NY BAR REVIEW CONTRACTS 2 Flashcards

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1
Q

exception to consideration requirement

A

release (from obligation) = binding if in writing

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2
Q

general obligations law

A

agreement to modify/ discharge obligation - no need for consideration if accompanied by signed writing

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3
Q

transfer of property or right permitted without consideration

A

consideration NOT required for ASSIGNMENT if signed by assignor

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4
Q

assignment

A

contractual obligation

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5
Q

promissory note

A

promise to pay me $. enforceable for me against him.

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6
Q

transferring a contract right

A

inter vivos without consideration

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7
Q

consideration rule for assignment

A

is effective so long as done in writing

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8
Q

all contracts have to be in writing to be enforceable. true or false?

A

FALSE

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9
Q

contract in writing if its subject to statute of _____

A

FRAUDS

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10
Q

statute of frauds

A

contract to be in writing signed by party to be charged

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11
Q

one year provision

A

contracts that CANNOT be performed within 1 year

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12
Q

special promise to answer for debt/default/miscarriage of another

A

surety provision

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13
Q

surety provision

A

if my friend loans $ to my brother, and my friend says he will do so only if you stand behind it. im not getting the consideration for it. in WRITING.

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14
Q

contract in consideration of marriage

A

WRITING

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15
Q

promise to pay a debt discharged in bankruptcy

A

i owe you / WRITING

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16
Q

creditor at times will request debtor , discharged in bankruptcy, to reaffirm the promise post bankruptcy

A

based on past consideration / WRITING

17
Q

common law exception v. ny law

A

ny - WRITING

18
Q

reaffirmation of debt, consult the

A
  1. bankruptcy code supercedes

2. ny statute of fraud

19
Q

broker fee or loan initiation fee

A

WRITING

20
Q

contracts for sale of an interest in land

A

WRITING

21
Q

lease of land contract for more than 1 year

A

WRITING

22
Q

sale of goods where price is in excess of $500

A

WRITING / U.C.C

23
Q

transfer of personal property in excess of $5000

A

WRITING

24
Q

contract creating a non possessory security interest in personal property

A

WRITING

25
Q

parol evidence rule

A

effect of a writing where it exists on a contract. when an agreement is integrated, the integrated agreement cannot be contradicted or supplemented by extrinsic evidence by prior parol statements. writing is the complete agreement of the parties, everything else said is merged.

26
Q

four corners rule

A

unless document proved on its face it intended to reference earlier words/writings

27
Q

modern rule

A

can introduce parol evidence to establish an ambiguity or to establish the written agreement is incomplete. NOT LIKE IN NY

28
Q

clear complete document

A

evidence outside 4 corners is generally inadmissible to add to or vary the writing - extrinsic or parol is inadmissible when its complete unambiguous on its face

29
Q

UCC parol provision

A

writing is incomplete unless is proven to be complete

30
Q

certain extrinsic evidence is acceptable to explicate/interpret writing in what cases?

A

UCC
course of performance
course of dealing
usage of trade