Exam 7: The Terms of a Contract

The principle of business efficacy makes an obligation explicit.

What is the legal term given to a clause that allows the parties to reopen negotiations or terminate the contract if specified events occur?

A browse-wrap licence instructs the user to review the terms prior to assenting by clicking an "I accept" icon and the user typically cannot proceed any further without agreeing to the licence terms.

The courts will not imply a duty to act in good faith in commercial contracts.

Which of the following would establish that damages of $10 000 will be payable by a supplier if it fails to deliver products to a retailer on time?

Identify and briefly explain the circumstances in which a court will imply a term where that term is alleged to have not been addressed in the contract as an express term.Identify and briefly describe the classic courtroom scenario that would be presented to a judge hearing such a case.Provide a brief explanation as to which party in the suit would bear the burden of proof.

Identify the terms that are required to be present in a commercial contract in order for it to be considered complete.Identify any additional clauses that could provide additional benefits through their inclusion.

Nigel is the owner of a small drapery manufacturing business.He has several contracts with three fabric suppliers.Nigel believes the only obligations he owes to his suppliers are recited in the contracts.Which of the following circumstances would immediately let Nigel know his assumption was wrong?

Which of the following would a negotiator most likely caution against with respect to the notion of building flexibility into contractual agreements?

Which of the following would have to be present in a contractual situation in order for a court to refuse to invoke application of the parole evidence rule?

With respect to dealings between contractual parties,which of the following is a valid criticism of the common law with respect to the current application of an implied term of good faith by the courts?

The question of validity of browse-wrap agreements can be avoided entirely by requiring customers to take affirmative action to signify assent.

Which of the following would a law professor most likely state is the preferred means of ensuring each party to a contract knows its obligations and the obligations of the other party?

In law,which of the following is the term given to a provision that is necessary to give effect to the contractual intentions of the parties?

Which of the following is characteristic of a shrink-wrap agreement?

With respect to the content of a contract,in what way are assumptions and terms different from one another?

Kramer and Biff entered into a formal purchase and sale agreement with respect to Kramer's house.Two weeks later Biff revisited Kramer and offered to purchase all of Kramer's custom yard and deck furniture too.The price Biff offered was $2500 more than the last offer Kramer had received,and he accepted the offer.In these circumstances,were a dispute to ensue,what role would the parole evidence rule play?

Why would a businessperson use contractual terms as a planning feature of the law?

Prior to entering into contractual negotiations,which of the following advice from the risk management department would let you know that you should be avoiding reliance on the common law doctrine of frustration?

Under the UEEA,which of the following would immediately tell you that you have satisfied the best evidence rule with respect to an electronic record?