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MBE Contracts questions and answers 2024
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MBE Contracts questions and answers 2024
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MBE Contracts questions and answers 2024What is a Contract? - A promise or a set of promises for the breach of which law gives a remedy of the performance of which the law recognizes as a duty
Common Law v. UCC - UCC - Any goods, ie all things movable
Merchant - A Merchant is one who regularly deals in goods of the kind sold of who otherwise by profession holds himself out as having special knowledge or skills as the practices or goods
Types of Contracts - 1) Express contract - written or oral 2) Implied contracts - conduct 3) Quasi contracts - not contracts, used to avoid unjust enrichment
Bilateral v. Unilateral - -Most contracts are bilateral, exchange of promises -Unilateral contracts, acceptance by performance
Validity of Contracts - 1) Void - K without any legal effect, no enforcement (illegal) 2) Voidable - election to void K (infancy, mental illness) 3) Unenforceable contract - Otherwise valid, but may not be enforceable because of defense (SOF) MBE Contracts questions and answers 2024
Creation of a Contract - 1) Mutual assent (offer and acceptance)
2) Consideration 3) Defenses to creation of contract
Offer - Must create reasonable expectation in the offeree that offeror is willing to enter into K on the basis of the offered terms - Need to distinguish invitation to deal(advertisement) from offer
- Courts can look to circumstances and prior dealing
Terms of an Offer - 1) Identify the offerree or class 2) Subject Matter be definite - Real estate contracts must identify land and price - Sale of goods must identify the quantity (except in requirement and output contracts) 3) Offeree must know of offer
Terms in a UCC K Offer - Missing terms do not prevent the formation - courts apply
reasonable terms 1) Must identify the quantity MBE Contracts questions and answers 2024
2) Price need not be identified 3) Vague terms can be supplied 4) Terms can be agreed to later (unless material)
Requirements and Output Contracts - Need not set quantity, but may not be tender or demand of unreasonably disproportionate to any of the stated estimate or normal output or requirements
Revocation of an Offer - 1) Directly communicate (through same means) 2) Indirect means if offeree receives: i) correct information ii) from a reliable source iii) acts that would indicate to a reasonable person that offeror no longer wishes to make offer 3) Effective when received
Limitations of Revocation - 1) Option Contract 2) Firm offer of merchant 3) detrimental reliance 4) part performance for a
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