NM Bar Contracts & Commercial Law

Question 1

Under the UCC, a merchant's firm offer is irrevocable for how long if no time is stated?

Accepted Answer

3 months

Answer

30 days

Answer

60 days

Answer

90 days

Question 2

Under the common law mailbox rule, an acceptance is effective when:

Accepted Answer

The offeree sends it

Answer

The offeror receives it

Answer

The offeree decides to accept

Answer

The offeror reads it

Question 3

Which of the following is NOT a required element for a valid contract?

Accepted Answer

Written form

Answer

Offer

Answer

Acceptance

Answer

Consideration

Question 4

Under the UCC's 'battle of the forms' rule (§ 2-207), additional terms in an acceptance between merchants become part of the contract unless:

Accepted Answer

Any of the above applies

Answer

The offer expressly limits acceptance to its terms

Answer

The additional terms are material

Answer

The offeror objects within a reasonable time

Question 5

Under New Mexico law, which contract must be in writing under the Statute of Frauds?

Accepted Answer

A promise to pay another's debt

Answer

A contract for the sale of goods valued at $250

Answer

A service contract performable in 6 months

Answer

A lease for 5 months

Question 6

In New Mexico, the doctrine of promissory estoppel requires all of the following EXCEPT:

Accepted Answer

Bargained-for consideration

Answer

A clear and definite promise

Answer

Reasonable and foreseeable reliance

Answer

Detriment to the promisee

Question 7

An anticipatory repudiation occurs when a party:

Accepted Answer

Unequivocally refuses to perform before performance is due

Answer

Breaches at the time of performance

Answer

Requests a modification before performance is due

Answer

Fails to provide adequate assurance within 60 days