NE Bar Contracts

Question 1

Under the common law, which of the following is required for a valid contract to be formed?

Accepted Answer

Offer, acceptance, and consideration

Answer

Offer, acceptance, and a writing

Answer

Offer, consideration, and good faith

Answer

Acceptance, consideration, and mutual mistake

Question 2

A merchant offers to sell goods and promises to keep the offer open for 30 days without requiring consideration. Under the UCC, this offer is:

Accepted Answer

Irrevocable for up to 90 days under the firm offer rule

Answer

Revocable because no consideration was given

Answer

Void because merchants cannot make options

Answer

Irrevocable only if the offeree also signs the writing

Question 3

An offeree mails an acceptance on Monday. The offeror mails a revocation on Tuesday, which arrives Wednesday. The acceptance arrives Thursday. Is there a contract?

Accepted Answer

Yes, because the acceptance was effective when mailed on Monday

Answer

No, because the revocation arrived before the acceptance

Answer

No, because the acceptance arrived after the revocation was sent

Answer

Yes, but only if the offeree can prove the mailing

Question 4

Paula promises to pay Dan $500 in exchange for Dan's promise to paint her fence. Dan never paints the fence. What type of contract was this?

Accepted Answer

Bilateral contract

Answer

Unilateral contract

Answer

Implied-in-fact contract

Answer

Quasi-contract

Question 5

Which of the following best describes promissory estoppel?

Accepted Answer

A substitute for consideration when a party reasonably relies to their detriment on a promise

Answer

A doctrine that voids contracts made under economic duress

Answer

A rule requiring all promises to be in writing to be enforceable

Answer

A defense available when both parties made a mutual mistake

Question 6

A contract for the sale of real property that is not in writing is generally:

Accepted Answer

Void and unenforceable under the Statute of Frauds

Answer

Voidable at either party's option

Answer

Valid if the parties acted in good faith

Answer

Enforceable if consideration was paid

Question 7

Under the UCC, the battle of the forms rule applies when:

Accepted Answer

Both parties to a sale of goods are merchants and their forms contain different terms

Answer

A consumer and a merchant exchange offer and acceptance with different terms

Answer

Parties negotiate orally and then submit conflicting written confirmations

Answer

Two parties disagree over the price of services to be rendered