Review

Question 1

Promissory estoppel

Answer 1

An oral promise that was relied on. The intent to contract- can be enforced.

Question 2

Quasi-contract

Answer 2

The defendant received benefit from the plaintiff. contract implied in law

Question 3

Option contract

Answer 3

An interested purchaser buys the right to have the offer held open. The offeror mat not revoke an offer burning the option period

Question 4

Mirror image rule

Answer 4

Requires the acceptance be precisely the same terms as the offer. Common law

Question 5

The mailbox rule/ The deposited acceptance rule:

Answer 5

acceptance is effictive once message sent, once taken out of control of the offeree

Question 6

Exculpatory clause

Answer 6

A contract provision that attempts to release one party from liability in the event the other is injured. (ski resort)

Question 7

Surprise

Answer 7

The weaker party did not fully understand the consequences os its agreement

Question 8

Oppression

Answer 8

Superior barganing power - take it or leave it

Question 9

Disaffirm

Answer 9

A minor who wishes to escape a contract. To give notice of refusal to be bound by an agreement

Question 10

Ratify

Answer 10

Words or actions of a minor indicating an intention to be bound by a contract

Question 11

Fraud

Answer 11

someone intentional misrepresents a fact. allow other party to disaffirm the contract

Question 12

Bilateral mistake

Answer 12

Both parties negotiate based on the same factual error. Parties never had “meeting of the mind” never an agreement. *Voidable by the injured party.

Question 13

Unilateral mistake

Answer 13

error made by one party, no basis for avoiding contract. contract may be avoided if the error in value in what is to be exchanged is substantial, or if the mistake is caused by or known to the other party.

Question 14

Statue of frauds

Answer 14

Requires certain types of contracts to be in writing and signed by the defendant to be enforceable

Question 15

Contracts that are governed by The Statute of Frauds

Answer 15

1. Interest in Land 2. Cannot be performed within one year 3. To pay the debt of another4. Made by an executor of an estate5. Made in consideration of marriage 6. The sale of goods is worth $1000 or more

Question 16

Interest in Land

Answer 16

Any legal right regarding land. Fixture of the land, anything that’s permanently on there **house on land, license to use land, leased apt

Question 17

Exceptions to Interest in Land

Answer 17

1. Full performance by seller2.Part performance by buyer3. Promissory Estoppel

Question 18

intended beneficiary

Answer 18

Someone who may enforce a contract made between two other parties. Has power to enforce

Question 19

incidental beneficiary

Answer 19

Someone who might have benefited from a contract between two others but has no right to enforce that agreement

Question 20

Delegating

Answer 20

Transfer contract Duties. Unique characteristic cannot be delegated

Question 21

Assignment

Answer 21

Transfer contract Rights.

Question 22

Novation

Answer 22

a 3 way agreement in which the obligor transfers all rights and duties to a third party

Question 23

Condition

Answer 23

SO important that if its not done to what you agreed and specified, you want out.

Question 24

Key to conditional clauses

Answer 24

if the condition does not occur, one party will probably be discharged without having to perform his obligations under a contract

Question 25

Condition Precedent

Answer 25

An event must occur before a duty arises. If it doesn’t occur, buyer can black out

Question 26

Condition Subsequent

Answer 26

Must occur after a particular duty. If it doesn’t occur, the duty is discharged

Question 27

Concurrent Condition

Answer 27

Both parties have a duty to perform simultaneously

Question 28

Simple Term

Answer 28

both parties agreed to. (Breach of a term does not make a contract worthless: Neither party is released from contract, it is fixed)

Question 29

Parol Evidence

Answer 29

Both contract and modification has to be in writing! Nothing oral if enforcable

Question 30

statute of limitations

Answer 30

A statutory time limit with in which an injured party must file suit. After they realize

Question 31

Statute of repose

Answer 31

You cannot sue after a certain time period since the performance/ after the delivery of a product.

Question 32

Forbearance

Answer 32

Refraining from doing something that one has a legal right to do. Value

Question 33

Injunkshion

Answer 33

Court order that requires someone to do something or to stop doing something.

Question 34

Consequential damages

Answer 34

Anything that goes wrong because of the breach.
 (other party did something wrong)