Mnemonics Flashcards
ingredients for a valid contract are TACO
T - definite TERMS (express or implied)
A - ACCEPTANCE of terms
C - CONSIDERATION
O - OFFER inviting acceptance
an offer expires when it gets TIRED
T- reasonable TIME after an offer is made, or after expiration date expressly stated in an offer
I - mental INCAPACITY of death or offeror or offeree
R - REVOCATION of an offer communicated to of offeree before acceptance
E - EXPRESS or implied rejection communicated to the offeror
D - DESTRUCTIONS of the subject matter of the offer or intervening illegality terminates an offer by operation of law
options can DIE by . . .
D - DESTRUCTION of subject matter
I - intervening ILLEGALITY
E - EXPIRATION of a stated option time
contracting parties are generally free to modify a third-party beneficiary contract, unless, prior to receiving notice of the K modification, the 3rd party gets MAD
M - MANIFESTED an assent called for in the 3rd party beneficiary contract, at the request of one of the contracting parties (i.e., accepted a K offer arising from the 3rd party beneficiary K)
A - commenced a breach of K ACTION against the promisor; or
D - DETRIMENTALLY relied on the K
contract assignments may involve the ADA
A - ASSIGNMENT of a contractual right to collect money owed under the K
D - DELEGATION of the performance required under the K
A - ASSUMPTION of liability for performing the K
look to the HAIL to determine whether a breach is material or immaterial
H - HARDSHIP on breaching party if total material breach is declared
A - AMOUNT of benefit bestowed on non-breaching party
I - whether the breach was INNOCENT
L - LIKELIHOOD of full performance being achieved
OF MICEE permits parole evidence
O - to establish an ORAL condition precedent to legal effectiveness of K
F - allegations of FRAUD of misrepresentation
M - to establish MUTUAL mistake or claim for reformation of K
I - to establish ILLEGALITY
C - to establish failure of CONSIDERATION
E - to EXPLAIN ambiguous or missing terms
E - to show that no ENFORCEABLE agreement was ever intended
contract law does not allow recover for CAPS
C - CONSEQUENTIAL damages (unless they were within the contemplation of both parties when the K was executed)
A - damages that could have been AVOIDED
P - damages for PAIN and suffering or emotional distress resulting from a breach ( even if damages were foreseeable)
S - SPECULATIVE damages aren’t recoverable (all damages must be proven within reasonable certainty)
additional terms will not be added to the contract when O-CAN avoid it
O - the offeror OBJECTS to additional terms within a reasonable time
C - the offer expressly CONDITIONS the agreement on accepting the terms in the offer as they are
A - the additional terms materially ALTER the offer
N - either one or both parties are NON-MERCHANTS
exceptions to the SoF requirement are SWAMP
S - contracts for SPECIALLY manufactured goods
W - WAIVER
A - judicial ADMISSION of contract
M - MERCHANT confirmation memorandum
P - PART PERFORMANCE
remedies available to a seller include SPARKLE
S - STOPPING goods in transit
P - suing for the entire contract PRICE
A - demanding ASSURANCES
R - RE-SELLING goods to another buyer
K - KEEPING part of breaching buyers deposit (never more than $500)
L - suing for LOST profits
E - EXERCISING the right to reclaim goods delivered to an insolvent buyer
remedies available to a buyer are WAR DICS
W - breach of WARRANTY
A - ACCEPTANCE revocation
R - REJECTING non-conforming goods
D - DAMAGES for lost benefit of the bargain or price paid
I - INCIDENTAL & consequential damages
C - COVER
S - SPECIFIC PERFORMANCE on a K for unique goods
examples of express warranties are SAD
S - SAMPLES or a model, which is the basis of the bargain
A - written or oral AFFIRMATIONS of fact or promise made by the seller relating to the goods
D - DESCRIPTION of the goods in an advertisement, brochure, or catalog
defective product claims can be based in one or more PINE theories
P - strict PRODUCTS liability
I - breach of IMPLIED warranty
N - NEGLIGENCE
E - breach of an EXPRESS warranty
when asserting a strict products liability claim, P must prove a DIM defect
D - DESIGN DEFECT
I - INADEQUATE warning
M - MISTAKE in the MANUFACTURING process
