Contracts Flashcards
What makes a breach material?
- Amount of benefit received
- Adequacy of damages
- Extent of performance
- Hardship to the breaching party
- Whether the breach was negligent or willful
When does the power to undo a repudiation disappear?
When aggrieved party:
1. Cancels
2. materially changed position
3. Otherwise indicated that he considers repudiation to be final
What is an exception to the preexisting duty rule?
Fair and equitable modifications made in light of unanticipated circumstances.
What is a reasonable time in which to respond to a request for assurances?
30 days or less
Common Law Parol Evidence Rule
Party may supplement by adding consistent additional terms, unless
-merger clause or
-integrated writing
UCC Parol Evidence Rule
Whether or not a writing is ambiguous, a written contract’s terms may be explained or supplemented by course of dealing, usage of trade, or course of performance evidence