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

UCC § 2-205 makes a merchant's signed, written firm offer irrevocable for the stated period or a reasonable time, not exceeding 3 months.

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

Impossibility (also called objective impossibility) excuses performance when the specific subject matter is destroyed through no fault of either party.

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

The Statute of Frauds requires a writing signed by the party against whom enforcement is sought; notarization and recording are not required for contract enforcement.

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

Anticipatory repudiation requires an unequivocal refusal to perform communicated before the performance date arrives.

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

Specific performance is an equitable remedy directing the breaching party to fulfill its contractual obligations as promised.

(IA Bar) Iowa Bar Exam Practice Test

(IA Bar) Iowa Bar Exam Practice Test

IA Bar Contracts 2