Contracts and Commercial Law Flashcards

Under Wyoming contract law, a valid offer requires all of the following EXCEPT:

Answer: Acceptance by the offeree

A valid offer requires intent to be bound, sufficiently definite terms, and communication to the offeree — acceptance creates the contract but is not part of the offer itself.

Under Wyoming's adoption of the Uniform Commercial Code, when does risk of loss pass to the buyer in a shipment contract?

Answer: When the seller delivers goods to the carrier

Under UCC § 2-509(1)(a) as adopted in Wyoming, risk of loss passes to the buyer in a shipment contract when the seller duly delivers goods to the carrier.

Under Wyoming contract law, the statute of frauds generally requires which type of contract to be in writing?

Answer: Contracts that cannot be performed within one year of formation

Wyoming's statute of frauds, like the common law version, requires contracts that cannot be performed within one year of their making to be evidenced by a writing signed by the party to be charged.

Under Wyoming UCC law, a merchant's firm offer is irrevocable for up to:

Answer: 3 months

UCC § 2-205, adopted in Wyoming, makes a written firm offer by a merchant irrevocable for the time stated or, if no time is stated, for a reasonable time not to exceed three months.

Under Wyoming contract law, the doctrine of promissory estoppel allows enforcement of a promise without consideration when:

Answer: The promisor reasonably expected the promise to induce action and the promisee detrimentally relied

Promissory estoppel in Wyoming requires a clear promise, reasonable expectation of reliance, actual and substantial detrimental reliance, and that injustice can only be avoided by enforcement.

Under Wyoming common law, mutual mistake as to a material fact at the time of contracting allows the adversely affected party to seek:

Answer: Rescission of the contract

When both parties share a mistaken belief about a material existing fact, Wyoming courts allow rescission as the appropriate remedy to return parties to the pre-contract position.