ALL Flashcards
Contracts for exclusive dealing in the type of goods concerned carry with them an ____________ ____________ by the seller to use its best efforts to supply the goods and by the buyer to promote their sale.
implied obligation
Does the UCC enforce no oral modification clauses?
Yes–even if the modification would not otherwise need to be in a writing that satisfies the statute of frauds.
Can a no oral modification clause be waived through the parties’ words or conduct?
Yes
Can the waiver of a no oral modification clause be retracted if a party has materially changed position in reasonable reliance on the waiver?
No
A party who assumes a mortgage….
expressly agrees to become personally liable for the mortgage debt.
Is title acquired through adverse possession marketable?
No–it must be quieted first.
When a contract is silent with regards to quality of title, what implications exist RE: marketable title?
Implied that the seller will convey marketable title.
easement by necessity requires common _______________
ownership
An advertisement is a general offer, not a mere invitation to negotiate, if it (1) specifies the subject matter, quantity, and price and (2) places a reasonable limit on who may accept the offer. A revocation of a general offer is only effective if it…………….
is publicized at least as heavily as the offer
Under the UCC, a party with reasonable grounds for insecurity has a right to
[end a contract]
[change a contract]
[make a written demand for assurances that the other party will perform the contract]
make a written demand for assurance that the other party will perform the contract
Who is protected under title insurance policies?
named insureds who are affected by an undisclosed title defect
Is consideration required to effectively transfer an interest in real property via a deed? What about when the deed states that consideration has been paid?
NOPE
rebutting a (non res ipsa loquiter) inference of negligence: is showing the exercising of reasonable care a defense?
yes
In a products liability action based on negligence, a commercial seller owes any foreseeable plaintiff a duty to exercise reasonable care in the _____________ and ____ of its product.
inspection and sale
A promise to surrender a claim or defense constitutes consideration for a settlement agreement so long as (1) the claim or defense is valid or subject to a good-faith dispute or (2) the surrendering party ________ _______ that the claim or defense may be valid.
honestly believes
if an MBE answer is talking about stuff that is signed and in writing–what is it likely getting at?
statute of frauds
A common-interest community association, typically governed by a board, must act ____________ when exercising its discretionary powers.
reasonably
A unilateral offer may be revoked at any time before the offeree begins performance, including after the offeree has purchased materials but before performance has commenced. But if the offeree relies on the offeror’s promise and incurs expenses in mere preparation for performance, the offeree may be entitled to ________ damages.
reliance
race recording statutes–does the purchaser’s personal knowledge of prior conflicting interests affect the outcome?
no
An accord agreement must be supported by new consideration. If the new consideration is worth less than what was originally promised, then it is sufficient only if (1) there is a good-faith dispute as to the ________ owed; OR (2) it is a different ____ than what was originally owed.
amount
type
A liquidated damages clause, which allows the seller to retain the buyer’s deposit if the buyer breaches the contract and refuses to purchase the property, is enforceable so long as the deposit bears a __________ relation to anticipated damages. A deposit of no more than __% of the purchase price is typically deemed reasonable.
reasonable
10
A liquidated damages deposit that far exceeds the non-breaching party’s actual damages will [not be awarded][be awarded because off the express contractual agreement]
will not be awarded
In most jurisdictions, the measure of recovery in intentional misrepresentation cases is determined by calculating the difference between the actual value received by the plaintiff in the transaction and the value that would have been received had the representation been true.
This is called the _________ __ ____ ___________.
benefit of the bargain
Trying to rescind a contract based on statements that go to a basic assumption on which a contract is made gets at ______________, whereas justifiable reliance on an opinion gets at _________________.
mistake
misrepresentation
Fixtures attached to leased property by tenants must generally be __________ before the lease terminates, but they can be removed within a reasonable time thereafter if (1) the termination was not due to the tenant’s ___________ and (2) the tenant could not have ______________ termination early enough to permit removal before the lease terminates.
removed
breach
foreseen
Is the use of satire likely to constitute extreme and outrageous behavior RE: intentional infliction of emotional distress?
no
Nonoccurrence of a condition may be excused if the party who would benefit from the condition waives it by words or conduct. That waiver [can][cannot] be retracted if the other party has detrimentally relied on it.
cannot
A land seller must disclose unreasonably dangerous conditions if
(1) the condition exists at the time of the sale,
(2) the seller knows or has _________ to know of the condition and its risk,
(3) the buyer does not know or have ___________ to know of the condition or risk, and
(4) the seller has ___________ to believe that the buyer would not discover or realize it.
reason
Courts may impose a ______________ if the plaintiff conferred a measurable benefit on the defendant without gratuitous intent and it would be unfair to let the defendant retain that benefit.
quasi-contract
Under the UCC, the risk of loss in the absence of a breach generally remains with the ________________ until……
seller
the buyer receives the goods