Contracts and Commercial Law Flashcards
6 cards from real CP 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 and Commercial Law flashcards as text
Under the UCC, what is the perfect tender rule?
Answer: A rule allowing a buyer to reject goods that fail to conform to the contract in any respect
Under UCC 2-601, the perfect tender rule allows a buyer to reject goods failing to conform in any respect.
What is the difference between express and implied warranties?
Answer: Express are created by specific seller representations while implied arise automatically by law
Express warranties are affirmatively made by the seller, while implied warranties arise by operation of law.
What is anticipatory repudiation in contract law?
Answer: A clear indication before performance is due that a party will not fulfill obligations
Anticipatory repudiation occurs when a party unequivocally indicates before performance is due that they will not perform.
What does the parol evidence rule prohibit?
Answer: The use of prior or contemporaneous oral agreements to contradict a final written contract
The parol evidence rule prevents introducing prior or contemporaneous statements to contradict an integrated written agreement.
What is specific performance as a contract remedy?
Answer: A court order requiring a breaching party to perform their contractual obligations
Specific performance is an equitable remedy where the court orders the breaching party to fulfill obligations rather than pay damages.
What is a liquidated damages clause?
Answer: A pre-agreed damage amount specified in the contract for breach
A liquidated damages clause specifies in advance the damages owed upon breach and must be a reasonable estimate of anticipated harm.