Exam 3 Lists

Question 1

2 Types of Gifts

Answer 1

Gift Inter Vivos

Gifts in Causa Mortis

Question 2

Classes of Contracts Required in Statute of Frauds:

Answer 2

1. Real Property
2. one year agreement
3. answer for debts of another (collateral contracts)
4. pay estate claims from personal funds
5. Promises arising from a promise to marry
6. U.C.C. Contracts exceeding $500 dollars.

Question 3

5 Contract Damages

Answer 3

1. Compensatory
2. Consequential
3. Nominal
4. Punitive
5. Liquidated

Question 4

Equitable Remedies (have to list 3)

Answer 4

1. Reformation
2. Recession
3. Restitution

Question 5

Avoidance of Hardships

Answer 5

??

Question 6

3 Types of Third Party Beneficiary

Answer 6

• *Creditor- 3rd party who was going to collect can sue B for breach of contract. Enforceable Rights
• *Donee- (Recipient of gift) Life insurance. Beneficiary can sue. Has claims against Promisor. Enforceable Rights.
• *Incidental- If there was no intent to benefit this 3rd party can’t sue. Not Enforceable

Question 7

*Contracts That Aren’t assignable (delegation): Non-Assignable Rights

Answer 7

1. *Assignment is prohibited by the contract
2. *Assignment would increase the burden of performance
3. *Where the right to receive personal services (ex: can’t assign marriage)
4. *Credit transactions- (Can’t assign credit to someone else)

Question 8

Classifications of conditions

Answer 8

o *Condition Precedent- Condition that must occur before a party to a contract has an obligation to perform under contract. Contract created once certain event happens. (ex: wild rose=failure of a condition precedent for championship game)

o *Condition Subsequent- (RARE) event whose occurrence or lack thereof terminates a contract. Contract created but if something happens after, it’s over. (ex: If something happens, failed drug test, then you will be fired)

o *Condition Concurrent- Mutual duties of the contract are to take place simultaneously. (right to payment)

Question 9

Anticipatory Repudiation

Answer 9

• Can occur if there is a material breach. Result of the buyer or seller refusing contract made in advance of time of performance.

Question 10

Elements of a gift

Answer 10

1. Donative Intent

2. Delivery

Question 11

Parole Evidence Rule

Answer 11

Based on idea that there was never an oral agreement prior to contract/or the parties’ abandoned original contract when they began negotiating. Parole or external evidence shall not be allowed into evidence to add or modify a contract that is fully integrated or complete on its face. (Do not need to know as a definition)
• Cannot make something ambiguous that which at its face is not ambiguous

Question 12

Substantial Performance Doctrine

Answer 12

(Adequacy of Performance) Exception to the rule of perfect tender. Equitable rule that if good faith attempt to perform does not precisely meet the terms of the agreement, the agreement will still be considered complete if the essential purpose accomplished. (If the defects are not INTENTIAL nor MATERIAL)

Question 13

For Substantial Performance Doctrine to apply:

Answer 13

the breach has to be Neither(Non): Material or Intentional

Question 14

Mitigate

Answer 14

U.C.C. calls it cover. The injured party is required to try and reduce damages if reasonably possible. After a major breach, anticipatory breach, occurs.

Question 15

Curative Tender-

Answer 15

Replace defective; you have a chance to fix it