Comprehensive Questions and
Solutions Graded A+
Common Law - Answer: governs all contracts except where it has been modified or replaced by
statutory law
UCC - Answer: governs all contracts for the sale of goods by merchants
NYGOL - Answer: governs all contracts for the sale of good by non-merchants
Quasi Contract - Answer: fictional contract imposed by law to avoid unjust enrichment
Liquidated Damage Provision - Answer: enforceable if actual damages would be difficult to
calculate of if fixed sum is a reasonable estimate of damages
Mutual Assent - Answer: consists of an offer & acceptance
Mailbox Rule - Answer: states an acceptance is effective when mailed
Variant Acceptance - Answer: acceptance that contains new or conflicting terms
Mirror Image Rule - Answer: states that acceptance must mirror the offer