Contracts Flashcards
1
Q
What makes a breach material?
A
- Amount of benefit received
- Adequacy of damages
- Extent of performance
- Hardship to the breaching party
- Whether the breach was negligent or willful
2
Q
When does the power to undo a repudiation disappear?
A
When aggrieved party:
1. Cancels
2. materially changed position
3. Otherwise indicated that he considers repudiation to be final
3
Q
What is an exception to the preexisting duty rule?
A
Fair and equitable modifications made in light of unanticipated circumstances.
4
Q
What is a reasonable time in which to respond to a request for assurances?
A
30 days or less
5
Q
Common Law Parol Evidence Rule
A
Party may supplement by adding consistent additional terms, unless
-merger clause or
-integrated writing
6
Q
UCC Parol Evidence Rule
A
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
