AK Bar Alaska Contracts and Commercial Law

Question 1

Under the common law, which element is NOT required for valid contract formation?

Accepted Answer

Writing

Answer

Offer

Answer

Acceptance

Answer

Consideration

Question 2

Under the UCC, a merchant's firm offer in writing is irrevocable for up to how long without consideration?

Accepted Answer

3 months

Answer

30 days

Answer

60 days

Answer

6 months

Question 3

The 'mailbox rule' provides that an acceptance is effective when:

Accepted Answer

Sent by the offeree

Answer

Received by the offeror

Answer

The offeror reads it

Answer

Both parties have signed the document

Question 4

Which of the following is an example of illusory consideration?

Accepted Answer

A promise to act only 'if I feel like it'

Answer

A promise to pay $100 for services rendered

Answer

A promise to forbear a legal right

Answer

Past services performed at someone's request

Question 5

Under Alaska law, which of the following contracts must be in writing under the Statute of Frauds?

Accepted Answer

A contract for the sale of real property

Answer

A contract for sale of goods worth $400

Answer

A contract to complete services within 30 days

Answer

A personal services contract lasting 10 months

Question 6

An offeree's response that changes a material term of the original offer is best characterized as:

Accepted Answer

A counteroffer that terminates the original offer

Answer

A valid acceptance with a proposed modification

Answer

A conditional acceptance binding both parties

Answer

A mere request for information

Question 7

Which of the following best describes 'promissory estoppel' as a basis for enforcing a promise?

Accepted Answer

A substitute for consideration when a promise induces detrimental reliance

Answer

A type of fraud used to void a contract

Answer

A method to extend the Statute of Frauds period

Answer

A defense available only to merchants under the UCC