AL Bar Contracts

Question 1

Under the common law mirror-image rule, an acceptance that varies the terms of the offer is treated as:

Accepted Answer

A counteroffer rejecting the original offer

Answer

A valid acceptance with the new terms controlling

Answer

A conditional acceptance creating a voidable contract

Answer

An enforceable modification

Question 2

Consideration requires that the promisee provide:

Accepted Answer

A bargained-for exchange giving a legal benefit or detriment

Answer

Something of substantial economic value

Answer

Written proof of the exchange

Answer

Pre-existing obligation to perform

Question 3

The statute of frauds requires a writing signed by the party to be charged for contracts that:

Accepted Answer

Cannot by their terms be performed within one year from the making

Answer

Involve more than $100

Answer

Involve real property of any value

Answer

Are made between merchants

Question 4

Under UCC Article 2, a merchant's firm offer is irrevocable for up to how long without consideration?

Accepted Answer

3 months

Answer

30 days

Answer

60 days

Answer

90 days

Question 5

When a party breaches an anticipatory repudiation, the non-breaching party may:

Accepted Answer

Treat the repudiation as an immediate breach and sue at once

Answer

Only sue after the performance date arrives

Answer

Only seek specific performance

Answer

Accept the repudiation and modify the contract

Question 6

The parol evidence rule bars admission of prior or contemporaneous oral agreements to:

Accepted Answer

Contradict or vary the terms of a fully integrated written agreement

Answer

Supplement a partially integrated written contract

Answer

Show fraud or misrepresentation in the formation

Answer

Explain ambiguous contract terms