CONTRACTS

Question 1

Goods are….

Answer 1

things moveavle at the time of identification to the contract

Question 2

Offer

Answer 2

“willingness to enter a bargain” so that the offeree understands his assent to the bargain is invited

reasonable certain terms

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Question 3

ACCEPTANCE

Answer 3

MANIFESTATION OF ASSENT TO TERMS OF AN OFFER MADE IN MANNER INVITED BY OFFER

Question 4

CONSIDERATION

Answer 4

LEGAL DETRIMENT OR BARGAINED FOR EXCHANGE

Question 5

Is a gift consideration?

Answer 5

NO

Question 6

Past Consideration Exception

Answer 6

Slight change of duty

unforseen circumstances

MATERIAL BENEFIT ** SOME STATES past consideration in which promsie made after reciept of benefit

Question 7

MODIFY CONTRACT UCC

Answer 7

Good Faith

Question 8

PROMISSORY ESTOPPEL

Answer 8

1. a promise
2. reliance that is forseeabel and justifiable
3. enforcement necessary to avoid injustice

Question 9

PERFORMANCE OBLIGATIONS UCC V. CL

Answer 9

CL “SUBSTANTIALLY PERFORM”’ to demand performance from otehr party

UCC - PERFECT TENDER

UNLESS DIVISIBLE

Question 10

BUYER ABILITY TO REJECT AND REVOKE

Answer 10

REJECT - ANY REASON UDNER PERFECT TENDER
RVEVOKE OF ACCEPTANCE - NO LONGER REJECT AND SUBSTANTIALLY IMPAIR VALUE, REASONABLE TIME, DIFFICULT TO DISCOVER BEFORE CHANGE

Question 11

ANTICIPATORY REPUDATION

Answer 11

Unequivocal manifesttaion that party cannot perform before performance is due

Question 12

INABILITY TO PERFORM

Answer 12

MERELY DOUBT

UCC CAN in writing demand adequate assurance of performance until recieves assurance may suspend performance - can treat as repudiation

Question 13

VALID SOF CONTRACT

Answer 13

1. reasonably identifies the subject matter
2. contract has been made
3. essential terms

MYLEGS

Question 14

VALID UCC SOF CONTRACT

Answer 14

$500 or more unelss writing signed by party against whom enforcemnet is sought, sufficent to show contratc, not enforceable beyond quantity