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Contract Law & Commercial Transactions Flashcards

6 cards from real LLM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Contract Law & Commercial Transactions flashcards as text

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

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

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

  2. What is 'anticipatory repudiation' in contract law?

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

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

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

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

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

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

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

    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.

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

    Answer: Fraudulent Misrepresentation

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

  6. What does the doctrine of 'frustration of purpose' excuse?

    Answer: Performance where a supervening event destroys the value of the contract even though performance is still possible

    Frustration of purpose excuses performance when an unforeseen event substantially destroys the purpose for which a party entered the contract, even though performance remains technically possible.