Contracts (Final) Flashcards
1
Q
Definite Terms
A
{QTIPS}
Quantity
Time of Performance
Identity of the Parties
Price
Subject Matter
2
Q
Termination of Power to accept
A
- Rejection
- Counteroffer
- Revocation
- Lapse of Time
- Death or incapacity
3
Q
Statute of Frauds
A
{MYLEGS}
Marriage
Year (contract cannot be completed w/in one year)
Land (sale of)
Executory
Goods > $500
Surety (except main purpose)
4
Q
Parol Evidence Rule
A
Partial Integration -PE not to contradict -PE okay to supplement Total integration -PE not to contradict -PE not to supplement
5
Q
Parol Evidence Rule Exceptions
A
- Subsequent Communications
- K formation defect evidence
- Condition precedent to K effectiveness
- Interpret ambiguous terms
- -Course of performance
- -Course of dealing
- -Usage in Trade
6
Q
Breach (Material or Minor)
A
- Receive substantial benefit
- Extent of part performance
- Willfulness of breach
- Time not of essence unless contracted for
7
Q
Elements for Specific Performance for Contract
A
{Chocolate Cheesecake Is My Favorite Dessert}
Contract valid
Conditions are satisfied
Inadequate legal remedy
Mutuality of Performance
Feasibility of enforcement
Defenses
8
Q
Contract Defenses
A
No mutual assent Lack of consideration No writing Misrepresentation/fraud/duress Unconscionability Lack of capacity Illegality of conduct Condition precedent not met Impossibility Impracticability Frustration of Purpose
