LLM Contract Law & Commercial Transactions

Question 1

Which element is NOT required for a valid contract under common law?

Accepted Answer

Written form

Answer

Offer

Answer

Acceptance

Answer

Consideration

Question 2

Under the UCC Article 2, when does title to goods pass from seller to buyer in the absence of agreement?

Accepted Answer

At the time and place of physical delivery

Answer

When the contract is signed

Answer

Upon payment of the purchase price

Answer

When the goods are identified to the contract

Question 3

The doctrine of promissory estoppel allows enforcement of a promise even without consideration when which elements are met?

Accepted Answer

A clear promise, reasonable reliance, and injustice without enforcement

Answer

Written form, witnesses, and notarization

Answer

Mutual assent, capacity, and legality

Answer

An offer, acceptance, and payment

Question 4

What is the legal effect of a 'material breach' of contract?

Accepted Answer

The non-breaching party may treat the contract as terminated and sue for total breach damages

Answer

Both parties must continue performance

Answer

Only nominal damages are available

Answer

The court must first order specific performance

Question 5

Under common law, the 'mirror image rule' provides that an acceptance must:

Accepted Answer

Match the terms of the offer exactly without alteration

Answer

Be in writing to be valid

Answer

Be communicated within a reasonable time

Answer

Be made by the offeree personally

Question 6

Which remedy places the non-breaching party in the position they would have been in had the contract been fully performed?

Accepted Answer

Expectation Damages

Answer

Reliance Damages

Answer

Restitution

Answer

Nominal Damages