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Contracts > Contracts 1 Rules > Flashcards

Contracts 1 Rules Flashcards

1
Q

Past Consideration: Elements

A

Promise, Benefit previously received, injustice

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2
Q

Penalty v. Liquidated

A

If actual damages is much less than liquidated, it is a penalty

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3
Q

2-207 (2)(A)

A

Unless the offer expressly limits acceptance to the terms of the offer

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4
Q

A K is definite when

A

The court is enabled from the terms to ascertain what the parties agreed to.

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5
Q

An option K is irrevocable when

A

The offeree is reasonably performing

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6
Q

Liquidated:

A

A K agreement to set the amount of damages at the time of K formation

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7
Q

Pepsi case teaches

A

Terms must be sufficiently clear

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8
Q

Battle of the Forms- rule

A

Any provisions where the forms conflict they drop out of the conflict and default rules attach.

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9
Q

A K is definite when:

A

The court is enabled from the terms to determine what the parties agreed to do.

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10
Q

Mutual assent requires

A

Offer and acceptance

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11
Q

Quasi K; Unjust enrichrement

A

Benefit conferred, Benefit appreciated, Acceptance of benefit would cause injustice

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12
Q

Foreeseeable: what is the importance of notice?

A

If the party notified them of the increase in liability to due a breach, they can be held to it.

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13
Q

UCC 2-207 before comma

A

Eliminates the mirror image rule, allows an offeree to accept by including additional terms.

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14
Q

Mutuality of obligation

A

Each party must assume responsibilities

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15
Q

Accord and satisfaction

A

A new K with a performance that satisfies a previous duty

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16
Q

Revocation- in generals

A

A sub-contractor’s offer is irrevocable so long as the general

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17
Q

An offer requires what? (not the define)

A

A meeting of the minds

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18
Q

Acts of reliance by the promisee is a substitute for…

A

consideration

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19
Q

Lucy v. Zehmer (drinking while making a 50K land purchase) rule:

A

An outward expression that shows one can justifiably understand they can assent is good. Even if the other party thought it was jest.

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20
Q

UCC remedies: 2-706

A

Seller can resale goods that have a balance on them, seller must give notification and can sue for difference

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21
Q

Unilateral K

A

Acceptance by performance

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22
Q

A seller may resale goods with a balance on them when…

A

it is in good faith, and they may recover the difference between the two, they must give notification to the buyer that has a balance

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23
Q

Restitution

A

Allows recovery for the value of the benefit conferred. (unjust enrichment/quasi) Doesn’t include lost profits.

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24
Q

Consideration

A

A promise for a promise or a promise for a performance.

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25
Q

Time someone can contract for offer to be irrevocable

A

max of three months

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26
Q

Acceptance rule:

A

Acceptance can be by the terms laid out by the offeror in a manner invited or required by the offer that is REASONABLY INVITED

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27
Q

Mitigation

A

Upon breach you can’t do anything to increase damages, in fact you must work to decrease.

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28
Q

Bilateral K

A

K formation occurs at the time of the promise (exchange of promises); as soon as you start performing you accept the promise

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29
Q

Notification of acceptance to an offer can be what two types

A

By notification or promise.

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30
Q

2-207 (2) (B)

A

The proposals materially alter the K or

31
Q

Who determines mode of acceptance?

A

The offeror

32
Q

The two rules for modifications in different jx

A

Some require fresh consideration; some require modification to be fair and equitable. It also requires mutual assent

33
Q

Reliance interest

A

Aims to put the parties in position if they had never entered into K

34
Q

In order to get punitive damages for K law you must?

A

Have a tort

35
Q

2-207 @2)

A

Additional terms become apart of the K between merchants UNLESS…

36
Q

Foreseeability- Two ways to prove something was foreseeable

A

The price went up reflecting the increase in liability; prove with evidence

37
Q

Detrimental Reliance Theory- Contractors

A

A promise by the subcontractor will create an obligation when the sub made promise that reasonably induced action on the general.

38
Q

Past consideration- What types of acts are not consideration?

A

Voluntary. It must be involuntary such as when he fell.

39
Q

UCC 2-205: How long can a merchant keep offer irrevocable?

A

3 months

40
Q

Modification is

A

A change to an existing K and change their obligations

41
Q

Emotional damages under K law needs to have the K be of what nature

A

a personal nature

42
Q

Accord and satisfaction elements

A

Requires all the elements of a new K; mutual assent and consideration

43
Q

Acceptance defined

A

Acceptance can be by the terms laid out by the offeror in a manner invited or required by the offer.

44
Q

Gift

A

Unenforceable Promise

45
Q

Definiteness

A

Contracts don’t have to have all the terms just have to have enough terms and the types of terms for the parties to understand what they assented to.

46
Q

Mirror Image Rule

A

The acceptance must be the exact same as the terms of the offer, if not its a counteroffer

47
Q

Certainity-Rule

A

Damages must be calculable to be recoverable, must be able to assign a number.

48
Q

Performance

A

ACt or forebearance

49
Q

UCC Mutual assent

A

If it looks like they intended to have mutual assent, they will find K formation.

50
Q

Battle of the forms- What happens as a result?

A

The competing terms default to the default rules

51
Q

2-207 (2)(C)

A

Notification of objection to proposals has already been given or was given within reasonable time

52
Q

Specific performance

A

Not favored by the court. Order by the court to actually finish the K.

53
Q

Promise

A

Manifestation of an intent to act or refrian from acting

54
Q

Negotiations: When do parties bind themselves?

A

Parties bind themselves when they agreed on essential terms and intend to be bound, even if they are working out details

55
Q

Yardstick method to decide certainity

A

Compare profit to business similar; compare to profit history; compare to similar business owned by plaintiff; use economic data and expert testimony

56
Q

UCC 2-207 (1)

A

Governs typical commercial transaction. Before comma eliminates mirror image rule. After comma: allows the offeree to make a counteroffer.

57
Q

Under UCC 2-207(1) what if you are a non-merchant?

A

Additional terms are just proposals

58
Q

2-207 (1)

A

Eliminates the mirror image rule; and then allows the offeree to make a counteroffer, to which the original offeror must assent

59
Q

UCC 2-207 after comma

A

allows the offeree to make an counteroffer, to which the original offeror must assent

60
Q

Sale of good needs to be in writing at what price

A

$500

61
Q

Meeting of the minds is under what doctrine and what does it mean

A

An offer requires a meeting of the minds.

62
Q

Unilateral K

A

Acceptance by 100% performance

63
Q

Consideration rule- mere_______ of consideration will not void a K

A

Inadaquecy

64
Q

Irrevocable

A

An offer becomes irrevocable when an option contract is created. The offeree provides consideration to keep the offer open,

65
Q

Counteroffer

A

When the offeree attempts to accept an offer with a statement of terms that are different than the original offer

66
Q

Expectation interest

A

The primary default rule; aims to put the party in the position they would have been had the K been performed

67
Q

Bilateral K

A

Acceptance by promise

68
Q

Option K

A

Is a promise that limits the promisor’s power to revoke an offer.

69
Q

Promissory Estoppel: Elements

A

A promise, Foreseeable inducement of action or forbearance, reliance, injustice

70
Q

Offer occurs when

A

An offer must be an express of will or intent. And another person is justified in understanding that they can accept

71
Q

Foreseeability in regards to limitiations

A

A non-performing party will only be held liable for the damages that were reasonably within the contemplation of the parties at time zero.

72
Q

Economic Waste

A

Courts won’t make parties spend lots of money to get an equal amount of benefit. (Windex v. 409)

73
Q

UCC- One Offer

A

Consumers in modern transactions in order to lower costs, find out conditions after assent

Contracts (7 decks)

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