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Contract Law & Commercial Transactions Flashcards

7 cards from real MPOETC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Contract Law & Commercial Transactions flashcards as text

  1. A person signs a contract while under the influence of alcohol. Under contract law, this contract is most likely:

    Answer: Voidable at the intoxicated party's option

    Contracts signed under intoxication are generally voidable, meaning the intoxicated party may choose to affirm or rescind them upon regaining capacity.

  2. Under the Uniform Commercial Code (UCC), a merchant's firm offer to keep an offer open is binding without consideration for a maximum of:

    Answer: 3 months

    UCC §2-205 provides that a merchant's written firm offer is irrevocable for the stated time, but no longer than three months.

  3. When a police officer responds to a dispute over a home repair contract, which element would make the contract unenforceable for lack of consideration?

    Answer: The contractor promised to do future work as consideration for past work already completed

    Past consideration — a promise given for something already done — is not valid consideration and renders a contract unenforceable.

  4. A seller delivers 500 widgets when the contract called for 600. Under the UCC, the buyer's rights include:

    Answer: Reject all, accept all, or accept conforming goods and reject the rest

    Under UCC §2-601, the perfect tender rule gives buyers the right to reject all, accept all, or accept any commercial units and reject the rest.

  5. An officer is investigating a fraud complaint involving a contract. Which of the following best describes fraudulent misrepresentation in contract law?

    Answer: A knowingly false statement of material fact made to induce a party to contract

    Fraudulent misrepresentation requires a false statement of material fact, knowledge of its falsity, intent to deceive, and reliance by the victim causing damages.

  6. A written contract includes an 'integration clause' stating it is the complete agreement. A party later tries to introduce prior verbal promises. Under the parol evidence rule, those verbal promises are:

    Answer: Generally inadmissible to contradict the written contract

    The parol evidence rule bars introduction of prior or contemporaneous oral agreements to contradict or vary the terms of a fully integrated written contract.

  7. In Pennsylvania, home improvement contracts over a certain dollar amount must be in writing under the Home Improvement Consumer Protection Act. What is the minimum threshold?

    Answer: $500

    Pennsylvania's Home Improvement Consumer Protection Act requires written contracts for home improvement work costing $500 or more.