AK Bar Alaska Contracts and Commercial Law 1

Question 1

Under the common law, which element is NOT required for valid contract formation?

Accepted Answer

Writing

Answer

Common law contracts require offer, acceptance, and consideration; a writing is generally not required unless the Statute of Frauds applies.

Question 2

Under the UCC, a merchant's firm offer in writing is irrevocable for up to how long without consideration?

Accepted Answer

3 months

Answer

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.

Question 3

The 'mailbox rule' provides that an acceptance is effective when:

Accepted Answer

Sent by the offeree

Answer

Under the mailbox rule, an acceptance is effective upon dispatch (when sent), not upon receipt by the offeror.

Question 4

Which of the following is an example of illusory consideration?

Accepted Answer

A promise to act only 'if I feel like it'

Answer

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.

Question 5

Under Alaska law, which of the following contracts must be in writing under the Statute of Frauds?

Accepted Answer

A contract for the sale of real property

Answer

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.

AK Bar - Alaska Bar Exam Practice Test

AK Bar - Alaska Bar Exam Practice Test

AK Bar Alaska Contracts and Commercial Law 1