Alaska Contracts and Commercial Law Flashcards
7 cards from real AK BAR practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Alaska Contracts and Commercial Law flashcards as text
Under the common law, which element is NOT required for valid contract formation?
Answer: Writing
Common law contracts require offer, acceptance, and consideration; a writing is generally not required unless the Statute of Frauds applies.
Under the UCC, a merchant's firm offer in writing is irrevocable for up to how long without consideration?
Answer: 3 months
Under UCC § 2-205, a merchant's firm offer in writing is irrevocable for the stated period or a reasonable time, but not exceeding 3 months.
The 'mailbox rule' provides that an acceptance is effective when:
Answer: Sent by the offeree
Under the mailbox rule, an acceptance is effective upon dispatch (when sent), not upon receipt by the offeror.
Which of the following is an example of illusory consideration?
Answer: A promise to act only 'if I feel like it'
A promise conditioned entirely on the promisor's whim ('if I feel like it') is illusory because it does not actually bind the promisor to any performance.
Under Alaska law, which of the following contracts must be in writing under the Statute of Frauds?
Answer: A contract for the sale of real property
The Statute of Frauds requires contracts for the sale of real property to be in writing and signed by the party to be charged to be enforceable.
An offeree's response that changes a material term of the original offer is best characterized as:
Answer: A counteroffer that terminates the original offer
Under the common law mirror image rule, a response that changes a material term of the offer is a counteroffer, which terminates the original offer and substitutes a new one.
Which of the following best describes 'promissory estoppel' as a basis for enforcing a promise?
Answer: A substitute for consideration when a promise induces detrimental reliance
Promissory estoppel enforces a promise without consideration when the promisor should reasonably expect reliance, the promisee detrimentally relies, and injustice can only be avoided through enforcement.