Contracts Flashcards

0
Q

Acceptance

A

Unequivocal assent to the terms of the offer.

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1
Q

Offer

A

Outward manifestation of present contractual intent which is certain and definite in terms communicated to the offeree.

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2
Q

Mistake

A

A mistake in formation is a basic assumption of some fact which turns out to be false.

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3
Q

Ambiguity

A

Terms of offer open to multiple interpretations.

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4
Q

Consideration

A

Consideration requires a bargained for exchange in which each party incurs a legal detriment. The promise must induce the detriment and the detriment must induce the promise.

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5
Q

Legal Detriment

A

Requires legal sufficiency - action by the promisee taken in reliance upon action of the promissor giving up a legal right/change in obligation.

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6
Q

Defenses to Formation -

So Unless Al Is Mistaken, I Missed Aerobic Fitness During P. E.

A
Statute of frauds
Unconscionability
Adhesion contracts
Incapacity
Mistake
Illegality
Misrepresentation
Ambiguity
Fraud
Duress
Parol Evidence rule
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7
Q

Statute of Frauds

MR DOG Should Pray More Frequently Religiously

A
Marriage
Real Property
Debt of another
One year
Goods of $500 or more
Sufficient memorandum
Part performance
Main purpose doctrine
Full performance
Receipt of goods or pymt of purchase price
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10
Q

Parol Evidence Rule

A

Any written/oral statements made prior to or oral statements made contemporaneous with the contract cannot vary, add to, or contradict terms of original writing.

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11
Q

Goods

A

All tangible chattels (personal property) which are moveable at the time of identification of the contract for sale.

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12
Q

Merchant

A

One who regularly deals in goods of the kind involved in the transaction; or who otherwise holds himself out as having special knowledge or skill as to the practices or goods involved in the transaction.

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13
Q

3rd Party Analysis

Does Public Intercourse Cause V.D.

A
Define
Privity
Intent to benefit
Classification
Vesting
Defenses
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14
Q

Third Party Beneficiary Contract

A

A third party beneficiary contract is one wherein performance by the promisor will benefit a third party.

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15
Q

Assignment approach - DPRAVED

A
Define/apply facts
Privity-Exception
Right Assignable?
Valid present assignment
Effect of valid assignment
Defenses
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16
Q

Delegation approach -

Did Dave Ask Everything Necessary

A
Define/apply facts
Duty delegable?
Assumption of duties?
Effect
Novation
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17
Q

Assignment Rule

A

In order to assign contract rights, assignor must sufficiently describe those rights and indicate a present intention to divest himself completely of same and set them up exclusively in assignee.

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19
Q

Delegation

A

An authorization to another to render performance of a legal duty.

20
Q

Remedies -

Did Ronald Reagan Read Sports Illustrated

A
Damages
Rescission
Restitution
Reformation
Specific performance
Injunction
21
Q

Have conditions been excused?

SWAP DIVE

A
Substantial performance
Waiver
Anticipatory Repudiation
Prevention
Divisibility
Impossibility of Performance
Voluntary disablement 
Estoppel
22
Q

If P’s condition has been satisfied/excused D’s absolute duty to perform matures unless discharged.

I’M FOR SANDI

A
Impossibility of performance
Modification
Frustration of purpose
Occurrence of condition subsequent
Rescission
Substituted contracts
Accord and satisfaction
Novation
Defenses to formation
Impracticability
23
Q

Breach

A

An unjustified failure to perform absolute duty.

25
Q

Damages

A

General - Loss of expectancy.
Specials - Consequentials - Hadley v Baxendale.
Liquidated - set by provision in contract.
Reliance - if cannot prove general and special damaged party is due costs incurred in reliance.

26
Q

Contracts Main Checklist

A
Formation UCC/CL
Third Party Rights
Conditions - SWAP DIVE
Discharge - IM FOR SANDI
Breach - Major/Minor
Remedies - Did Ronald Reagan read Sports Illustrated
27
Q

Definite and certain terms

A

CL - QTIPS - Quantity, Time for performance, Identity of parties, Price, Subject matter

UCC - only Q required

28
Mailbox Rule
Acceptance effective upon dispatch Rejection effective upon receipt Revocation effective upon receipt
29
Bilateral Contract
Promise for a promise
30
Unilateral Contract
Promise for performance
31
Additional or Different Terms
UCC Both Merchants: - come in unless offer expressly limits or offeror objects - minority rule it comes in - minority rule - knock out rule UCC 1 or both Non- Merchants: - not in unless offeror assents
32
Bedrock Rule
Restatement 2nd 89 - Modification requires consideration unless it is fair and equitable in view of circumstances not anticipated by the parties when the contract was made.
33
UCC Modification
No consideration required only good faith.
34
Substitute for Consideration | Only use when consideration does not exist
Promissory Estoppel Restatement 90 - enforces reliance damages only CL - enforces entire contract
35
Have conditions been satisfied?
Complete performance Substantial performance Divisibility
36
Covenant
Absolute duty to perform
37
Condition
An act/event which creates/extinguishes an absolute duty to perform. Types- Express Implied in fact Implied in law
38
Privity - Lawrence v Fox
A promise made for the benefit of another may be enforced by the person for the benefit of whom the promise was made.
39
Termination of offer
An offer may come to an end because it has been accepted, in which case a contract has been formed. Other than this an offer can end in one of three ways. 1. By Passage of Time, 2. By Failing to Comply with a Condition Precedent, 3. Because of the Death of Either Party.
40
Revocation
Revocation refers to the withdrawal of an offer. An offer may be withdrawn any time before acceptance. To be valid, a revocation of an offer must be communicated to the offeree.
41
Formation of Contract
``` UCC? Offer Termination Revocation Rejection Acceptance Consideration Defenses - So Unless Al Is Mistaken I Missed Aerobic Fitness During P.E. ```
42
General Damages
Loss of expectancy under contract.
43
Damages Specials
Consequentials (Hadley v Baxendale) Compensation given for only those injuries that D at the time the contract was made had reason to foresee as a probable result from his breach. Foreseeable Reasonable and certain Unavoidable
44
Reliance Damages
When unable to prove expectation damages an alternative measure of damages is provided by the costs incurred in reliance on the contract.
45
Specific Performance | Christina Aguilera Earns Much Cash Dancing Erotically
``` C - valid Contract A - Adequacy of legal remedy E - Enforceability of decree M - Mutuality of remedy C - Conditions D - Defenses E - Equitable conversion ```