Contracts Test #1 Review

Chapters 7-9Gary Nelson

UCC

• What is the UCC?• What part of the UCC covers the law

of sales?

Offers

• What are the requirements for an offer?

• When is an offer effective?• When does an offer end?

Consideration

• What is consideration?• When is it not necessary?

Invitations to Negotiate

• What is considered an invitation to negotiate, rather than an offer?

Acceptance

• What constitutes acceptance?• How long does the offeree have to

accept the offer?• What are the rules for when an

acceptance is effective?

Mirror Image Rule

• What does the mirror image rule say?

• When does it not apply?

Merchants

• What is a “merchant” under the UCC?

Revocation

• What is revocation?• When is revocation effective?

Fraud

• What are the requirements for fraud?• What is a material fact?• What is the effect of fraud?• What special type of damage award

is available for fraud?

False Representation

• What is the effect of an innocent misrepresentation?

Duress

• What constitutes duress?• What is the effect of the existence of

duress on the contract?

Undue Influence

• What constitutes undue influence?• What is the effect of undue influence

on the contract?

Unilateral Mistake

• What is a unilateral mistake?• What kinds of mistakes are

considered unilateral?• What is the effect of a unilateral

mistake?

Mutual Mistake

• What is another name for mutual mistake?

• What is a mutual mistake?• What kinds of mistakes are

considered mutual?• What is the effect of a mutual

mistake?

Capacity

• What is capacity?

Minority 1

• What is minority?• What is the difference between

minority and infancy?• What is the effect of minority on

contracts?

Minority 2

• Who may guarantee a minor’s contract?

• What is the effect of a minor’s claim to be over the age of minority?

Necessaries

• What are necessaries?• To what extent is a minor liable for

contracts for necessaries?

Disaffirmance

• What must a minor due to disaffirm a contract?

• How long does a minor have to disaffirm a contract?

• May a minor disaffirm a part of a contract?

Ratification

• What acts constitute ratification of a contract entered into in minority?

• What is the effect of ratification?

The end!