Contracts

Question 1

Modification

Answer 1

common law - recission and new contract, unanticipated difficulties which are unforseeable or new obligations on both sides

UCC only good faith required

Maybe promissory estoppel?

Question 2

Material benefit rule

Answer 2

If you receive benefit to may be required to pay unless done without expectation of money

Question 3

Mistake

Answer 3

Belief about existing fact not in accord with contract

Mutual - voidable by adversely affected party if

1. Mistakes
2. Basic assumption
3. Material
4. Did not assume risk

Unilateral- can void if

1. Enforcement unconscionable or
2. Non mistaken pet caused mistake or KSK other party mistake.

Question 4

Misunderstanding - agreeing to material terms but actually agreement by to different

Answer 4

If both mistaken no contract

If one mistaken and work is ambiguous and other party knows meaning, formed as understood by unknowing party

Question 5

Unconscionable contracts

Answer 5

Fraud
Non-disclosure - necessary to prevent misrep, correct mistake as to basic assumption and failure would lack good faith and fair dealing: correct a mistake of other party of contents or affect of refuting: special relationship

Undue influence - dominance of relationship, lack of expertise, mental capacity. - free and competent judgment

Duress - improper threat deprived of meaningful choice - no reasonable alternative other than succumb

Intoxication - voidable if unable to understand and other person knows.

True unconscionability- so unfair to one party at time it was made

Question 6

Quasi contract

Answer 6

Unfair to give party benefit. Allows restitution if

Measurable benefit on D

No gratuitous intent

Unfair to let retain due to D had opportunity to deny but didn’t or reasonable excuse such as emergency.

Question 7

Conditions

Answer 7

Express - included in contract, complete performance or no contract

Implied - part of contract because nature of contract

Delay in performance - suspends duty of other party but does not necessarily prevent, consider time of delay and extent can be compensated .

Even if time is of essence sometimes slight delay is slight

Estoppel - may waive condition if party relied

Question 8

Perfect tender to

Answer 8

In absence of specific provision must be tendered in reasonable time.

Question 9

Anticipatory repudiation

Answer 9

Clear and unequivocal.
- may sue immediately or wait to sue but must stop performing if increases damages

May be revoked if before promised acts in reliance, accepts or filed suit.

Can demand adequate assurances and may be suspended until provided. Must be reasonable time - UCC 30 days in writing