NM Bar Contracts & Commercial Law 1

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

UCC § 2-205 provides that a merchant's firm offer, if no time is stated, is irrevocable for a reasonable time not to exceed 3 months.

Question 2

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

Accepted Answer

The offeree sends it

Answer

Under the mailbox rule, acceptance is effective upon dispatch (when sent), not when received by the offeror.

Question 3

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

Accepted Answer

Written form

Answer

Contracts generally require offer, acceptance, and consideration; written form is only required for certain contracts under the Statute of Frauds.

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

Under UCC § 2-207, additional terms between merchants do not become part of the contract if the offer limits acceptance to its terms, if they materially alter the contract, or if the offeror timely objects.

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 promise to answer for the debt of another (suretyship) is a classic Statute of Frauds category requiring a written agreement.

(NM Bar) New Mexico Bar Exam Practice Test

(NM Bar) New Mexico Bar Exam Practice Test

NM Bar Contracts & Commercial Law 1