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Juris Doctor > Contracts > Flashcards

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
Q

Mailbox Rule

A

Acceptance effective upon dispatch
Rejection effective upon receipt
Revocation effective upon receipt

29
Q

Bilateral Contract

A

Promise for a promise

30
Q

Unilateral Contract

A

Promise for performance

31
Q

Additional or Different Terms

A

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
Q

Bedrock Rule

A

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
Q

UCC Modification

A

No consideration required only good faith.

34
Q

Substitute for Consideration

Only use when consideration does not exist

A

Promissory Estoppel
Restatement 90 - enforces reliance damages only
CL - enforces entire contract

35
Q

Have conditions been satisfied?

A

Complete performance
Substantial performance
Divisibility

36
Q

Covenant

A

Absolute duty to perform

37
Q

Condition

A

An act/event which creates/extinguishes an absolute duty to perform.

Types-
Express
Implied in fact
Implied in law

38
Q

Privity - Lawrence v Fox

A

A promise made for the benefit of another may be enforced by the person for the benefit of whom the promise was made.

39
Q

Termination of offer

A

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
Q

Revocation

A

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
Q

Formation of Contract

A 
UCC?
Offer
Termination
Revocation
Rejection
Acceptance
Consideration
Defenses - So Unless Al Is Mistaken I Missed Aerobic Fitness During P.E.
42
Q

General Damages

A

Loss of expectancy under contract.

43
Q

Damages Specials

A

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
Q

Reliance Damages

A

When unable to prove expectation damages an alternative measure of damages is provided by the costs incurred in reliance on the contract.

45
Q

Specific Performance

Christina Aguilera Earns Much Cash Dancing Erotically

A 
C - valid Contract
A - Adequacy of legal remedy
E - Enforceability of decree
M - Mutuality of remedy
C - Conditions
D - Defenses
E - Equitable conversion

Juris Doctor (3 decks)

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