MBE Flashcards Latest
Whether a party intends to enter into a contract is judged by ________________________. -
verified answer Outward objective facts, as interpreted by a reasonable person
Whether a party intends to enter into a contract is judged by ________________________. -
verified answer Outward objective facts, as interpreted by a reasonable person
An offer is ___________________. - verified answer An objective manifestation of a willingness
by the offeror to enter into an agreement that creates the power of acceptance in the offeree.
An offer is ___________________. - verified answer An objective manifestation of a willingness
by the offeror to enter into an agreement that creates the power of acceptance in the offeree.
What are the essential terms of a contract at common law? - verified answer Parties
Subject matter
Price
Quantity
What are the essential terms of a contract at common law? - verified answer Parties
Subject matter
Price
Quantity
What are the essential terms of a contract under the UCC? - verified answer Subject matter and
quantity (unless the contract is a requirements or output contract)
What are the essential terms of a contract under the UCC? - verified answer Subject matter and
quantity (unless the contract is a requirements or output contract)
,What happens if an employment contract does not specify its duration? - verified answer There
is a rebuttable presumption that the employment is "at will."
What happens if an employment contract does not specify its duration? - verified answer There
is a rebuttable presumption that the employment is "at will."
What if an ongoing contract doesn't specify its duration? - verified answer Court will imply that
the contract will last for a reasonable period of time.
What if an ongoing contract doesn't specify its duration? - verified answer Court will imply that
the contract will last for a reasonable period of time.
What terms are subject to the UCC's gap-filling provisions? - verified answer Duration
(reasonable)
Place for delivery (the seller's place of business)
Time of payment (when the buyer is to receive the goods)
Assortment of goods (reasonable choice of the buyer)
Price (reasonable price at time of delivery)
What terms are subject to the UCC's gap-filling provisions? - verified answer Duration
(reasonable)
Place for delivery (the seller's place of business)
Time of payment (when the buyer is to receive the goods)
Assortment of goods (reasonable choice of the buyer)
Price (reasonable price at time of delivery)
An offer must contain words of _________, not merely words that ___________. - verified
answer Promise, undertaking, commitment
Indicate an intention to sell or interest in buying
An offer must contain words of _________, not merely words that ___________. - verified
answer Promise, undertaking, commitment
,Indicate an intention to sell or interest in buying
Are advertisements generally considered offers? - verified answer No, they are considered
invitations to deal unless the ad is sufficiently specific and limiting as to who may accept (e.g., first
come, first served).
Are advertisements generally considered offers? - verified answer No, they are considered
invitations to deal unless the ad is sufficiently specific and limiting as to who may accept (e.g., first
come, first served).
In what ways can offers be terminated? - verified answer Lapse of time
Death or mental incapacity
Destruction of illegality
Revocation (express or constructive)
In what ways can offers be terminated? - verified answer Lapse of time
Death or mental incapacity
Destruction of illegality
Revocation (express or constructive)
When is a revocation of an offer effective? - verified answer When communicated.
When is a revocation of an offer effective? - verified answer When communicated.
When is an offeror's power to revoke limited? - verified answer Option
UCC firm offer rule
When is an offeror's power to revoke limited? - verified answer Option
UCC firm offer rule
, What is the UCC firm offer rule? - verified answer Under the UCC, an offer to buy goods is
irrevocable if:
The offeror is a merchant
There is an assurance that the offer is to remain open
The assurance is contained in a signed writing from the offeror
*No consideration needed*
What is the UCC firm offer rule? - verified answer Under the UCC, an offer to buy goods is
irrevocable if:
The offeror is a merchant
There is an assurance that the offer is to remain open
The assurance is contained in a signed writing from the offeror
*No consideration needed*
How does the UCC define a "merchant"? - verified answer A person who regularly deals in the
type of goods involved in the transaction or otherwise by his occupation holds himself out as having
knowledge or skill peculiar to the practices or goods involved
-And-
Any businessperson when the transaction is of a commercial nature
How does the UCC define a "merchant"? - verified answer A person who regularly deals in the
type of goods involved in the transaction or otherwise by his occupation holds himself out as having
knowledge or skill peculiar to the practices or goods involved
-And-
Whether a party intends to enter into a contract is judged by ________________________. -
verified answer Outward objective facts, as interpreted by a reasonable person
Whether a party intends to enter into a contract is judged by ________________________. -
verified answer Outward objective facts, as interpreted by a reasonable person
An offer is ___________________. - verified answer An objective manifestation of a willingness
by the offeror to enter into an agreement that creates the power of acceptance in the offeree.
An offer is ___________________. - verified answer An objective manifestation of a willingness
by the offeror to enter into an agreement that creates the power of acceptance in the offeree.
What are the essential terms of a contract at common law? - verified answer Parties
Subject matter
Price
Quantity
What are the essential terms of a contract at common law? - verified answer Parties
Subject matter
Price
Quantity
What are the essential terms of a contract under the UCC? - verified answer Subject matter and
quantity (unless the contract is a requirements or output contract)
What are the essential terms of a contract under the UCC? - verified answer Subject matter and
quantity (unless the contract is a requirements or output contract)
,What happens if an employment contract does not specify its duration? - verified answer There
is a rebuttable presumption that the employment is "at will."
What happens if an employment contract does not specify its duration? - verified answer There
is a rebuttable presumption that the employment is "at will."
What if an ongoing contract doesn't specify its duration? - verified answer Court will imply that
the contract will last for a reasonable period of time.
What if an ongoing contract doesn't specify its duration? - verified answer Court will imply that
the contract will last for a reasonable period of time.
What terms are subject to the UCC's gap-filling provisions? - verified answer Duration
(reasonable)
Place for delivery (the seller's place of business)
Time of payment (when the buyer is to receive the goods)
Assortment of goods (reasonable choice of the buyer)
Price (reasonable price at time of delivery)
What terms are subject to the UCC's gap-filling provisions? - verified answer Duration
(reasonable)
Place for delivery (the seller's place of business)
Time of payment (when the buyer is to receive the goods)
Assortment of goods (reasonable choice of the buyer)
Price (reasonable price at time of delivery)
An offer must contain words of _________, not merely words that ___________. - verified
answer Promise, undertaking, commitment
Indicate an intention to sell or interest in buying
An offer must contain words of _________, not merely words that ___________. - verified
answer Promise, undertaking, commitment
,Indicate an intention to sell or interest in buying
Are advertisements generally considered offers? - verified answer No, they are considered
invitations to deal unless the ad is sufficiently specific and limiting as to who may accept (e.g., first
come, first served).
Are advertisements generally considered offers? - verified answer No, they are considered
invitations to deal unless the ad is sufficiently specific and limiting as to who may accept (e.g., first
come, first served).
In what ways can offers be terminated? - verified answer Lapse of time
Death or mental incapacity
Destruction of illegality
Revocation (express or constructive)
In what ways can offers be terminated? - verified answer Lapse of time
Death or mental incapacity
Destruction of illegality
Revocation (express or constructive)
When is a revocation of an offer effective? - verified answer When communicated.
When is a revocation of an offer effective? - verified answer When communicated.
When is an offeror's power to revoke limited? - verified answer Option
UCC firm offer rule
When is an offeror's power to revoke limited? - verified answer Option
UCC firm offer rule
, What is the UCC firm offer rule? - verified answer Under the UCC, an offer to buy goods is
irrevocable if:
The offeror is a merchant
There is an assurance that the offer is to remain open
The assurance is contained in a signed writing from the offeror
*No consideration needed*
What is the UCC firm offer rule? - verified answer Under the UCC, an offer to buy goods is
irrevocable if:
The offeror is a merchant
There is an assurance that the offer is to remain open
The assurance is contained in a signed writing from the offeror
*No consideration needed*
How does the UCC define a "merchant"? - verified answer A person who regularly deals in the
type of goods involved in the transaction or otherwise by his occupation holds himself out as having
knowledge or skill peculiar to the practices or goods involved
-And-
Any businessperson when the transaction is of a commercial nature
How does the UCC define a "merchant"? - verified answer A person who regularly deals in the
type of goods involved in the transaction or otherwise by his occupation holds himself out as having
knowledge or skill peculiar to the practices or goods involved
-And-
