Contracts Flashcards

1
Q

UCC Article 2

A

UCC will govern contracts were the subject matter is goods- moveable tangible goods.

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2
Q

OFFER

A

Manifestation of present contractual intent, communicated to an identified offeree with definite and certain terms.

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3
Q

Defenses to formation

A

Misrepresentation
Mistake
Duress
Unconscionability
Undue influence
Illegality
Incapacity

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4
Q

Offer - common law vs Article 2 UCC

A

Definite and certain terms.
Common law
Parties
Subject matter
Quantity
Price

UCC
Parties
Quantity
Subject matter

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5
Q

Alternative Theories

A

Promissory Estoppel
Quasi- Contract
Moral Obligation

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6
Q

Remedies Breakdown

A

Monetary compensation
Equitable Relief
Mitigation of damages

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7
Q

Performance

A

Substantial Performance
Parol evidence
Warranties
Conditions
Excuses
Anticipatory Repudiation

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8
Q

Performance - completed

A

No breach

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9
Q

Advertisements

A

Not an offer but an invitation to offer

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10
Q

UCC quantity Exceptions

A

Under UCC sometimes quantity does not have to be specified.
Requirement- Seller sells buyer all that is required.
Output contract - seller sells his entire output to buyer.

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11
Q

Irrevocable uni-lateral offer

A

An offer of uni- lateral contracts is irrevocable once performance begins.

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12
Q

Merchant firm offer

A

A writing signed by a merchant.

Gives the offeree assurance
The offer will remain open and is irrevocable for lack of consideration.
During the time agreed upon.

No additional consideration needed.

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13
Q

Offeror
Expressed Revocation
Or
Revocation of offer

A

If the offeror
Communicates the offeree
They no longer wishes to be bound to the offer
Prior to acceptance.

Offer is terminated.

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14
Q

Option contract

A

Offeree pays additional consideration to have the offer remain open or the ability to purchase at a later date.

If no time is specified Orion will remind open for. Reasonable time - 90 days.

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15
Q

Merchant

A

One that regularly deals with the goods at issue.

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16
Q

Termination by law
Supervening illegality.

A

Product is band prior prior to acceptance
Product become illegal before acceptance
Or
Is destroyed prior to acceptance

17
Q

Definition of constructive revocation

A

An offer is formed and before acceptance the offeree learns that the offeror has taken action that is absolutely inconsistent with the ability to contract.

18
Q

Definition
Uni lateral offer

A

Uni lateral contract is formed once performance has began.

19
Q

Termination of offer
+
Irrevocable offers

A

Express Revocation
Exceptions to ER
UCC form offer
Option contract
Uni-lateral contract ( performance begins)
Detrimental reliance
2. Constrictive Revocation.
3. Rejection
4. Counter offer
5. Death
6. Time lapse
7. Law

20
Q

Acceptance

A

An unequivocal assent to the terms of the offer.

21
Q
A