Contracts and Commercial Law Flashcards
7 cards from real ND BAR practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Contracts and Commercial Law flashcards as text
Under the UCC, a contract for the sale of goods worth $500 or more is unenforceable unless it is:
Answer: In writing and signed by the party against whom enforcement is sought
UCC § 2-201 requires a writing signed by the party to be charged for contracts involving goods of $500 or more to satisfy the Statute of Frauds.
An offer is generally terminated by all of the following EXCEPT:
Answer: A counter-offer that matches the original terms exactly
A counter-offer that mirrors the original terms exactly operates as an acceptance, not a rejection, so it does not terminate the offer.
Under common law, the mirror image rule requires that:
Answer: An acceptance must be identical in all material terms to the offer
The common law mirror image rule holds that an acceptance must be an unequivocal agreement to all the terms of the offer without any variation.
Which of the following is NOT a required element of a valid contract?
Answer: Written documentation
Most contracts do not require a written form; offer, acceptance, and consideration are the core elements, with writing only required for specific contract types under the Statute of Frauds.
A buyer and seller enter a contract for 100 widgets at $10 each. Before delivery, the seller informs the buyer she will not be delivering. This is best characterized as:
Answer: Anticipatory repudiation
When a party clearly communicates an intent not to perform before the performance is due, it constitutes anticipatory repudiation, entitling the other party to treat the contract as breached.
Under UCC Article 2, the 'battle of the forms' is governed by:
Answer: UCC § 2-207, which allows additional or different terms in an acceptance
UCC § 2-207 displaces the mirror image rule for goods contracts and provides rules for determining contract terms when the parties' forms differ.
The parol evidence rule generally prevents a party from introducing evidence of prior oral agreements that:
Answer: Contradict or vary the terms of a fully integrated written contract
The parol evidence rule bars extrinsic evidence of prior or contemporaneous agreements that contradict the terms of a fully integrated written contract.