ND Bar Contracts and Commercial Law

Question 1

Under the UCC, a contract for the sale of goods worth $500 or more is unenforceable unless it is:

Accepted Answer

In writing and signed by the party against whom enforcement is sought

Answer

Witnessed by two parties

Answer

Notarized and filed with the county clerk

Answer

Approved by a licensed attorney

Question 2

An offer is generally terminated by all of the following EXCEPT:

Accepted Answer

A counter-offer that matches the original terms exactly

Answer

Rejection by the offeree

Answer

Lapse of a reasonable time

Answer

Revocation by the offeror before acceptance

Question 3

Under common law, the mirror image rule requires that:

Accepted Answer

An acceptance must be identical in all material terms to the offer

Answer

The offeror and offeree must be physically present when a contract is formed

Answer

Both parties must sign the contract at the same time

Answer

Consideration must exactly equal the value of performance

Question 4

Which of the following is NOT a required element of a valid contract?

Accepted Answer

Written documentation

Answer

Offer

Answer

Acceptance

Answer

Consideration

Question 5

A buyer and seller enter a contract for 100 widgets at $10 each. Before delivery, the seller informs the buyer she will not be delivering. This is best characterized as:

Accepted Answer

Anticipatory repudiation

Answer

Efficient breach

Answer

Mutual rescission

Answer

Impracticability

Question 6

Under UCC Article 2, the 'battle of the forms' is governed by:

Accepted Answer

UCC § 2-207, which allows additional or different terms in an acceptance

Answer

The common law mirror image rule

Answer

The parol evidence rule

Answer

The doctrine of promissory estoppel

Question 7

The parol evidence rule generally prevents a party from introducing evidence of prior oral agreements that:

Accepted Answer

Contradict or vary the terms of a fully integrated written contract

Answer

Explain ambiguous terms in the written contract

Answer

Establish fraud in the inducement

Answer

Show that a condition precedent has not occurred