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

    Answer: Written form

    Common law does not require most contracts to be in writing; oral contracts are generally enforceable unless the Statute of Frauds applies.

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

    Answer: At the time and place of physical delivery

    UCC § 2-401 provides that title passes to the buyer at the time and place at which the seller completes performance with respect to physical delivery.

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

    Answer: A clear promise, reasonable reliance, and injustice without enforcement

    Promissory estoppel requires a clear promise, foreseeable and actual detrimental reliance by the promisee, and injustice that can only be avoided by enforcement.

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

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

    A material breach allows the non-breaching party to suspend or terminate performance and seek expectation damages for total breach of contract.

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

    Answer: Match the terms of the offer exactly without alteration

    The mirror image rule requires that an acceptance must conform exactly to the terms of the offer; any deviation constitutes a counteroffer rather than an acceptance.

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

    Answer: Expectation Damages

    Expectation damages, the standard contract remedy, aim to give the non-breaching party the benefit of the bargain by putting them in the position performance would have created.