Contract Review & Negotiation Flashcards
7 cards from real Series 66 – Uniform Combined State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Contract Review & Negotiation flashcards as text
Which contract is generally voidable at the option of one party?
Answer: A contract entered into by a minor
Contracts with minors are voidable by the minor because of lack of capacity.
Under the statute of frauds, which agreement must generally be in writing to be enforceable?
Answer: A contract that cannot be performed within one year
Contracts not performable within one year must be written and signed.
A contract term is ambiguous in a form agreement written entirely by the firm. How will a court generally interpret it?
Answer: Against the drafter
Under contra proferentem, ambiguities are construed against the drafting party.
A party responds to an offer with changed terms. What is the legal effect?
Answer: It is a counteroffer that rejects the original offer
A counteroffer terminates the original offer and becomes a new offer.
A fully integrated written contract is signed. A party later claims an earlier oral promise contradicts it. What rule generally applies?
Answer: The parol evidence rule bars evidence contradicting the written terms
The parol evidence rule excludes prior or contemporaneous statements that contradict an integrated writing.
A term is so one-sided that it shocks the conscience and results from unequal bargaining power. What may a court do?
Answer: Refuse to enforce it as unconscionable
Courts may refuse to enforce unconscionable terms.
A new party replaces an original party and releases the original from obligations under a contract. What is this called?
Answer: Novation
Novation substitutes a new party and discharges the original party.
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