Contracts

Question 1

Termination of an offer

Answer 1

TIRED
Time established
Incapacity
Revocation informed to offeree
Express or implied rejection communicated to offeror (correct information, reliable info, acts indicate)
Destruction of the subject

Question 2

DEFENSES to formation?

Answer 2

That is I ❤️ DIMSUM- Incapacity, Duress, Illegality, Misrepresentation, Statute of Frauds, Undue influence, Mistake/Misunderstanding – voidable K

Question 3

How to know it was an intentional material breach?

Answer 3

WHALE- Whether breach was intentional, hardship, adequacy of compensation for loss to the nonbreaching party, likelihood breach party will cure and extent performance.

Question 4

Defenses for nonperformance

Answer 4

Minimal FoR (nonperformance)
Mutual Rescission
Impossibility
Novation
Impracticability
Modification
Accord and Satisfaction
Lapse
Frustration of Purpose
Release

Question 5

Equitable contracts – only judge can decide.

Answer 5

RSR – rescission, reformation, specific performance

Question 6

Which factors court’s will look to determine if there was substantial performance of k?

Answer 6

NAPAH
1. amount of benefit received
2. adequacy of damages
3. extent of performance
4. Hardship to breaching party
5. whether breach was negligent or willful

Question 7

Damages - explain all

Answer 7

Expectation – put in the place where the party would have been if the D. did not breach.
Incidental damages – expenses incurred because of the breach, direct damages in an attempt to remedy the situation.
Consequential – costs and losses not in the ordinary course of events but related the nonbreaching party specifics (i) must be certain, not speculative. E.g. not being able to open the store, so not selling. – (ii) The breaching party had reason to know about your specifics- foreseeable.
Liquidated - stated in K