Exam (elaborations)
BARBRI - CONTRACTS & SALES (MASTER) Questions and Complete Solutions Graded A+
- Course
- Institution
BARBRI - CONTRACTS & SALES (MASTER) Questions and Complete Solutions Graded A+
[Show more]
Content preview
BARBRI - CONTRACTS& SALES (MASTER)
Questions and Complete
Solutions Graded A+
What is the holy trinity of contract formation? - Answer: CONTRACT FORMATION CAN BE LOOKED AT AS
A "HOLY TRINITY":
i. OFFER
ii. ACCEPTANCE
iii. CONSIDERATION
What are the governing law(s) for contracts? - Answer: For contracts the law to be applied depends on
what the subject matter of the contract is:
SALE OF GOODS = governed by Article 2 of the UCC.
Every other kind of contract = governed by Common Law.
What are goods? - Answer: Goods are defined as "movable/tangible goods"
Example: If it is a thing and can be moved = a good (cars, boats, tomatoes, carrots, animals, etc.)
Non-movable things are Services and land
,EX: So if it's a service contract, employment contract, or a contract for the sale of land, we apply the
common law.
What happens when the contract is for both goods and services? - Answer: You must determine what
the dominant part of the contract is
If the dominant part of the contract is for the sale of goods then article II will apply on the entire
contract,
if the dominant part of the contract is for services, then the common law will apply on the entire
contract.
What is an offer? - Answer: Offer =
1. a COMMUNICATION;
2. that CREATES A REASONABLE EXPECTATION in the offeree;
3. that the offeror is WILLING TO ENTER INTO A CONTRACT on the offered terms.
*** This means that some sort of communication that indicates to another person that the offer wants
to make a binding deal - wants to make a promise that can't easily be broken - something the other
person can rely on.
Do offers always require verbal and/or written communication? - Answer: Offers do not require words‼!
At both common law and UCC, contract formation usually follows objective intent (objective intent =
what would a reasonable person think was meant?)
What are the technical requirements of offers? - Answer: The offer must manifest a commitment to do
something.
,To be an offer it must contain:
(1) an expression of a promise, undertaking, or commitment to enter into a contract,
(2) certain and definite essential terms
And
(3) a communication of the above to the offeree
EX: "If you do this or that, I will do this or that"
When are the parties negotiating rather than making offers? - Answer: If the parties talk about the
details but don't make any commitments, they are negotiating.
Are advertisements offers? - Answer: Usually not.
Advertisements are understood as invitations to deal unless:
1) the advertisements limits the number of people who may accept
Example: "To the first 20 people" "10 items" "first come, first served"
Are rewards considered offers? - Answer: Rewards are considered offers because only one person can
win the reward, therefore it is limited.
Example: Reward for finding cat. Only one person can find the cat.
What is the Art. II rule for essential terms of a contract? - Answer: In a contract for the sale of goods, we
need a QUANTITY TERM for the offer to be certain.
, ** If you see an offer for the sale of goods and the quantity is missing, that statement cannot be an
offer‼!
Can the Art. II quantity requirement be stated as the seller's output or buyer's requirements? - Answer:
The quantity requirement in a contract for the sale of goods can be satisfied by the seller's output or the
buyer's requirements.
i. The terms output/requirements can be used or the concept can be described.
ii. Output means all the goods that a party makes or grows;
iii. Requirements means all the goods that a party needs.
iv.
** If you see the terms output or requirements in an offer - or the word "all" ("all the moonshine we
make" " all the hammers you need")
= the offer will be fine as far as the quantity goes.
What are the essential terms of an offer for land sale or services contracts? - Answer: For land sale
contracts or services contracts:
For land, there are two essential terms:
1) a PRICE term
AND
2) DESCRIPTION of the land (just enough for the court to identify the property).
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67163 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now