Contracts Flashcards
6 cards from real AR BAR practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Contracts flashcards as text
Under Arkansas law, which remedy seeks to return non-breaching parties to the position they were in before the contract was formed?
Answer: Restitution
Restitution is designed to restore the plaintiff to the pre-contract position by recovering the benefit conferred on the breaching party.
In Arkansas, the parol evidence rule generally prevents introduction of prior oral agreements to:
Answer: Contradict the express terms of a fully integrated written contract
The parol evidence rule bars extrinsic evidence that contradicts the unambiguous terms of a fully integrated written contract.
Under the Arkansas UCC, the perfect tender rule applies to contracts for the:
Answer: Sale of goods
The UCC's perfect tender rule applies to contracts for the sale of goods, allowing rejection if delivery deviates in any way.
Which contract defense excuses performance in Arkansas when an unforeseen event makes performance impractical, not just more expensive?
Answer: Commercial impracticability
Commercial impracticability excuses performance when an unforeseeable event makes performance impractical, even if not literally impossible.
Under Arkansas law, liquidated damages clauses are enforceable if they:
Answer: Represent a reasonable estimate of actual damages at the time of contracting
Liquidated damages are enforceable in Arkansas when they represent a reasonable forecast of actual harm and actual damages are difficult to estimate.
Under Arkansas contract law, which of the following is an example of a valid accord and satisfaction?
Answer: A creditor accepts a lesser sum in full satisfaction of a disputed debt
Accord and satisfaction requires a bona fide dispute; accepting less than an undisputed amount does not extinguish the original obligation.