FREE IA Bar Contracts Questions and Answers
In a contract for the sale of goods, when does a contract become enforceable under the UCC if no price is agreed upon?
Under the Uniform Commercial Code (UCC), if a contract for the sale of goods does not specify a price, the contract is still enforceable, and the price will be a reasonable price at the time of delivery.
Which of the following would be considered a breach of contract?
A breach of contract occurs when a party fails to perform their obligations as specified in the contract without a valid excuse. Failing to deliver goods as agreed is a clear example of a breach.
What is the remedy for breach of contract where the non-breaching party seeks to be put in the position they would have been in had the contract been performed?
Compensatory damages are awarded to put the non-breaching party in the position they would have been in had the contract been performed. This type of remedy aims to cover the actual loss suffered due to the breach.
Which of the following is NOT a required element for a contract to be enforceable?
For a contract to be enforceable, it must have an offer, acceptance, and consideration. Written documentation is not always required, except in certain cases where the Statute of Frauds applies (e.g., contracts involving real estate or contracts that cannot be performed within one year).
Which type of contract is voidable by a party if it was entered into under duress?
A contract entered into under duress is voidable by the party who was coerced or threatened. This means that the affected party has the right to void the contract if they choose.