LLM Contract Law & Commercial Transactions 2

Question 1

The Statute of Frauds requires which type of contract to be evidenced by a writing?

Accepted Answer

Contracts for the sale of goods priced at $500 or more (UCC)

Answer

All oral contracts

Answer

Employment contracts of any duration

Answer

Contracts involving two parties

Question 2

What is 'anticipatory repudiation' in contract law?

Accepted Answer

A party's clear statement before the performance date that it will not perform

Answer

Refusal to sign a contract after negotiations

Answer

A unilateral modification of contract terms

Answer

A party's request for more time to perform

Question 3

Under the parol evidence rule, which type of evidence is generally excluded?

Accepted Answer

Prior oral or written agreements that contradict a fully integrated written contract

Answer

Post-contract oral modifications

Answer

Evidence of fraud or mistake in contract formation

Answer

Trade usage and course of dealing

Question 4

In a contract for the sale of goods, what is the 'perfect tender rule' under the UCC?

Accepted Answer

The buyer may reject goods if the tender fails to conform to the contract in any respect

Answer

Goods must be delivered on the exact date specified

Answer

Payment must be made in full before title passes

Answer

The seller must deliver goods in perfect physical condition

Question 5

Which contract defense allows a party to void a contract based on a false statement of material fact made by the other party?

Accepted Answer

Fraudulent Misrepresentation

Answer

Unilateral Mistake

Answer

Impossibility

Answer

Unconscionability

Question 6

What does the doctrine of 'frustration of purpose' excuse?

Accepted Answer

Performance where a supervening event destroys the value of the contract even though performance is still possible

Answer

Performance made physically impossible by an unforeseen event

Answer

Performance where costs have dramatically increased

Answer

All contractual obligations upon death of a party