Contracts Flashcards
What act alone would be sufficient to allow a seller to enforce an oral contract for the sale of real property?
Conveyance of the property from seller to purchaser–seller can then enforce buyer’s promise to pay.
What is the merchant’s confirmatory memo rule?
In contracts between merchants, if one party, within a reasonable time after an oral agreement has been made, sends to the other party a written confirmation of the understanding that is sufficient under the Statute of Frauds to bind the sender, it will also bind the recipient if the recipient has reason to know of the confirmation’s contents and does not object to it in writing within 10 days of receipt.
In a contract for a sale of goods priced at $500 or more, if the goods are _________ or __________, the contract will be enforced even if there is no writing.
If goods are either received and accepted or paid for, the contract is enforceable without a writing (but only as to these goods, not if there were other goods discussed as part of an oral contract).
What acts (if two are present) are sufficient for a buyer to enforce an oral contract for a sale of real property?
Most jurisdictions require at least two of the following: payment (in whole or in part), possession, and/or valuable improvements to take the contract for real property out of the statute of frauds.
A writing is not required for a contract of over $500 of goods where the contract is for what type of goods?
“Specially manufactured” goods not suitable for resale in the ordinary course of the seller’s business and the seller has made a substantial beginning of their manufacture or commitments for their procurement. The contract is fully enforceable.
The UCC provides that in cases where a buyer rejects a tender of nonconforming goods that the seller reasonably believed would be acceptable “with or without money allowance,” the seller, upon a reasonable notification to the buyer, has…
a further reasonable time beyond the original contract time within which to make a conforming tender. A
A seller will probably be found to have had reasonable cause to believe that non-conforming tender would be acceptable if the seller can show that…
trade practices or prior dealings with the buyer led the seller to believe that the goods would be acceptable, or the seller could not have known of the defect despite proper business conduct.
In an installment contract, a nonconforming installment can be rejected only if…
the nonconformity substantially impairs the value of that installment.
An installment contract as a whole is deemed to be breached only if a nonconforming installment…
substantially impairs the value of the entire contract.
A nonbreaching party may not seek specific performance when what type of performance is involved?
A service contract (tantamount to involuntary servitude).
An offer may be effectively terminated if the offeree indirectly receives:
(i) correct information
(ii) from a reliable source
(iii) of acts of the offeror that would indicate to a reasonable person that the offeror no longer wishes to make the offer.
The majority view is that acceptance of an option is effective only when…
received by the offeror (no mailbox rule on options).
Under UCC battle of the forms, when an acceptance is made expressly conditional on the acceptance of new terms, it is a…
rejection of the offer and essentially a new offer.
In general, the parol evidence rule bars…
oral evidence contradicting a written agreement which was intended to be a final and exclusive embodiment of the parties’ agreement.
However, one exception to the general parol evidence rule provides that parol evidence is admissible to show…
a condition precedent to the existence of a contract.
