Contracts and Commercial Law Flashcards

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

Answer: When it is signed by the party to be charged

Minnesota's Statute of Frauds (Minn. Stat. § 513.05) requires a written contract signed by the party against whom enforcement is sought for real property sales.

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:

Answer: Cover price minus contract price

Under Minn. Stat. § 336.2-712, a buyer who covers may recover the difference between the cover price and the contract price, plus incidental and consequential damages.

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

Answer: Estoppel

Equitable estoppel in Minnesota bars a party from asserting a right when their prior conduct induced reasonable reliance by the other party.

Under Minnesota contract law, an anticipatory repudiation occurs when:

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

Anticipatory repudiation is an unequivocal statement or conduct before the performance date indicating an intent not to perform.

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

Answer: When the seller tenders delivery

Under Minn. Stat. § 336.2-509(3), when the seller is not a merchant, risk of loss passes upon tender of delivery rather than actual receipt.

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

Answer: Course of dealing evidence to explain ambiguous terms

The parol evidence rule bars contradicting a fully integrated agreement, but course of dealing, course of performance, and trade usage are admissible to explain or supplement ambiguous terms.