LLM Contract Law & Commercial Transactions 2

Question 1

The Statute of Frauds requires which type of contract to be evidenced by a writing?

Accepted Answer

Contracts for the sale of goods priced at $500 or more (UCC)

Answer

UCC § 2-201 requires contracts for the sale of goods for $500 or more to be evidenced by a signed writing to be enforceable.

Question 2

What is 'anticipatory repudiation' in contract law?

Accepted Answer

A party's clear statement before the performance date that it will not perform

Answer

Anticipatory repudiation occurs when a party unequivocally indicates before the performance date that it will not fulfill its contractual obligations.

Question 3

Under the parol evidence rule, which type of evidence is generally excluded?

Accepted Answer

Prior oral or written agreements that contradict a fully integrated written contract

Answer

The parol evidence rule bars introduction of prior or contemporaneous oral agreements that contradict or vary the terms of a fully integrated written contract.

Question 4

In a contract for the sale of goods, what is the 'perfect tender rule' under the UCC?

Accepted Answer

The buyer may reject goods if the tender fails to conform to the contract in any respect

Answer

UCC § 2-601 gives the buyer the right to reject the entire delivery, accept the whole, or accept any commercial unit if the goods or tender fail to conform to the contract in any way.

Question 5

Which contract defense allows a party to void a contract based on a false statement of material fact made by the other party?

Accepted Answer

Fraudulent Misrepresentation

Answer

Fraudulent misrepresentation allows rescission and possible tort damages when a party makes a knowing false statement of material fact intending to induce reliance.

LLM - Master of Laws Practice Test

LLM - Master of Laws Practice Test

LLM Contract Law & Commercial Transactions 2