NOTE: This fact pattern will be utilized for Questions 6 through 10. On August 2, CNOOC, the state-owned China National Offshore Oil Corporation, offered to purchase Texas-based Oiltex, which produces and sells crude oil, natural gas, and geothermal energy, and manufactures and sells petroleum fuels and lubricants, fertilizers, and specialty minerals. Oiltex accepted the offer and their lawyers negotiated a written contract whereby CNOOC promises to pay $18.5 billion U.S. Dollars to Oiltex and Oiltex promised to sell all of its holdings and assets to CNOOC on January 1. The authorized officers of both companies signed the contract and both parties proceeded to perform their duties under the terms and conditions of the contract.   The contract is best classified as which of the following?

Fred contracts with Golf Carts Unlimited, Inc. to buy five golf carts. The contract lists the five carts as GC001, GC002, GC003, GC004, and GC005. Identification:

True or False: A misrepresentation of law ordinarily does not entitle a party to relief from a contract.

Caveat emptor means:

Tallahassee Dentists Clinic offers to buy from North Florida Dental Supplies Company a certain quantity of floss and other items for a certain price. North Florida Dental Supplies Company can accept the offer by:

In the case of conflicting terms in a contract governed by Article 2 of the UCC, which following priority of evidence applies with regard to explanation or supplementation of conflicting terms?

Kay contracts to sell her RV to Larry. With Kay’s knowledge, Larry builds a structure to house the RV. Kay’s later attempt to cancel the contract is:

Wyoming enacts a state law that violates the U.S. Constitution. This law can be enforced by:

Trevor was using the cross walk when Mark failed to stop and ran over him. Trevor was severely injured. Trevor filed a lawsuit against Mark demanding that he pay him for all his damages because of the accident. Trevor and Mark agree to have a private third party help the reach a settlement regarding the amount of damages, but the third party cannot impose a binding solution or dollar amount of damages on either Trevor or Mark. What type of alternative dispute resolution process are Trevor and Mark using?

Gina mails an offer to Beatrice on February 15. Beatrice receives the offer on February 16. Gina mails a revocation of the offer on February 17. Beatrice mails a letter of acceptance on February 18 and Gina receives the acceptance on February 20. Beatrice receives the revocation on February 19. Was a contract formed?