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Contracts
Contracts Q&A
| Question | Answer |
|---|---|
| Article 2 of the UCC applies to: | Article 2 ONLY applies to the sale of goods which can be defined as movable, personal property. It doesn't matter whether parties are merchants, and it doesn't matter what the contract price is. |
| Fred purchases a tractor from Mort for $700. Fred also hires Mort to plow his corn field for $2500 a month. Under this set of facts would you apply the UCC or common law? | Since the contract divides payment, apply the BOTH - UCC to the sale of goods portion of the contract and common law to the services portion. |
| Allen orally agreed to work for Harvey, photographing sports models for 2 years for $75k per year. After 1st ads come out Allen realizes he is a bad phtgr & swears off the business. Harvey refuses to pay Allen for ads already completed. Can Allen recover | yes - in equity, and Allen will get the reasonable value of the benefit conferred. Allen will get the reasonable value of his services in equity under the quasi-contract theory. Whenever contract law yields an unfair result, attempt to enforce the contr |
| According to the common law MAILBOX rule when is acceptance effective and when is rejection effective? | Acceptance is effective when mailed and rejection is effective when received. |
| Name at least 5 defenses against formation of a contract? | Infancy, insanity, intoxication, duress, misrepresentation, lack of consideration, illegality of the subject matter, public policy and unconsionability |
| For purposes of the Multistate Bar Exam, under what age does a person lack the capacity to enter into a contract? | 18 - a minor, typically under the age of 18, can disaffirm a contract if he does so in a timely manner. However, if the minor retains the benefit of the contact after he reaches the age of majority, then said contract is deemed to have been ratified. NO |
| What terminates an option? | Destruction of the subject matter before acceptance. An option is an offer that gives the offeree express assurance that it will not be revoked by the offeror for a period of time. Using the word OPTION or in a UCC sales contract, the term FIRM OFFER cr |
| What are the 4 elements required to form a VALID contract? | 1) an offer inviting acceptance 2) definite terms 3) acceptance of the terms, and 4) consideration. |
| An exculpatory clause can limit liability for? | Negligence - An exculpatory clause if enforceable if: 1) it clearly spells out the intention of the parties, 2) there is nothing in the social relationship between the parties that suggests it should not be enforced, and 3) it is not against public policy |
| Are punitive damages recoverable in a breach of contract? | NO - The purpose of contract damages is to compensate and not to punish. |
Created by:
jackson1509
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