Contracts Flashcards

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1
Q

Rejection in Installment Contract

A

The buyer may reject any installment which is non-conforming if the non-conformity substantially impairs the value of that installment and cannot be cured.

If the non-conformity of the installment does not substantially impair the value of the whole contract, then, if the seller gives adequate assurances to cure, the buyer must accept that installment

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2
Q

Offer

A

(1) Intent to be bound
(2) Definite and certain terms
(3) identifiable offeree

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3
Q

Acceptance

A

Unequivocal assent to terms of offer made by one with power of acceptance

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4
Q

Unilateral Contract

A

One wherein only full performance is acceptance.

Unless an offer specifically provides that it may be accepted by performance only, it will be construed as an offer to enter into a bilateral contract.

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5
Q

Implied in Fact Contract

A

Formed by manifestations of assent by conduct rather than oral or written language. Still requires an intent to accept offer.

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6
Q

Consideration

A

A bargained-for exchange of legal value between the parties.

The promise must induce the detriment and the detriment must induce the promise.

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7
Q

Lack of Capacity

A

One whose mental capacity is so deficient that he is incapable of understanding the nature and significance of a contract may disaffirm when lucid or by a legal representative

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