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UBE Cards > Contracts > Flashcards

Contracts Flashcards

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1
Q

Public Offers

A

An offer of reward is an offer to enter into a unilateral contract and if made to the public generally, it may be accepted by anyone to whom it becomes known

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2
Q

Mailbox Rule: What happens if the post office losses the letter?

A

The acceptance is still effective as of the day it was properly posted

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3
Q

Can an offer be terminated by information from a third party?

A

Yes, if the offeree receives correct information from a reliable source of acts of the offeror that would indicate to a reasonable person that the offeror no longer wishes to make the offer

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4
Q

Requirements Contracts: Quantities

A

Quantities may not be unreasonably disproportionate to any stated estimate or (if none) to any normal or otherwise comparable prior requirements

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5
Q

Are promises to make future gifts enforceable?

A

No

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6
Q

Gratuitous Assignments

A

Generally revocable until the obligor has performed; Only require a manifestation of intent to transfer rights

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7
Q

Can a defaulting party recover the deposit?

A

Yes, to the extent the amount of the deposit exceeds the contract damages to which a non-defaulting party is entitled

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8
Q

Is a change in delivery date a material alteration?

A

No

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9
Q

Is an option contract irrevocable as to both parties?

A

Yes, therefore a counteroffer during the option period will not terminate the original offer

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10
Q

If a building is destroyed by an act of nature while still a work in progress, is the contractor discharged of their duty to perform?

A

No but the date of performance will be extended

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11
Q

When will a contractual duty be discharged by impossibility?

A

When there is objective impossibility (no one could perform) but no when there is subjective impossibility

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12
Q

When is a duty a preexisting duty?

A

If it is owed to the same promisee

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13
Q

How can the seller cure nonconforming goods if there is still time left for performance?

A

The seller must give reasonable notice and make a new tender of conforming goods, which the buyer must accept

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14
Q

Can a party seek specific performance for a service contract?

A

No; If the breaching party offers a rare or unique service, the court may instead grant injunctive relief

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15
Q

Are punitive damages recoverable for breach?

A

Generally no unless the conduct is also a tort for which punitive damages are recoverable

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16
Q

Does the mailbox rule apply to insurance premiums?

A

If the insurer invites premiums to be made by mail

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17
Q

When there is acceptance of a benefit of the transaction, is there accept as to all obligations?

A

Yes, acceptance of a benefit is the same as an assent to all of the obligations arising from it; The acceptance of consideration offered with a proposal is an acceptance of the proposal

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18
Q

Do verbal modifications become part of a subsequent assignment?

A

Yes, the assignment will include the modification because the party can only assign the rights they had at the time of the assignment

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19
Q

Breach of Good Faith

A

Bad faith characterized by some conduct which violates the standards of decency, fairness, or reasonableness

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20
Q

How must a suretyship be accepted?

A

By performance; The promisor must be given seasonable notice that the debt has actually been created

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21
Q

Can an employer put a non-compete agreement on an at-will employee?

A

Majority Rule: Yes if the employer has provided continued employment for a substantial period

22
Q

Can a contract be cancelled by a person based on aesthetic taste?

A

Yes, if the aesthetic taste of the individual is a condition of satisfaction and that individual determines the work is not satisfactory in good faith

23
Q

Liquidated Damages

A

Damages whose amount the parties designate during the formation of a contract for collection upon a specified breach; They must be reasonably related to actual damages and will be reduced or eliminated if not

24
Q

Insurance: Conditional Receipt

A

Constitutes a temporary formation of contract until the company decides whether to issue a policy
This generally requires an application, a down payment, and an interim or conditional receipt

25
Q

When does promissory estoppel apply?

A

To enforce a promise in lieu of an actual contract

If the issue turns on making an offer irrevocable based on the offeree’s reliance, it’s not PE

26
Q

Can a minor be liable for damages in a contract?

A

Yes for restitution only, not additional damages as long as it’s for the reasonable value of necessities they can obtain even though they cannot disaffirm the contract itself

27
Q

Does a conditional promise require consideration?

A

Yes or it isn’t enforceable

28
Q

Does a merger clause preclude extrinsic evidence?

A

No, evidence can be used to explain the terms of the agreement

29
Q

Revocation of a general offer (ex. reward, newspaper ad)

A

Must be in the same manner as made or by a comparable medium and frequency of publication

30
Q

What does the prohibition on assignments in a contract apply to?

A

Only to duties that may not be delegated; Rights in the contract remain assignable unless specifically stated otherwise

31
Q

Concurrent Conditions: Conditions precedent or subsequent?

A

ONLY characterized as mutual conditions precedent NOT subsequent

32
Q

What does an agreement for exclusive dealing impose on the parties?

A

Buyer: To use the best efforts to promote their sales
Seller: To use best efforts to supply the goods

33
Q

When a party is entitled to monthly payments, are they entitled to the payments when not made?

A

No, if they don’t demand the payments, they are considered a under waiver of delay; A demand will terminate the delay but only for that payment forward

34
Q

If a party waives a condition, can the condition be reinstated?

A

Yes by communicating a retraction of the waiver before the condition is due to occur and if the other party hasn’t already suffered detrimental reliance

35
Q

Non-conforming goods: Damages arising from repair costs

A

The repair costs are usually used to determine damages; If the repairs fail to restore the goods to their value as warranted the buyer can recover the repair costs plus the difference between the value of the goods if it had been as warranted and its value after repairs

36
Q

Implied in Law Contract

A

Plaintiff confers a benefit on defendant, plaintiff has a reasonable expectation of compensation, and allowing the defendant to retain the benefit without compensation would be unjust enrichment

37
Q

Good faith cessation of production

A

Terminates any further obligations thereunder and excuses further performance by the party discontinuing

38
Q

Damages when a contract is divisible

A

The victim of the breach can reduce any payments by damages caused by the other party’s breach

39
Q

Does the third party beneficiary have to be specifically named?

A

No as long as the third party is identifiable when performance is due

40
Q

Is there a contract formed if the offeree has the right to cancel at any time?

A

No because there is a lack of consideration

41
Q

Free on Board

A

Title to the property passes from the seller to the buyer at the designated free on board/delivery point

42
Q

Condition clearly intended to benefit one party

A

The benefited/protected party can waive the condition and the other party is still obligated to perform

43
Q

When is a writing for a suretyship sufficient?

A

Anytime, even if made at a later date and the writing does not need to be addressed to the promisee

44
Q

Reserve Auction

A

The highest bid is only an offer and can be rejected by the auctioneer or seller

45
Q

Who is entitled to restitution?

A

Only the party not in breach

46
Q

Merchant’s Confirmatory Memorandum

A

Can overcome the statute of frauds if the action is between merchants, the memo is timely, the recipient has reason to know what it says, and there is no objection within 10 days

47
Q

Accommodation Shipment

A

A seller can ship non-conforming goods as an accommodation if they “seasonably” notify the buyer that the shipment is offered only as an accommodation; It isn’t considered an acceptance, just a counter offer, so the buyer has the choice of accepting the nonconforming goods or rejecting in which case there is no further K

48
Q

Under the UCC, can a buyer sell non-conforming goods?

A

Yes, if they give notice to the original seller, so that the original seller has a chance to bid on the goods

49
Q

What type of contract is created regarding unjust enrichment?

A

A quasi/implied-in-law contract

50
Q

If a buyer is insolvent, does the seller have to tender the goods?

A

No, unless the buyer tenders cash for their payment

51
Q

When will a contract be voided due to ambiguity?

A

Only if both parties were unaware of the ambiguity

52
Q

When is accord and satisfaction allowed?

A

When there is a bona fide dispute on the claim

UBE Cards (11 decks)

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