pierceb's version from 2015-07-26 18:20


Question Answer
Must a FIRM OFFER be in writing?YES! (i) signed; (ii) writing; and (iii) given by a merchant.
How do you satisfy the SOF requirement for UCC contract?(i) Quantity; (ii) terms in writing; and (iii) signature by party to be charged/bound
How do you satisfy the SOF requirement for a CL contract?(i) Writing with ALL material terms and (ii) signed by defendant.
What are an offeree's options upon an anticipatory repudiation?(1) Immediately sue; (2) suspend performance and wait for performance date to sue; (3) treat repudiation as offer to rescind and treat contract as discharged; or (4) encourage offeror to perform.
Once goods are accepted, may buyer reject them?Generally, no. Once good are accepted, the buyer's power to reject the goods generally is terminated and the buyer is obligated to pay the purchase price LESS any damages resulting from the seller's breach. However, there is the exception of "substantial impairment"
When may a buyer revoke ACCEPTED goods?May revoke its acceptance if the goods have a defect that SUBSTANTIALLY IMPAIRS their value to the buyer and (1) the buyer reasonably believed the defect would be CURED and it has not been or (2) the buyer accepted them because of the difficulty of discovering defects or because of the seller's assurance that the goods conformed to the contract.
Does a buyer have a right to sell non-conforming goods?Yes. Under Article 2, a revoking buyer has a SECURITY INTEREST in goods in his possession for ANY PAYMENTS made on the price and for any expenses reasonably incurred in the care of the goods. The buyer may resell the goods in a manner of an aggrieved seller. The resale must be made in GOOD FAITH and in a COMMERCIALLY REASONABLE manner.
What does good faith mean?Honesty in fact and the observance of reasonable commercial standards of fair dealing.
What may a buyer do upon rejecting non-conforming goods?If a seller gives no instructions within a reasonable time after notification of rejection, the buyer may (1) reship the goods to the seller; (2) store them for the seller's account; or (3) resell them for the seller's account. If the buyer resells the godos, he is entitled to his expenses of selling and any commission ordinarily paid in the trade or, if none, a reaosnable commission not to exceed 10%
What is a suretyship?A THIRD PARTY agrees to "BACK UP" the debt of another under circumstances in which the ORIGINAL DEBTOR is still liable to the creditor.
Suretyship: What are the SEVEN DRAW PIC rules?(D) Defenses available to the defendant; (R) Repayment right; (A) Alteration discharge; (W) Writing requirement (SOF); (P) Pro-rata Contribution; (I) Immediate and direct liability; (C) Consideration
Elements for a contract in REAL ESTATE?(i) in WRITING; (ii) SIGNED by the GRANTOR; (iii) ADEQUATELY DESCRIBE the land; (iv) recite sum of CONSIDERATION; and (v) list all TERMS.