Notes Flashcards
what is an estoppel waiver
An
estoppel waiver is present when a party relies on a statement or conduct by the person whom the condition benefits before
the condition was to occur.
an oral modification to a sale of goods for over $500 that fails the requirements of SOF will still operate as a waiver
The parol evidence rule **does not apply to later modifications or statements made after the final written
agreement was signed.
if term is already in the contract, then it is an interpretation issue
a party can revoke their waiver if the other party did not materially relied on oit
although a contract may be divisible, that does not affect when
payment takes place. (** this would affect whether the painter could ask for any money at all had there been a breach of
contract. But the contract explicitly states when payment takes place**
“lost volume” seller meaning that the seller has an unlimited amount of the item he or she is selling
“lost volume” seller-notice of the seller’s intention to
resell is not required for recovery.
damages available to a “lost volume” seller are the lost profits it would have made from full performance under the contract plus any incidental
damages
Although substantial performance may allow a party to
recover for a breached contract at common law, substantial performance does not apply when there is an express condition in the contract. Thus the party would have to sue under a quasi contract theory.
Promises only applies to substantial performance and diivisible contracts.
parol evidence does not prevent extrinsic evidence to clarify an ambiguous term that is already in the contract
if the ucc applies, check to see if the parties are merchants or if only one party is a merchant. if one merchant who is a buy recieves goods that he rightfully rejects he has a duty to try and resell the goods
a ticket is not a good. it is a lisence to be somewhere.
when doing modification ques, check first to see if there was a contract and if the ucc or common law applies
bilateral contract– acceptance is doing sometghing or promising to do somthing
a merchant is a party who deals in goods of the kind and** is the subject matter** of that contract. A merchant can also be someone who has specialised skills, knowlege and experience relating to the subject matter.
the revocation can be done by a third party
must give notice to revoke
firm offers only applies to ucc. option contracts applies to both common law and ucc and you need consideration.
