Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Contracts

Contracts Q&A

QuestionAnswer
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
Popular Law sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards