FL contracts Flashcards

Question

UCC Modification

Answer 1

No add'l consideration needed; just good faith between parties

Answer 2

SOF, part performance exception (CL), Merchant confirmation exception (UCC), minor contracting, mistake, impossibility, impracticability

Answer 3

Requires certain contracts to be in writing, contain essential terms, and signed by parties (to be charged)

Answer 4

price, quantity, parties, and signed by the parties to be charged

Answer 5

"M - contract for Marriages Y - Contracts that cannot be completed within 1 Year L - contracts for the sale of Land E - Executorships G - Guarantees S - Sale of goods over $500"

Answer 6

If there's no writing, SOF exception for land contractsÉ Some partial payment and made improvements or took possession

Answer 7

UCC Exception. Seller sends a written confirmation signed with the quantity. If no objection within 10 days of receipt, it constitutes a sufficient writing to satisfy the statute of frauds requirement.

Answer 8

The contract is voidable at the option of the minor. In Florida, the minor cannot use minority as a defense ONLY if they fraudulently misrepresented their age

Answer 9

Unilateral or mutual mistake

Answer 10

one person is mistaken; NOT a defense UNLESS the other party knew they were mistaken

Answer 11

both parties were in good faith mistaken, ALWAYS a defense

Answer 12

Nobody could perform; objective std.

Answer 13

Due to unforeseen circumstances, performance becomes too impractical, even if possible. *but some changes are foreseeable

Answer 14

party fails to perform according to the terms of the contract; material or minor

Answer 15

breach is so substantial (went to the essence of the contract) that the party did not get the benefit of the bargain; can sue for TOTAL breach.

Answer 16

parties still received benefit of the bargain; can only sue for particular damages.

Answer 17

The buyer is entitled to sue for damages for any non-conforming goods, regardless of whether they are accepted. Seller tenders goods that fail to conform in any way to the underlying contract; buyer has 3 options: may (1) accept (2) reject or (3) accept in part and reject in part the goods.

Answer 18

Multiple shipments on a regular basis, one nonconforming shipment does not constitute a total breach, UNLESS impairs value of whole contract

Answer 19

legal and equitable remedies

Answer 20

Monetary compensation!!! - Expectation, reliance, or consequential damages

Answer 21

granted when no adequate remedy at law (money is not an adequate remedy to help) -- specific performance, rescission, and restitution

Answer 22

If a seller breaches a contract, then the buyer is entitled to expectation damages. + Default remedy. + PUT THE NON-BREACHING PARTY IN POSITION THEY WOULD HAVE BEEN IN, HAD THE CONTRACT BEEN PERFORMED, and to give the parties the benefit of the bargain ***Must have reasonable certainty with respect to amt of damages.

Answer 23

Awarded if expectation damages cannot be obtained. Compensates for UNREIMBURSED EXPENSES unreimbursed expenses paid due to RELIANCE on the contract. Examples include expenses for travel or marketing.

Answer 24

last resort. Compensates for FORESEEABLE damages or losses resulting directly from the breach. Special damages due to the particular circumstances of the non-breaching party. bar note: - Consequential damages, including lost profits, are available only if the breaching party knew or should have known about the potential losses at the time of contracting.

Answer 25

ordered to perform. Granted when the subject matter is unique.

Answer 26

there was no meeting of the minds [not on same page]. To put parties in the position prior to contract formation. - usually associated with mistake or misrepresentation (when this happens)