Final Chap 15-18 Flashcards
What does the initial UCC stand for?
Uniform commercial code
Three elements of a contract
Offer, acceptance, and consideration
What is the general rule for minors purchasing an item
Minor may return the item at any time within a reasonable time of reaching an age of majority
A promise for a promise, for the breach of which the law gives a remedy
A contract
Scienter
Intent. Knowledge on the part of the misrepresenting party that facts have been falsely represented
Parol evidence
Oral evidence that is not in the contract.
Name three ways to terminate an offer by the action of the parties
Rejection, revocation, counter-offer
What type of contract does UCC regulate
The sales of goods (not service/property)
What is the mirage image rule
The offeree’s acceptance must match the offeror’s offer exactly to mirror the offer
Name four ways to terminate an offer by operation of law
- Lapse of time
- Destruction of subject matter
- Death or incompetence of the offeror or the offeree
- Supervening illegality of the proposed contract
What are the four elements of certain and definite terms?
- Parties
- Subject matter
- Time and manner of performance
- Price
One who has the mental capacity to enter into a contract
Contractual capacity
Certain contracts that must be in writing
Statute of fraud
What is an incidental beneficiary?
A third person who receives a benefit from a contract even though that person’s benefit is not the reason the contract was made
A person who has detrimentally relied on the promise of another
Promissory estoppel
The refraining from action that one has a legal right to undertake
Forbearance
Name all five types of contract that must be in writing per the statute of frauds
Sale of goods over 500
Contract involving interest in land
Contract that cannot by their terms be performed within one year from the date after the date of formation
Wills（遗嘱）
Collateral, or secondary contracts
Promises made in consideration of marriage
In delegating a duty, is the delegators liable if the delegatee does not perform?
Yes
What is the definition of tender?
An unconditional offer to perform by a person who is ready, willing and able to do so.
What is the difference between commercial impracticability and frustration of purpose?
- Commercial impracticability usually involves an event that increases the cost or difficulty of performance.
- Frustration of purpose usually involves an event that decreases the value of what a party received under the contract.
What is an example of promissory estoppel?
Reasonable reliance which one reasonably relies upon and justice demands a remedy.
What is the definition of an unliquidated debt?
The amount of debt is not agreed upon between the parties.
What document is the supreme law of the land?
The U.S. Constitution
John makes a contract with Paul to service Paul’s guitars. Later John wants George to assume the rights and duties under a new contract. Paul consents. What type of contract is this called?
Novation: the substitution of a new contract in place of an old one.
