Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

UBE Bar Exam Flashcards > Contracts > Flashcards

Contracts Flashcards

1
Q

Offer

A

an outward manifestation to enter into a contract (1) Intent + (2) specific terms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Advertisements

A

not an offer, invitation to offer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Termination of Offer

A

(1) Death
(2) Lapse of Time
(3) Rejection
(4) Counter Offer
(5) Revocation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Indirect Reovcation

A

person receiving offer LEARNS another deal was made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Option Contract

A

additional consideration to have option contract to make irrevocable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Firm Offer

A 
UCC K (1) between merchant (2) signed writing by merchant
1.	If no time states 3 months is MAX time valid
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Unilateral Contract

A

a promise for an act

1. Offer is Irrevocable when performance begins

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Bilateral Contract

A

a promise for a promise – words enough for K

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Acceptance

A

agree to offer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Mirror Image Rule

A

acceptance has to mirror offer, Common Law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Acceptance by Silence

A

effective if offeror know silence is okay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Acceptance by Performance

A

words or performance to accept

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Mailbox Rule

A

Acceptance is effective when sent

Exception – Rejection 1st, then Acceptance, 1st in time wins

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

UCC Acceptance

A

sale of goods

1. Can accept even if there is difference

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Consideration

A

bargained for exchange

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Ways to be tested on Consideration

A

(1) Illusory Promise
(2) Promise to give a gift
(3) Past or Moral Consideration
(4) Promise to Pay
(5) Forbearance for Lawsuit
(6) Promissory Estoppel
(7) Accord and Satisfaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Illusory Promise

A

not valid consideration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Promise to give a gift

A

invalid consideration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Past or moral consideration

A

not enforceable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Promise to Pay a Debt barred by SoL

A

Valid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Forbearance for Lawsuit

A

Valid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Promissory Estoppel

A

promise that induces on to rely to their detriment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Accord and Satisfaction

A

occurs when there is a debt. Settlement – cannot come after rest of it

a. Part payment even though paid in full, still owe remaining
b. Debt, can’t pay, settlement, can’t go after remaining
c. Not sure if there is debt, make payment, amount is final

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Defenses to Enforceability

A

(1) Age
(2) Mental Illness
(3) Duress
(4) Undue Influence
(5) Unconscionability
(6) Illegal
(7) Mistake
(8) Misrepresentation
(9) Non-Compete Clause
(10) Statute of Frauds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Age
Voidable at option of Minor
26
Mental Illness
Void
27
Duress
Wrongful Threat
28
Undue Influence
Unfair Bargaining Position
29
Unconscionability
result of enforcing K is unfair
30
Illegal Contract
not enforceable
31
Unilateral Mistake
1 party is mistaken about term in K, not a defense, UNLESS (1) other party knew it was a mistake, OR (2) clerical error
32
Mutual Mistake
defense, no meeting of the minds. Remedy? Rescission
33
Intentional Misrepresentation
(1) intentionally say with scienter (2) w/intent to induce reliance
34
Negligent Misrepresentation
(1) special relationship (2) omission (3) reliance (4) injury
35
Non-Compete Clauses
MUST be reasonable to be enforceable
36
Statute of Frauds
(1) Marriage (2) Ks over a Year (3) Land (4) Executor Contracts (5) Guarantor Contracts (6) Sale of Good over $500
37
Land Contracts - Part Performance Exception
pay or take possession or make improvements on the land, does not be in writing if part performance
38
Guarantor/Surety Contracts
promising to pay for debt of another | 1. Exception: if purpose is to benefit me, not other person, then no need for writing
39
Sale of Goods over $500
Exception: part-performance also applies
40
Merchant Confirmation
if one merchant sends another a (1) written confirmation signed by sender (2) includes the quantity (3) no objection w/10 days of receipt (4) acts as a writing for SoF
41
What is included in a Legal writing?
1. Parties Subject Matter 2. Material Terms 3. Signed by Party to be Charged
42
Parol Evidence and Interpretation
Applies to things prior to or at the time entered into the contract
43
Final/Complete Integration Contract
Parol Evidence is NOT admissible
44
Merger Clause
final agreement between parties
45
Ambiguous term
parol evidence allowed to clear up an ambiguity
46
Partial Integration
parol evidence is admission, anything that supplements original terms with contract that are CONSISTENT i. Anything that contradicts or materially alters contract is NOT admissible
47
Always Admissible Parol Evidence
i. Fraud ii. Mistake iii. Duress iv. Condition Precedent v. Course of Dealing vi. Trade Custom
48
Risk of Loss - NO Carrier
if seller is merchant, risk is on seller until buyer takes possession 1. If seller is not merchant, risk of loss is on seller until seller makes item available to buyer
49
Shipment Contract
default rule, risk of loss shifts to buyer when goods are delivered to carrier
50
Destination Contract
risk of loss shifts to buyer when goods are delivered to destination
51
F.O.B. Seller
shipment contract, risk until good delivered
52
F.O.B. “anything else”
destination contract, risk on buyer
53
Requirements Contract
desire to buy all the widgets
54
Good faith
as long as good faith okay
55
Modification - Common Law
needs new consideration
56
Modification - UCC
good faith, no new consideration
57
Oral or Written Consideration - Common Law
Both are valid
58
UCC Oral or Written Modification
clause prohibiting oral modification in K valid
59
Mutual Modification
as long as terms are fair and reasonable
60
Condition Precedent
event before contract
61
Condition Concurrent
event during contract
62
Condition Subsequent
event after contract
63
Waiver of condition
saying forget about condition, you may perform regularly
64
Bad Faith
if one party acts in bad faith then that party still has to perform
65
Avoiding Forfeiture
condition excused if big loss
66
Non-conforming goods
(1) may reject, (2) may accept, (3) may reject part and accept part
67
Installment contract & non-conforming goods
if one shipment is nonconforming then not total breach of contract if it affects the installment and it cannot be cured 1. If the 1 nonconforming shipment will ruin entire value of contract then contract is breached
68
Impracticability
unforeseen event makes performance too difficult or expensive
69
Impossibility
nobody can perform, i. Exception- (1) temporary impossibility or (2) preparation of impossibility
70
Frustrations of Purpose
reason you entered contract is no longer present
71
Anticipatory Repudiation
before contract performance, unequivocal refusal to perform = total breach
72
Demand Assurances
when doubtful about performance, need to respond to demand in a reasonable amount of time. In UCC, demand must be in writing and within 30 days
73
Expectation Damages
default, value of contract if performed; (1) foreseeable and (2) reasonably certainty 1. Contract price (–) minus what you already would have received (+) plus any costs
74
Reliance Damages
(1) unreimbursed costs prior to contract (2) cannot get expectation damages
75
Restitution Damages
market value of the services, option of the non-breach party instead of expectation damages. (1) getting back value already given and (2) contract partially performed
76
Consequential Damages
because of breach foreseeable costs
77
Liquidated Damages
determined at time of contract enforceable if (1) reasonable and (2) not a penalty
78
Quantum Meruit
BREACH PARTY is seeking damages, reasonable value of services, even breaching can recover value of work done minus whatever damages
79
Seller Damages
contract price if goods delivered and accepted a. Some or none delivered and not resold – contract price minus market price b. None delivered and resold – contract price minus resell price c. Incidental Damages – seller can always get d. Lost Volume Profits – measure by profit seller would have made plus any costs minus payment of resale
80
Buyer Damages
depends if buy replaced a. If replaced, Contract price minus new goods b. If not, contract price minus the market price of goods at the time you learn of the breach
81
Equitable Damages
when remedy at law is inadequate
82
Specific Performance
subject matter is unique, land is always unique
83
Injunction
to prevent irreparable harm
84
Recession
no meeting of the minds, if K never happened a. Mistake b. Misrepresentation c. Duress d. Lack of Capacity

UBE Bar Exam Flashcards (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions