Question: 1. We divided the doctrines of contract law into default rules that fill gaps and regulations that restrict promises. Classify the following doctrines as default rules or regulations: incompetence, duress, necessity, impossibility, and frustration of purpose.
2. In Raffles v. Wichelhaus, 2 Hurl. & C. 906, 159 Eng. Rep. 375 (Ex. 1864), the plaintiff sold the defendants 125 bales of cotton to arrive "ex Peerless from Bombay," that is, by way of the ship Peerless sailing from Bombay, India. A ship by that name sailed from India in December, but when it arrived, the defendants refused to take delivery of the cotton on the ground that they had meant a second ship named the Peerless that had left Bombay in October. The Court of Exchequer gave judgment for the defendants on the argument that there had been no meeting of the minds. How would you analyze this case?