Quiz for Contracts |
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Question 1
| Multiple-choice | |
Delegations are permitted unless either _______________ | |
| Select the best answer | |
the contract prohibits delegations or prohibits assignments, or the contract calls for very special skills, or the person to perform the contract has a very special reputation |
Describes a sale of goods situation, in which the amount is not described in numerical terms but rather in terms of buyer's requirements (e.g., all, only, exclusively, solely) |
Performance (i.e., doing something not legally obligated to do); forbearance (i.e., not doing something legally entitled to do); promise to perform; promise to forbear |
Either (contract price - market price at time/place of delivery) or (contract price - resale price); for volume seller selling from regular inventory, provable lost profits |
| Multiple-choice | |
S offers to sell B her car for $400; B pays S $10 for S's promise "to keep the offer open for a week." Can S still revoke the offer? Can B accept the offer 10 days later? | |
| Select the best answer | |
S can't revoke for a week; B can accept unless S has revoked (unambiguous words/conduct communicated to the offeree) |
Whether there was an agreement (offer, termination of offer, acceptance); whether the agreement was legally enforceable |
takes away the right to assign and the power to assign "all assignments of rights under this contract are void" |
Either (market price at time of discovery of the breach - contract price) or (replacement price - contract price) |
| Multiple-choice | |
Triggering facts for the parol evidence rule: | |
| Select the best answer | |
both parties are mistaken, about a basic assumption of fact, which materially affects the agreed exchange, and the mistake does not involve a risk that the party trying to get out of the contract bears |
If owner leaves her goods with a person who sells goods of that kind and that person wrongfully sells the goods to a 3d party then such a good faith purchase from dealer cuts off rights of the original owner/entruster |
Written contract that the court finds is the final agreement (an integration), AND an oral statement made at the time the contract was signed, or earlier oral or written statements by the parties to the contract |
Other party's improper performance; non-occurrence of condition (strictly construed); other party's anticipatory repudiation; reasonable grounds for insecurity; reason of a later contract; novation; later, unforeseen event |
| Multiple-choice | |
Privity is involved in __________, not __________ actions. | |
| Select the best answer | |
Bilateral contract |
Strict compliance |
implied acceptance |
contract, not tort |
| Multiple-choice | |
A modification is … | |
| Select the best answer | |
an agreement by the parties to an existing obligation to accept a different agreement in satisfaction of the existing obligation |
Perfect tender, rejection, cure, installment contracts, acceptance of the goods, revocation of acceptance of the goods, payment |
within - the test isn't how long he actually performs; it's whether performance can be complete within a year of the contract date |
Yes, IF the written agreement was only a partial integration or the additional terms would ordinarily be in a separate agreement. |
| Multiple-choice | |
An assignment of right to payment _________ substantially changes the duties of an obligor | |
| Select the best answer | |
makes |
favor |
Price |
never |
| Multiple-choice | |
What are the elements of promissory estoppel? | |
| Select the best answer | |
donees or creditors (usually donee; look at whether beneficiary was a creditor of promisee before contract) |
Promise, reliance that is reasonable, detrimental and foreseeable, enforcement necessary to avoid injustice |
Damage/destruction of subject matter of contract; death of a special person; subsequent law or regulation |
damages were difficult to forecast at the time the contract were made, and the provision is a reasonable forecast |
| Multiple-choice | |
One ___________ can be consideration for another's _________ | |
| Select the best answer | |
promise; promise |
Custom and usage |
implied acceptance |
any … material |
| Multiple-choice | |
A service contract not capable of being performed within a year from the time of the contract is ______ the statute of frauds. | |
| Select the best answer | |
within |
express |
within |
favor |
| Multiple-choice | |
For risk of loss, "tender" means | |
| Select the best answer | |
there has been no material change in position by the other party |
seller tells buyer how to get the goods/makes the goods available |
Guarantee is a promise to pay only if the obligee does not pay. |
the other party to a contract where there has been an assignment |
