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BL 3305 > CONTRACTS EXAM > Flashcards

CONTRACTS EXAM Flashcards

1
Q

Contract

A

A binding promise that courts will enforce

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2
Q

2 Sources of Contract Law

A

UCC and Common Law

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3
Q

UCC is ______ Law

A

State

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4
Q

Perform

A

Successful Completion of a contractual duty

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5
Q

Express

A

K formed in words

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6
Q

Implied

A

K inferred from conduct

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7
Q

Bilateral

A

One promise in return for another promise

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8
Q

Unilateral

A

One makes promise, one accepts

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9
Q

Executed

A

K fully performed by all parties

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10
Q

Executory

A

K not fully performed

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11
Q

Valid

A

Meets all requirements for K

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12
Q

Voidable

A

K may exist, voidable by innocent party

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13
Q

Unenforceable

A

Valid K but enforceable by 1+ parties

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14
Q

Examples of voidable Ks

A

Physical Threats, Fraud in the Execution

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15
Q

Unilateral Examples:

A

Scholarship, Mowing lawn

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16
Q

When can an offer be revoked?

A

Anytime before acceptance

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17
Q

What is NOT required for a firm offer to be unrevokable?

A

CONSIDERATION (buyer doesnt have to pay to keep offer open)

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18
Q

When is a K formed?

A

Upon acceptance

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19
Q

K must be in writing if amount is greater than:

A

$500

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20
Q

When is email offer effective?

A

When open or viewed

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21
Q

When is email acceptance effective?

A

When sent to the correct email address

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22
Q

Variant Acceptance

A

Acceptance that contains different terms than the offer

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23
Q

Mirror Image Rule

A

CL, Offer and Acceptance must be identical

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24
Q

Battle of the Forms

A

UCC

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25
Q

Duress

A

Wrongful act or threat that overcomes the free will of a party

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26
Q

Undue Influence

A

Taking unfair advantage of a person by reason of a dominant position based on a confidential relationship

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27
Q

Bargained for Exchange

A

Legal Detriment and Legal Benefit NEW to each party when K forms

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28
Q

Settlements are

A

MODIFICATIONS

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29
Q

Undisputed Debts

A

When both parties (in K or tort) agree that the debt is owed and agree to the amount owed

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30
Q

Original Contract + Modification =

A

Modified Contract

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31
Q

CL: Consideration Req + Consideration Req*

A

*EXCEPTION: Original Contract is Executory and in light of facts that could not be anticipated at Original Contract’s formation — the modification is fair

32
Q

UCC: Consideration Req + No Consideration Req

A

Assumes good faith, if no GF, still enforceable if modification is in writing or has consideration

33
Q

Can you sue over a disputed debt?

A

NO

34
Q

Undisputed debt

A

where both parties have agreed a debt exists and agree on the amount to be owed (K and Torts)

35
Q

Promissory Estoppel

A

Promise made by unharmed party that harmed party justifiably relied on AND harmed party was materially damaged due to change of position because of promise

36
Q

Substitute contracts

A

Revoke previous contract and enters into a new one

37
Q

Ursury

A

Lender charges too much interest (interest + fees)

38
Q

3 Outcomes for Ursury

A
  1. No principal or interest recovered
  2. No interest recovered
  3. No interest over legal amount recovered
39
Q

NOT A COVENANT NOT TO COMPETE

A

NDA, Garden Leave, Retirement Payments

40
Q

Law assumes _______ about capacity

A

That people have capacity unless they can prove otherwise

41
Q

Are minors still liable for their torts?

A

YES

42
Q

Main Purpose Doctrine

A

Happens when Guarantor gets the main economic benefit from debt

43
Q

Equal Dignity Doctrine

A

If agent signs, it must be in writing to be enforceable

44
Q

Parol Evidence Rule

A

Negotiations or agreements that occur prior to or contemporaneous with the formation of a written agreement

45
Q

Can an integrated, written K be changed with Parol Evidence?

A

NO

46
Q

3 Situations where rights can be assigned to someone else:

A

Parties assign rights to 3P, Parties assign duties to 3P, 3P Beneficiary

47
Q

Who does Assignee give notice to?

A

Obligor under the assigned right

48
Q

General Rule for Assignment of Rights

A

First to receive assignment prevails

49
Q

Minority Rule for Assignment of Rights

A

First to give notice to obligor prevails

50
Q

Novation

A

Delegator gets their duties released under K from Obligee

51
Q

What type of law does not allow for delegation?

A

COMMON LAW

52
Q

Conditions

A

An uncertain event the happening or non-happening of it affects the duty of performance

53
Q

Conditions Precedent

A

Event must occur before performance is due

54
Q

Anticipatory Repudiation

A

Back out of K prior to performance

55
Q

Subjective Impossibility

A

Promisor (but not others) cannot perform; promisor not discharged from contract

56
Q

Objective Impossibility

A

Performance cannot be done by anyone; generally discharges the promisor

57
Q

Frustration of Purpose

A

if one of the basic assumptions on which the contract is based changed by no fault of the contracting parties, duties may be discharged

58
Q

Commercial Impracticality

A

Performance can only be foreseen in unjust hardships

59
Q

Contract Remedies

A

The nonbreaching party asks the court to award them one or
more of the contract remedies

60
Q

Equitable Remedies

A

Granted at the discretion of the court

61
Q

Liquidated Damages

A

An amount of damages agreed to by the parties in the contract

62
Q

Benefits of Liquidated Damages

A

Dont have to prove actual damages, can deduct from remaining payments

63
Q

Threats of Liquidated Damages

A

Court can see as penalty, may have to prove damages

64
Q

Reliance Damages

A

Puts injured party in as good a position as if K had never been made

65
Q

Nominal Damages

A

“moral victory”, but can collect atty fees & costs

66
Q

If you sue and win, do you automatically get court and attorney costs?

A

NO

67
Q

Mitigation

A

Act of reducing or avoiding damages

68
Q

Under the UCC, Mitigation is called

A

Cover

69
Q

If non breaching party cannot mitigate, breaching party will:

A

Be liable for all damages

70
Q

Reformation

A

Court corrects a K to conform to the
agreement

71
Q

Specific Performance

A

Court orders breaching party to perform

72
Q

Injunction

A

Court prohibits a party from doing a specific act

73
Q

Rescission

A

Restores BOTH parties to the place they were before entered into K

74
Q

Restitution

A

the restoration of something lost or stolen to its proper owner

75
Q

Time is of the Essence Clause

A

CL, counts as material breach and nonbreaching party can sue for damages

BL 3305 (8 decks)

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