What are the four essential elements of a valid contract?

(1) Offer: manifestation of present intent to contract on definite terms communicated to the offeree; (2) Acceptance: unconditional agreement to the offer's exact terms; (3) Consideration: bargained-for exchange of legal value; (4) No defenses to formation such as incapacity, fraud, or Statute of Frauds violation.

What is the mirror image rule?

At common law, acceptance must mirror the offer exactly. Any addition, change, or qualification is a rejection and counteroffer. The UCC modifies this rule under Section 2-207.

What contracts must satisfy the Statute of Frauds?

MY LEGS: Marriage, Year, Land, Executor, Goods $500+, Suretyship.

What is the battle of the forms under UCC Section 2-207?

A definite expression of acceptance that contains additional or different terms still forms a contract unless acceptance is expressly conditional on assent to the new terms.

What is the perfect tender rule under UCC Section 2-601?

If the seller's tender of goods fails in any respect to conform to the contract, the buyer may reject the whole, accept the whole, or accept any commercial unit and reject the rest.

What are the UCC implied warranties?

Implied warranty of merchantability and implied warranty of fitness for a particular purpose.

What are a buyer's remedies under UCC Article 2?

Cover, market damages, specific performance for unique goods, and breach of warranty damages.

What is anticipatory repudiation?

A clear, unequivocal statement before performance is due that a party will not perform. The nonbreaching party may treat it as a total breach and sue immediately.

What is the lost volume seller doctrine?

A seller with capacity to make both the original and resale transactions may recover lost profits when ordinary resale damages are inadequate.

What are the risk of loss rules under the UCC?

Shipment contract: risk passes when goods are delivered to carrier. Destination contract: risk passes on tender at destination. In non-carrier cases, merchant seller passes risk on buyer's receipt; non-merchant on tender of delivery.

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Contracts & UCC Article 2 MBE Flashcards | Bar Exam Prep | Critical Pass Flashcards

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Contracts & UCC Article 2 MBE Flashcards | Bar Exam Prep | Critical Pass Flashcards

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Study Contracts and UCC Article 2 for the MBE with 100 expertly crafted flashcards — formation, consideration, Statute of Frauds, breach, remedies, warranties, and third-party rights.

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