WY Bar Contracts and Commercial Law

Question 1

Under Wyoming contract law, a valid offer requires all of the following EXCEPT:

Accepted Answer

Acceptance by the offeree

Answer

Intent to be bound

Answer

Definite and certain terms

Answer

Communication to the offeree

Question 2

Under Wyoming's adoption of the Uniform Commercial Code, when does risk of loss pass to the buyer in a shipment contract?

Accepted Answer

When the seller delivers goods to the carrier

Answer

When the buyer receives the goods

Answer

When title passes

Answer

When the contract is signed

Question 3

Under Wyoming contract law, the statute of frauds generally requires which type of contract to be in writing?

Accepted Answer

Contracts that cannot be performed within one year of formation

Answer

Contracts for the sale of goods worth $50 or more

Answer

All employment agreements

Answer

All contracts for services

Question 4

Under Wyoming UCC law, a merchant's firm offer is irrevocable for up to:

Accepted Answer

3 months

Answer

30 days

Answer

6 months

Answer

1 year

Question 5

Under Wyoming contract law, the doctrine of promissory estoppel allows enforcement of a promise without consideration when:

Accepted Answer

The promisor reasonably expected the promise to induce action and the promisee detrimentally relied

Answer

The promise was made in writing

Answer

Both parties are merchants under the UCC

Answer

The promise was witnessed by an attorney

Question 6

Under Wyoming common law, mutual mistake as to a material fact at the time of contracting allows the adversely affected party to seek:

Accepted Answer

Rescission of the contract

Answer

Punitive damages

Answer

Specific performance plus damages

Answer

Modification of the contract terms only