Exam 3 Law Flashcards
What are 3 ways you can terminate an offer?
Revocation
Rejection
A counter offer
What is an example of destruction of the subject matter?
I am selling you a car. Prior to me buying the car, I totaled the car. By operation of law the contract is terminated because the item was destroyed.
What does MYLEGS stand for?
Marriage Year (One year rule) Land Sales Executors Promise Guarantor Sale of Goods in excess of $500
Contract Law
A form of law that deals with contracts
Past Consideration
An act done before a contract is made
Emancipation
The process of being set free from guardians
What are 3 circumstances that show lack of consideration?
Preexisting duties
Pass consideration
Illusory Promises
Counter offer
Rejecting the original offer given and coming up with a new offer
What are 2 defenses in enforcing a contract?
Form
Voluntary Consent
What is the parol evidence rule?
evidence that parties can introduce in order to identify certain terms of a contract
Promisor
Person who creates the promise
Mail Box rule
Acceptance is effective when mailed
What 2 things does the UCC cover?
Sales of goods
Leases
What is one necessary element for an effective offer?
Has to have serious intent
Promissory Estoppel
promise is enforceable by law
Rejection
Someone saying no to your offer
Illusory Promises
A promise that is not enforceable because the promisor can choose not to perform the obligation
Corollary
Promises to pay debts by statute of limitation
Offerer
Someone who offers the contract
What 2 effects does intoxication have on a contract?
Voidable
Valid
Preexisting Duties
Something that is already required under an existing contract
Covenants
An agreement