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

The doctrine of impossibility discharges a party when an unforeseen event—such as destruction of the subject matter or death of an essential person—makes performance objectively impossible.

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

Under UCC § 2-205, a merchant's signed written firm offer is irrevocable for the stated period or, if no period is stated, a reasonable time not exceeding three months (90 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

Fraudulent or material misrepresentation of fact that induces contract formation allows the deceived party to rescind the contract.

Question 4

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

Accepted Answer

A reasonable estimate of anticipated harm

Answer

Liquidated damages clauses are enforceable when they represent a reasonable pre-estimate of anticipated damages and actual damages are difficult to calculate.

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

The prevention doctrine excuses non-occurrence of a condition when the party benefited by that condition wrongfully prevented it from occurring.

MO Bar - Missouri Bar Exam Practice Test

MO Bar - Missouri Bar Exam Practice Test

MO Bar Contracts and Commercial Law 2