NJ Bar Contracts and Commercial Law 3

Question 1

Under NJ's Uniform Commercial Code, the implied warranty of merchantability arises automatically in a sale by whom?

Accepted Answer

A merchant who deals in goods of that kind

Answer

Any seller

Answer

Only manufacturers

Answer

Only retail sellers

Question 2

A contract modification under common law requires what, whereas a UCC contract modification requires only good faith?

Accepted Answer

New consideration

Answer

Notarization

Answer

A writing

Answer

Mutual assent only

Question 3

An assignment of contract rights generally does not require which element?

Accepted Answer

Obligor's consent (unless contract prohibits or assignment materially changes duty)

Answer

Assignee's acceptance

Answer

Intent to assign

Answer

Delivery of notice to obligor

Question 4

The statute of limitations for a written contract claim in New Jersey is generally how many years?

Accepted Answer

6 years

Answer

2 years

Answer

4 years

Answer

10 years

Question 5

Under the doctrine of frustration of purpose, a contract is discharged when a supervening event does what to the contract's main purpose?

Accepted Answer

Substantially destroys the purpose known to both parties

Answer

Makes it more expensive

Answer

Causes a minor inconvenience

Answer

Delays performance temporarily

Question 6

Which remedy requires a party to perform its contractual obligations and is available when monetary damages are inadequate?

Accepted Answer

Specific performance

Answer

Rescission

Answer

Restitution

Answer

Liquidated damages