BLAW 3430 Engler Exam 2 UPDATED
Study Guide QUESTIONS AND
CORRECT ANSWERS
3 requirements of an offer - CORRECT ANSWERS 1) Communicated
2) Definite
3) Intentional
2 requirements of acceptance - CORRECT ANSWERS Unequivocal
Communicated
How to terminate a contract - CORRECT ANSWERS 1) performance
2) breach
3) discharge
Condition Subsequent - CORRECT ANSWERS if it occurs, you get to
quit performing
Condition Precedent - CORRECT ANSWERS an event that must occur
before BEFORE performance is due under a contract
Material Breach - CORRECT ANSWERS an unjustified failure to
perform substantially the obligations promised in a contract.
SALE - CORRECT ANSWERS the transfer of TITLE for a PRICE
, GOODS - CORRECT ANSWERS anything TANGIBLE and
MOVABLE, including personal property
MERCHANTS - CORRECT ANSWERS 1. who is a dealer in a
particular type of goods
2. who by his occupation holds himself out as having knowledge or skill
peculiar to certain goods or practices
3. who employs an agent or broker whom he holds out as having such
knowledge or skill.
OUTPUT CONTRACTS - CORRECT ANSWERS contracts where
amounts of goods are unspecified, pertains to needs of production
REQUIREMENT CONTRACTS - CORRECT ANSWERS where a
buyer buys all products from a SINGLE seller.
UCC - CORRECT ANSWERS SILENCE CAN AND DOES COUNT
AS ACCEPTANCE
TYPEWRITER RIBBON QUESTION - CORRECT ANSWERS
ADDITIONAL CONSIDERATION, it is a GOOD so UCC applies
UNDER THE UCC - CORRECT ANSWERS any contract for the sale
of goods over $500.00 must be in writing to be ENFORCABLE
ANTICIPATORY REPUTIATION - CORRECT ANSWERS a
repudiation made BEFORE the time to perform occurs. If an anticipatoCry
repudiation impairs the value of the contract, the aggrieved party may:
1) await performance for commercially reasonable time or
2) resort to any remedy for breach.
Study Guide QUESTIONS AND
CORRECT ANSWERS
3 requirements of an offer - CORRECT ANSWERS 1) Communicated
2) Definite
3) Intentional
2 requirements of acceptance - CORRECT ANSWERS Unequivocal
Communicated
How to terminate a contract - CORRECT ANSWERS 1) performance
2) breach
3) discharge
Condition Subsequent - CORRECT ANSWERS if it occurs, you get to
quit performing
Condition Precedent - CORRECT ANSWERS an event that must occur
before BEFORE performance is due under a contract
Material Breach - CORRECT ANSWERS an unjustified failure to
perform substantially the obligations promised in a contract.
SALE - CORRECT ANSWERS the transfer of TITLE for a PRICE
, GOODS - CORRECT ANSWERS anything TANGIBLE and
MOVABLE, including personal property
MERCHANTS - CORRECT ANSWERS 1. who is a dealer in a
particular type of goods
2. who by his occupation holds himself out as having knowledge or skill
peculiar to certain goods or practices
3. who employs an agent or broker whom he holds out as having such
knowledge or skill.
OUTPUT CONTRACTS - CORRECT ANSWERS contracts where
amounts of goods are unspecified, pertains to needs of production
REQUIREMENT CONTRACTS - CORRECT ANSWERS where a
buyer buys all products from a SINGLE seller.
UCC - CORRECT ANSWERS SILENCE CAN AND DOES COUNT
AS ACCEPTANCE
TYPEWRITER RIBBON QUESTION - CORRECT ANSWERS
ADDITIONAL CONSIDERATION, it is a GOOD so UCC applies
UNDER THE UCC - CORRECT ANSWERS any contract for the sale
of goods over $500.00 must be in writing to be ENFORCABLE
ANTICIPATORY REPUTIATION - CORRECT ANSWERS a
repudiation made BEFORE the time to perform occurs. If an anticipatoCry
repudiation impairs the value of the contract, the aggrieved party may:
1) await performance for commercially reasonable time or
2) resort to any remedy for breach.
