MIE 305 Final Exam Set Questions With Reviewed Correct Detailed Answers New Update!!
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Module
MIE 305
Institution
MIE 305
MIE 305 Final Exam
Set Questions With Reviewed
Correct Detailed Answers
New Update!!
1. Integration - ANSWER
partial and complete- speaks to intent of the parties
to allow (or not) additional terms. -integration (or merger) clause: language in a contract that clearly states the
w...
MIE 305 Final Exam
Set Questions With Reviewed
Correct Detailed Answers
New Update!!
1. Integration - ANSWER partial and complete- speaks to intent of the parties
to allow (or not) additional terms.
-integration (or merger) clause: language in a contract that clearly states the
written agreement is the final and full expression of the parties' agreement
2. Parol evidence rule - ANSWER prevents the introduction of evidence of
prior or contemporaneous negotiations and agreements that contradict, modify,
or vary the terms of a written contract when it is an integrated agreement.
(rationale: if you intended it to be part of the written agreement, you'd have put
it in there before signing) does not affect subsequent negotiations, after K is
executed.
3. Merchant - ANSWER a person who:
1. deals in goods of the type in questions
2. holds themselves out as having particular knowledge or skill with goods of this
type
3. is using a broker, agent or intermediary who holds themselves out as having
particular knowledge or skill in this type of goods.
,4. Differences between UCC and CL K rules - ANSWER -offers and
counteroffers: an acceptance with slightly modified terms does not extinguish the
original offer; if terms don't vary much/are reasonable, they become part of K
unless offeror specifically rejects.
-definiteness of terms: under UCC, just (1) ID the goods and (2) set a quantity. if
the rest of the K manifests an intent for the parties to be bound, the court can fill
in the blanks.
-modifications by the parties: under the UCC, simple communication is sufficient
w/o the need for new consideration
-"perfect tender" rule: UCC does away with substantial performance
-discharge: UCC adds something to the list of the dischargeable contracts;
commercial impracticability, where it would be extraordinarily financially
damaging to one party to perform due to changing circumstances and neither
party could reasonably have foreseen those changes.
5. Minor contracts - ANSWER minors have the right to disaffirm contracts.
minors have the right to avoid contracts. the law grants minors this right in order
to promote justice and to protect them from their presumed immaturity, lack of
judgement and experience, limited willpower, and imprudence.
6. Ratification - ANSWER to approve and sanction, to make valid, or to
confirm. a contract is ratified if the consideration is retained for an unreasonable
time after majority. also results from acceptance of the benefits incidental to
ownership such as rents, dividends, or interest.
7. Good-faith purchaser - ANSWER a buyer who pays value honestly
believing he/she has the legal right to acquire valid title to the item purchased.
,8. Usury - ANSWER requiring a payment of a rate of interest in excess of that
permitted by statute. illegal
9. Restraint of trade - ANSWER contracts the impede free competition
10. Per se - ANSWER a contract clause may be inherently illegal-illegal per se,
"by itself"
11. Rule of reason - ANSWER a contract will be held illegal if the facts
indicate that the anticipated arrangement will result in an unreasonable restraint
of trade. need evidence of unreason-ability with competition.
12. Unconscionable - ANSWER in the law of contracts, provisions that are
oppressive, overreaching, or shocking to the conscience.
13. Doctrine of part performance - ANSWER a legal theory, drawn from the
laws of equality, used to prevent a party to an oral contract that has been
partially performed from asserting the defense of the statute of frauds
14. Parol evidence - ANSWER legal proof based on oral statements or other
evidence not in written document. important for integrated agreements
15. Parol evidence rule - ANSWER a legal rule that forbids the introduction of
prior statements-whether oral, written, or expressed in another manner-or
statements made at the same time a written contract is formed that vary or
contradict statements made in the written contract.
exceptions:
, -modifications agreed on subsequent to the execution of the written contract
-allegations of fraud, oral statements may be used to support such an allegation.
(scienter; intent to misrepresent)
-errors in drafting or reducing the contract to writing.
-oral (parol) evidence is allowed to clarify the terms of an ambiguous contract and
fill gaps where there is an omission.
-partial integration rule. requires the judge to determine if the written contract is
totally or merely partially integrated. if totally integrated parol evidence is not
allowed. is partially integrated (when the parties intend the writing to be final on
the terms as written but not necessarily complete on all terms of their
agreement) then it can be supplemented or explained by prior agreements; but
can't be contradicted.
16. Done-beneficiary - ANSWER a third party who received a gift when a
promise secures a promise from a promisor for the purpose of making a gift to a
third party.
17. Creditor-beneficiary - ANSWER a third party who receives the benefits of
a contract made between two contracting parties for the purpose of paying one
original party's debt to the third party.
18. Vesting - ANSWER acquiring ownership sufficient that one can enforce
specific rights in court.
19. Obligor - ANSWER a debtor or promisor
20. Obligee - ANSWER a creditor or promisee
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