BAR EXAM Flashcards
Define A quasi contract
A quasi contract is a legal obligation imposed by law to prevent unjust enrichment.
specially manufactured good
specially manufactured for the buyer and are not suitable for sale to others in the ordinary course of the seller’s business
what intent must be present in order for a party to be legally bound to a contract?
present intent
to have power to accept an offer…..
the oferee must have knowledge of the contract
the contract must be certain and definite or…
the contract fails for indefiniteneness
what the UUC aapliess___ fath as a contract term
good
advertisements are genreally considered
invitations to deal, unless associated with a stated reward
if an offeror dies during the period of an option contract
the offer remains open because the oferee paid consideration to keep the offer open.
An offer genreally terminates upon death or mental incapacity of the offeror or the offeree
even if the oferee does not learn of the offerors death until after acceptance has been dispatched.
An offer that becomes destroyed or illegal …
is terminted
Revocation (Revoked)
the act of withdrawing an offer during contract negotiation
Under the UCC a person receives notice of an offre when
(1) it comes to that persons attention
(2) it is duly delivered in a reasonable form at the place of business of held out as a place for receipt of such communication
Constructive Revocation
when an ofereee knowns or has reason to know that the offeror has taken defninite action incnsistemnt with the offer
An option (contract)
an indepenedent offer to keep an offer open for a specified period of time
If a duration os not provided on a UCC firm offer, how long is it good for?
a reasonable time NTE 3 months