation of the contract

Answer 30

CONSEQUENTIAL