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An offer to buy or sell goods may be accepted in any manner that is reasonable under
the circumstances.
The UCC statute of limitations applies when a party is seeking recovery on strict tort
liability, fraud or negligence.
When a fact is known to the agent of a seller, the sale is deemed made by the seller with
knowledge of that fact.
Regulations properly adopted by agencies are important, but they do not have the full
force of law as do statutes.
A buyer with a voidable title cannot pass on valid title to a subsequent good faith
purchaser.
Janet Durham orally agreed to purchase certain computer hardware priced at $10,000
from Ted Stallings. The sale of the hardware also included a one-time setup service visit
priced at $100. The total contract price amounted to $10,100. The computer hardware
was delivered and set up, and Durham paid $10,100. Afterwards, Durham discovered
that she could obtain the same goods and services from another seller for a total
contract price of $9,100. She now seeks rescission of the contract, based on the fact that
more than $500 in goods were involved in the sales transaction, that the contract
between her and Stallings was subject to the statute of frauds as a result, and that the
oral agreement between them was therefore unenforceable. Durham wants to return the
computer hardware to Stallings, and receive reimbursement of $10,000 (She is willing
to waive her claim to reimbursement for the $100 setup service visit.) Evaluate
Durham's legal position in this matter.
Punitive damages are generally recoverable in contract actions.
Generally, contracts are discharged by the performance of the terms of the contract.
A limited liability partnership protects partners from liability for the wrongful acts of
those whom they directly supervise and control.
Consideration is not required to establish or modify a letter of credit.
A writing required by the statute of frauds may be a signed note or memorandum.
A liquidated damages clause is a contractual provision stipulating the amount of
damages to be paid in the event of default or breach of contract.
The filing of a voluntary, but not an involuntary, petition operates as an automatic stay.
The signature on an instrument must appear at the lower right-hand corner of the face of
the instrument.
Social invitations can be offers.
The authority of an agency is limited to the technology in existence at the time the
agency was created.
A holder is also known as an assignee of the paper
It is impossible to form a business in a manner that allows for single taxation and
limited liability.
Bon, located in Florida, desires to enter into a contract with Jon, a resident of Maine.
Neither wishes to meet face-to-face, as both are busy with a variety of business
interests. Instead, they wish to form a contract over the Internet. Would a contract
formed over the Internet be valid?
