MN Bar Contracts and Commercial Law 2

Question 1

Under Minnesota law, when does a contract for the sale of real property satisfy the Statute of Frauds?

Accepted Answer

When it is signed by the party to be charged

Answer

When oral agreement is witnessed by two parties

Answer

When earnest money is exchanged

Answer

When both parties perform within 90 days

Question 2

A seller in Minnesota breaches a contract for goods. The buyer covers by purchasing substitute goods at a higher price. The buyer's damages are:

Accepted Answer

Cover price minus contract price

Answer

Contract price minus market price

Answer

Lost profits only

Answer

Consequential damages only

Question 3

Which Minnesota doctrine prevents a party from asserting a contractual right when their own conduct would make doing so inequitable?

Accepted Answer

Estoppel

Answer

Waiver

Answer

Laches

Answer

Unclean hands

Question 4

Under Minnesota contract law, an anticipatory repudiation occurs when:

Accepted Answer

A party clearly states before performance is due that they will not perform

Answer

A party is late on a payment

Answer

A party requests a modification

Answer

A party seeks an extension of time

Question 5

Under Minnesota UCC Article 2, risk of loss for identified goods passes to the buyer when the seller is NOT a merchant:

Accepted Answer

When the seller tenders delivery

Answer

Upon identification of the goods

Answer

When the buyer receives the goods

Answer

Upon contract formation

Question 6

In a Minnesota contracts dispute, which parol evidence is admissible to interpret a fully integrated written agreement?

Accepted Answer

Course of dealing evidence to explain ambiguous terms

Answer

Prior oral agreements that contradict the writing

Answer

Prior written agreements that add new terms

Answer

Subsequent oral modifications that decrease obligations