MO Bar Contracts and Commercial Law 2

Question 1

Which common law doctrine discharges a party's contractual obligation when an unforeseen event makes performance objectively impossible?

Accepted Answer

Impossibility

Answer

Frustration of purpose

Answer

Impracticability

Answer

Force majeure

Question 2

Under UCC Article 2, a merchant's firm offer to buy or sell goods is irrevocable for up to how long without consideration?

Accepted Answer

90 days

Answer

30 days

Answer

60 days

Answer

180 days

Question 3

Which equitable doctrine prevents enforcement of a contract based on one party's false statement of a material fact?

Accepted Answer

Misrepresentation

Answer

Duress

Answer

Undue influence

Answer

Mutual mistake

Question 4

A liquidated damages clause is enforceable in Missouri if it represents what?

Accepted Answer

A reasonable estimate of anticipated harm

Answer

A penalty to deter breach

Answer

The actual damages suffered

Answer

An amount agreed by both parties regardless of loss

Question 5

Under Missouri law, which doctrine may excuse a promisee's failure to fulfill a condition precedent when that party prevented the condition from occurring?

Accepted Answer

Prevention doctrine

Answer

Waiver

Answer

Substantial performance

Answer

Election of remedies

Question 6

Which type of third-party beneficiary has vested rights that cannot be modified without their consent?

Accepted Answer

Intended beneficiary

Answer

Incidental beneficiary

Answer

Creditor beneficiary

Answer

Donee beneficiary