MN Bar Contracts and Commercial Law 1

Question 1

Under Minnesota contract law, which element is NOT required to form a valid contract?

Accepted Answer

Written documentation

Answer

Offer

Answer

Acceptance

Answer

Consideration

Question 2

Under the UCC as adopted in Minnesota, a merchant's firm offer to buy or sell goods is irrevocable for up to how long even without consideration?

Accepted Answer

90 days

Answer

30 days

Answer

60 days

Answer

6 months

Question 3

In Minnesota, which doctrine allows a court to enforce a promise that was reasonably relied upon even without consideration?

Accepted Answer

Promissory estoppel

Answer

Unjust enrichment

Answer

Quantum meruit

Answer

Quasi-contract

Question 4

Under the Minnesota UCC, a contract for the sale of goods at $500 or more must generally be in writing to be enforceable under the Statute of Frauds UNLESS:

Accepted Answer

The goods are specially manufactured

Answer

The buyer has paid in full

Answer

Both parties are merchants

Answer

The contract is for future delivery

Question 5

In Minnesota, what is the standard remedy for breach of contract?

Accepted Answer

Expectation damages

Answer

Punitive damages

Answer

Nominal damages only

Answer

Equitable relief only

Question 6

Under Minnesota law, which of the following is a valid defense to contract formation based on lack of mutual assent?

Accepted Answer

Mutual mistake of fact

Answer

Failure to mitigate damages

Answer

Anticipatory repudiation

Answer

Accord and satisfaction