Contract Questions - 1 a b c d is a provision excusing one party from fault or liability Procedural unconscionability Exculpatory clause Substantive

1. ___________ is a provision excusing one party from fault or liability. a. Procedural unconscionability b. Exculpatory clause c. Substantive unconscionability d. Tortious conduct 2. ___________ is/are any property other than an interest in real property. a. Goods b. Personal property c. Tangible property d. None of the above 3. A ___________ is an obligation imposed by law to avoid injustice. 5. A and B contract for the sale of goods. Later A, who is 13 years old, wants to cancel the contract on grounds of incapacity. Which of the following is true? Assume that neither A nor B is a merchant. 6. A and B exchanged standard forms regarding the sale of goods, and the standard forms do not agree on material terms. Under UCC section 2-207, when will there be a contract anyway? Assume that B did not make its acceptance conditional on A’s assent to any additional or different terms. a. When A and B are merchants. b. When B’s form is a definite and seasonable expression of acceptance. c. When there is conduct by both parties recognizing the existence of a contract. d. b and c. e. There never could be a contract under 2-207 on these facts. 7. A and B have a written contract whereby A agrees to sell B a plot of land for $100,000. Later, without terminating the first contract, the parties modify the deal so that A sells B the same plot of land for $125,000. The second agreement: a. is not a contract because there is no consideration for A’s promise.

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b. is not a contract because there is no consideration for B’s promise. c. is not a contract because A’s promise is illusory. d. is not a contract because written contracts for the sale of land cannot be modified. 8. A and B make a bet concerning whether a certain rich citizen will die within the next year. Neither party has any economic interest in this person’s fate, except for that created by the bet. This agreement: 10. A binding promise or agreement requires that the parties to the agreement have contractual capacity. a. True b. False