NJ Bar Contracts and Commercial Law

Question 1

Under the common law, a valid contract requires offer, acceptance, and which third essential element?

Accepted Answer

Consideration

Answer

Writing

Answer

Witnesses

Answer

Notarization

Question 2

Under UCC Article 2, which of the following is required for a contract for the sale of goods over $500 to be enforceable?

Accepted Answer

Writing signed by the party to be charged

Answer

Notarized signature

Answer

Two witnesses

Answer

An attorney's certification

Question 3

The parol evidence rule generally bars introduction of prior or contemporaneous oral agreements that would contradict which type of document?

Accepted Answer

A fully integrated written contract

Answer

A preliminary negotiation memo

Answer

An oral agreement made after signing

Answer

A letter of intent

Question 4

Anticipatory repudiation occurs when a party clearly and unequivocally indicates before performance is due that it will do what?

Accepted Answer

Not perform its contractual obligations

Answer

Request a modification

Answer

Seek arbitration

Answer

Assign the contract

Question 5

The doctrine of promissory estoppel allows enforcement of a promise even without consideration when the promisee has done what?

Accepted Answer

Detrimentally relied on the promise

Answer

Filed a lawsuit

Answer

Obtained insurance

Answer

Paid a nominal amount

Question 6

Under NJ law, which doctrine may render a contract unenforceable if one party had no meaningful choice and the terms are unreasonably favorable to the other?

Accepted Answer

Unconscionability

Answer

Impossibility

Answer

Frustration of purpose

Answer

Novation