Reg5 Flashcards
For what contrats do common law apply?
RISE R-Real estate I-Insurace S-Services E-Employment
For what contracts do the UCC need to be followed?
Sale of goods
What are the requrments to be a legally enforceable contract?
1.) agreemtn made up of an offer and an acceptance 2.) exchange of consideration 3.) lack of defense
In order to prove fraud as a defense against a contract, what must be proved?
MAIDS M-misrepresentation of material fact A-actual and justifiable reliance by the plaintiff on the mirsrepresentation I-intent to induce plaintiff’s reliance on the misrepresentation D-Damages S-Scienter (knowing that the statemetn was false or made with a reckless disregard for the truth)
What is fraud in the execution?
When a person does not know they are signing a contract
Is a contract with fraud in the execution void or voidable?
Void, there is no “meeting of the minds”
What is fraud in the inducement?
Where the contract is materially misrepresented
Is a contract with fraud in the inducement void or voidable?
Voidable
If there is phsycial duress, is the contract void or voidable?
Void (which means neither party can sue)
If there is social or economic duress, is the contract void or voidable?
Voidable
What contracts are required to be in writing?
MY LEGS M-marriage Y-cannot be performed within one year L-land E-executors to pay estate debuts out of personal funds G-sale of goods over 500 S-surety (which is to pay the debts of another)
What is required for a merchan’s firm offer to be valid?
1.) seller must be a merchant 2.) offer must be in writing and signed by the merchant 3.) offer must give assurances it will be kept open for a certain time
What are the execpmtions when sales of goods greater then 500 need not be in writing?
SWAP S-specially manufactured goods, W-Written merchant’s confirmatory memo A-admission in court P-perofrmance
