Contracts and Commercial Law Flashcards

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

Answer: Written documentation

Minnesota follows the common law rule that contracts can be oral or written unless a statute (such as the Statute of Frauds) requires writing.

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?

Answer: 90 days

Under Minn. Stat. § 336.2-205, a merchant's signed, written firm offer is irrevocable for the stated time or, if none stated, a reasonable time not exceeding three months.

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

Answer: Promissory estoppel

Promissory estoppel under Restatement § 90, adopted in Minnesota, enforces a promise when the promisor reasonably expects reliance and injustice can only be avoided by enforcement.

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:

Answer: The goods are specially manufactured

Under Minn. Stat. § 336.2-201(3)(a), specially manufactured goods not suitable for sale to others in the ordinary course of business are an exception to the Statute of Frauds.

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

Answer: Expectation damages

Minnesota courts award expectation damages to place the non-breaching party in the position they would have been in had the contract been performed.

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

Answer: Mutual mistake of fact

Mutual mistake as to a basic assumption of the contract at formation can void or voidize the contract under Minnesota common law.