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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
Time someone can contract for offer to be irrevocable
max of three months
26
Acceptance rule:
Acceptance can be by the terms laid out by the offeror in a manner invited or required by the offer that is REASONABLY INVITED
27
Mitigation
Upon breach you can't do anything to increase damages, in fact you must work to decrease.
28
Bilateral K
K formation occurs at the time of the promise (exchange of promises); as soon as you start performing you accept the promise
29
Notification of acceptance to an offer can be what two types
By notification or promise.
30
2-207 (2) (B)
The proposals materially alter the K or
31
Who determines mode of acceptance?
The offeror
32
The two rules for modifications in different jx
Some require fresh consideration; some require modification to be fair and equitable. It also requires mutual assent
33
Reliance interest
Aims to put the parties in position if they had never entered into K
34
In order to get punitive damages for K law you must?
Have a tort
35
2-207 @2)
Additional terms become apart of the K between merchants UNLESS...
36
Foreseeability- Two ways to prove something was foreseeable
The price went up reflecting the increase in liability; prove with evidence
37
Detrimental Reliance Theory- Contractors
A promise by the subcontractor will create an obligation when the sub made promise that reasonably induced action on the general.
38
Past consideration- What types of acts are not consideration?
Voluntary. It must be involuntary such as when he fell.
39
UCC 2-205: How long can a merchant keep offer irrevocable?
3 months
40
Modification is
A change to an existing K and change their obligations
41
Emotional damages under K law needs to have the K be of what nature
a personal nature
42
Accord and satisfaction elements
Requires all the elements of a new K; mutual assent and consideration
43
Acceptance defined
Acceptance can be by the terms laid out by the offeror in a manner invited or required by the offer.
44
Gift
Unenforceable Promise
45
Definiteness
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
Mirror Image Rule
The acceptance must be the exact same as the terms of the offer, if not its a counteroffer
47
Certainity-Rule
Damages must be calculable to be recoverable, must be able to assign a number.
48
Performance
ACt or forebearance
49
UCC Mutual assent
If it looks like they intended to have mutual assent, they will find K formation.
50
Battle of the forms- What happens as a result?
The competing terms default to the default rules
51
2-207 (2)(C)
Notification of objection to proposals has already been given or was given within reasonable time
52
Specific performance
Not favored by the court. Order by the court to actually finish the K.
53
Promise
Manifestation of an intent to act or refrian from acting
54
Negotiations: When do parties bind themselves?
Parties bind themselves when they agreed on essential terms and intend to be bound, even if they are working out details
55
Yardstick method to decide certainity
Compare profit to business similar; compare to profit history; compare to similar business owned by plaintiff; use economic data and expert testimony
56
UCC 2-207 (1)
Governs typical commercial transaction. Before comma eliminates mirror image rule. After comma: allows the offeree to make a counteroffer.
57
Under UCC 2-207(1) what if you are a non-merchant?
Additional terms are just proposals
58
2-207 (1)
Eliminates the mirror image rule; and then allows the offeree to make a counteroffer, to which the original offeror must assent
59
UCC 2-207 after comma
allows the offeree to make an counteroffer, to which the original offeror must assent
60
Sale of good needs to be in writing at what price
$500
61
Meeting of the minds is under what doctrine and what does it mean
An offer requires a meeting of the minds.
62
Unilateral K
Acceptance by 100% performance
63
Consideration rule- mere_______ of consideration will not void a K
Inadaquecy
64
Irrevocable
An offer becomes irrevocable when an option contract is created. The offeree provides consideration to keep the offer open,
65
Counteroffer
When the offeree attempts to accept an offer with a statement of terms that are different than the original offer
66
Expectation interest
The primary default rule; aims to put the party in the position they would have been had the K been performed
67
Bilateral K
Acceptance by promise
68
Option K
Is a promise that limits the promisor's power to revoke an offer.
69
Promissory Estoppel: Elements
A promise, Foreseeable inducement of action or forbearance, reliance, injustice
70
Offer occurs when
An offer must be an express of will or intent. And another person is justified in understanding that they can accept
71
Foreseeability in regards to limitiations
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
Economic Waste
Courts won't make parties spend lots of money to get an equal amount of benefit. (Windex v. 409)
73
UCC- One Offer
Consumers in modern transactions in order to lower costs, find out conditions after assent

Contracts (7 decks)

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