Contracts Flashcards
6 cards from real AL BAR practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Contracts flashcards as text
Under the common law mirror-image rule, an acceptance that varies the terms of the offer is treated as:
Answer: A counteroffer rejecting the original offer
At common law, an acceptance must mirror the offer exactly; any variation operates as a rejection and counteroffer.
Consideration requires that the promisee provide:
Answer: A bargained-for exchange giving a legal benefit or detriment
Consideration must be a bargained-for exchange in which the promisee suffers a legal detriment or the promisor receives a legal benefit.
The statute of frauds requires a writing signed by the party to be charged for contracts that:
Answer: Cannot by their terms be performed within one year from the making
The one-year provision of the statute of frauds requires a signed writing for contracts incapable of full performance within one year of their making.
Under UCC Article 2, a merchant's firm offer is irrevocable for up to how long without consideration?
Answer: 3 months
A merchant's signed, written firm offer under UCC § 2-205 is irrevocable for the stated time or, if none stated, a reasonable time not exceeding three months.
When a party breaches an anticipatory repudiation, the non-breaching party may:
Answer: Treat the repudiation as an immediate breach and sue at once
Anticipatory repudiation allows the non-breaching party to immediately treat it as a breach and bring suit without waiting for the performance date.
The parol evidence rule bars admission of prior or contemporaneous oral agreements to:
Answer: Contradict or vary the terms of a fully integrated written agreement
The parol evidence rule prohibits using extrinsic evidence to contradict or vary the terms of a fully integrated written agreement.