Exam (elaborations)
MBE Contracts questions and answers 2024
- Course
- Institution
MBE Contracts questions and answers 2024
[Show more]
Content preview
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
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 Ellah1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now