Exam Review With Complete Answers- 2024

Constructive Condition {Ans: A "constructive condition" is a condition implied in law. Example: I agree to ship to you my Honus Wagner card, unwrapped in its original package on October 1 and you agree to either return the card by October 3 as unsatisfactory or pay me $1M on October 4. It will be implied in law that your obligation to pay is conditioned upon your satisfaction that the card is unwrapped and in its original package .}Louisiana {Ans: In every state except this one, contracts for the sale of most goods are governed by Article 2 of the Uniform Commercial Code ("UCC"), which is statutory law.}SUBSTANTIAL PERFORMANCE {Ans: If Party A substantially (but not fully) performs under a contract, Party B is not relieved of her obligation to perform and if she fails or refuses to perform, Party A has an action for breach of contract ("expectation damages"). Since Party A has not fully performed, Party B may have a counterclaim or setoff for any damages Party B may have suffered due to Party A's failure to fully perform.}Intent of legal enforceability {Ans: Intent generally controls whether an offer has been made. There is a