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Contracts Flashcards

7 cards from real NC BAR practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Contracts flashcards as text

  1. Under the UCC, a merchant's firm offer is irrevocable for the stated period even without consideration if it is in writing. What is the maximum period of irrevocability for a merchant's firm offer under the UCC?

    Answer: 90 days

    Under UCC § 2-205, a merchant's firm offer is irrevocable for the time stated or, if no time is stated, for a reasonable time, but in no event may such period of irrevocability exceed 3 months (90 days).

  2. A buyer and seller enter a contract for the sale of 500 widgets. The seller ships 490 widgets and claims substantial performance. Under the UCC's perfect tender rule, which of the following is correct?

    Answer: The buyer may reject the entire shipment because the tender is non-conforming.

    Under UCC § 2-601, the perfect tender rule requires that goods conform exactly to the contract; if they do not, the buyer may reject the whole, accept the whole, or accept any commercial unit and reject the rest.

  3. Under common law contract principles, which of the following modifications would be enforceable without new consideration?

    Answer: A modification under seal by both parties

    At common law, a modification under seal is enforceable without consideration because the seal itself substitutes for consideration in jurisdictions that recognize it.

  4. A contract contains the following clause: 'All disputes shall be resolved by arbitration in Charlotte, NC.' A party sues in court instead. Under North Carolina law, how should the court treat this clause?

    Answer: Enforceable, and the court should compel arbitration under the NC Revised Uniform Arbitration Act.

    North Carolina has adopted the Revised Uniform Arbitration Act (NCRUAA), which enforces valid arbitration agreements and requires courts to compel arbitration when a valid agreement exists and a party refuses to arbitrate.

  5. Under the mailbox rule, when does an acceptance become effective?

    Answer: When the offeree deposits the acceptance in the mail

    Under the mailbox rule (also called the dispatch rule), an acceptance is effective upon proper dispatch—i.e., when the offeree mails the acceptance, not when the offeror receives it.

  6. Seller contracts to deliver 1,000 pounds of tobacco to Buyer on June 1. On May 15, Seller clearly communicates that she will not perform. Which doctrine allows Buyer to sue immediately without waiting until June 1?

    Answer: Anticipatory repudiation

    Anticipatory repudiation occurs when a party clearly and unequivocally indicates before the performance date that it will not perform, entitling the non-breaching party to treat the contract as immediately breached and sue at once.

  7. Under the Statute of Frauds in North Carolina, which of the following contracts must be in writing to be enforceable?

    Answer: A contract for the sale of real property

    Under North Carolina's Statute of Frauds (N.C.G.S. § 22-2), contracts for the sale of real property must be in writing and signed by the party to be charged to be enforceable.