NY UBE BAR Exam Best Contracts 2024 Study Material Questions and Answers

NY UBE BAR Exam Contracts 2024 Questions and Answers 11. Bilateral Contract: Promise seeking a promise in return for acceptance (Two Promises) 12. Validity: Void: One that is totally without any legal effect from beginning. Cannot be enforced by either party Voidable: One or both parties may elect to avoid (Defenses) Unenforceable: An agreement that is otherwise valid, but which may not be enforce- able due to a defense extraneous to contract formation (Statute of Limitations) 13. Mutual Assent: Occurs upon acceptance of a valid contract. (Objective Stan- dard: Did words or conduct manifest a present intention to enter into a contract) 14. Offer: An offer is a manifestation of willingness to enter into an agreement/con- tract and be bound by its terms (i) Must contain words of promise, undertaking or commitment (ii) Must have definite and Certain Terms (iii) Must be communicated to the Offeree 5 / 3 15. Terms (Common Law): All essential Terms (Parties, subject matter, price and quantity) 16. Terms (UCC): Must include parties, Subject matter, Quantity (Requirments/Out- put). UCC may implement "gap fillers." UCC will use a reasonable price at the time of delivery and a reasonable time for delivery if not stated. - Real Estate Transactions: Description of the land and price - Sale of Goods: Quantity - Employment: Duration and nature of work 17. Termination of an Offer: An offer can not be accepted after it has been termi- nated. An offer may be terminated by an act of either party or by operation of law. 18. Termination by Offeror (Revocation): A revocation is the retraction of an offer by the offeree. May revoke by directly communicating the revocation. Indirectly: if the offeree receives (i) correct information (ii) for a reliance source (iii) of acts of the offeror that would indicated to a reasonable person that the offeror no longer wishes to make the offer.