IA Bar Contracts 2

Question 1

Under the UCC, a merchant's firm offer to buy or sell goods is irrevocable for up to how long without consideration?

Accepted Answer

3 months

Answer

30 days

Answer

6 months

Answer

1 year

Question 2

Which doctrine excuses a party's non-performance when an unforeseen event destroys the specific subject matter of the contract?

Accepted Answer

Impossibility of performance

Answer

Frustration of purpose

Answer

Impracticability

Answer

Mutual mistake

Question 3

A contract for the sale of real property is enforceable under the Statute of Frauds only if it is:

Accepted Answer

Signed by the party to be charged

Answer

Witnessed by two parties

Answer

Notarized by a public officer

Answer

Recorded in the county recorder's office

Question 4

Under the Restatement (Second) of Contracts, an anticipatory repudiation occurs when a party:

Accepted Answer

Unequivocally states it will not perform before performance is due

Answer

Fails to perform on the due date

Answer

Requests a modification of the contract terms

Answer

Partially performs but stops without explanation

Question 5

What is the primary remedy the non-breaching party receives when a court awards specific performance?

Accepted Answer

A court order compelling the breaching party to perform

Answer

Compensatory damages equal to the contract price

Answer

Return of any consideration already paid

Answer

Cancellation of all remaining contractual obligations

Question 6

Under the mailbox rule, an acceptance by mail is generally effective:

Accepted Answer

When the offeree deposits the letter in the mail

Answer

When the offeror receives the letter

Answer

When the postal carrier delivers the letter to the offeror's address

Answer

When the offeror reads the acceptance

Question 7

In a bilateral contract, the consideration flowing from each party is:

Accepted Answer

A promise exchanged for another promise

Answer

A promise exchanged for a performance

Answer

Money exchanged for a service rendered

Answer

An act exchanged for a return act