AR Bar Contracts

Question 1

Under Arkansas contract law, which element is NOT required to form a valid contract?

Accepted Answer

Writing

Answer

Offer

Answer

Acceptance

Answer

Consideration

Question 2

Under the Arkansas Statute of Frauds, which type of contract must be in writing to be enforceable?

Accepted Answer

A contract for the sale of real estate

Answer

A contract for the sale of goods worth $400

Answer

A service contract to be completed in 6 months

Answer

A contract between two merchants

Question 3

In Arkansas, the general statute of limitations for a written contract action is:

Accepted Answer

5 years

Answer

3 years

Answer

7 years

Answer

10 years

Question 4

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

Accepted Answer

3 months

Answer

30 days

Answer

60 days

Answer

6 months

Question 5

Which doctrine allows an Arkansas court to refuse enforcement of a contract that is shockingly unfair at the time it was formed?

Accepted Answer

Unconscionability

Answer

Frustration of purpose

Answer

Impossibility

Answer

Promissory estoppel

Question 6

Under Arkansas contract law, an anticipatory repudiation occurs when:

Accepted Answer

A party clearly indicates before the due date that it will not perform

Answer

A party fails to perform on the due date

Answer

A party's performance becomes impossible

Answer

A party materially breaches a minor term