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Rigos Bar Review > Rigos_Acronyms-Contracts > Flashcards

Rigos_Acronyms-Contracts Flashcards

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1
Q

Contracts

Overall memory ladder acronym for contract law: OAC LLS VIPR TAD

*Contracts

A

“O”ffer by offeror with definite terms expressing intent to be bound that is not yet revoked or rejected creating the power of acceptance in a particular offeree
“A”cceptance by offeree through a return promise or performance
“C”onsideration benefit received by promisor or detriment incurred by promisee
“L”egal capacity of contracting parties not infant, insane, or intoxicated (3Is)
“L”egal subject matter and not against public policy
“S”tatute of frauds (SOF) compliance – writing signed by D – if a MOULS contract

“V”oid or voidable circumstances MUFFED
“I”nterpretation of contract II PACC
“P”erformance and breach
“R”emedies  MRS DAISI

“T”hird party beneficiary creditor or done
“A”ssignment of Rights by promisee to assignee
“D”elegation of Duties by obligor to delegatee

(c) 2014 Rigos Professional Education - All Rights Reserved

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2
Q

Contracts

Contract formation OAC trilogy

*Contracts

A

“O”ffer by offeror with definite terms expressing intent to be bound that is not yet revoked or rejected creating the power of acceptance in a particular offeree
“A”cceptance by offeree through a return promise or performance
“C”onsideration benefit received by promisor or detriment incurred by promisee

(c) 2014 Rigos Professional Education - All Rights Reserved

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3
Q

Contracts

Common Law Contract Subjects: SIR

*Contracts

A

“S”ervices include personal (employee’s labor), professional (attorney’s advice), and construction (builder’s construction).
“I”ntangibles include software, patents, trademarks, copyrights, accounts receivable, legal claims, and money.
“R”eal estate includes contracts for the sale, purchase, or encumbrance of land.

(c) 2014 Rigos Professional Education - All Rights Reserved

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4
Q

Contracts

Offer – DIPP

*Contracts

A

“D”efinite Terms with
“I”ntention to Create a Present
“P”ower of Acceptance in a
“P”articular Offeree

(c) 2014 Rigos Professional Education - All Rights Reserved

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5
Q

Contracts

UCC Order of Court Imposing Gap-Filling Terms: CPU

*Contracts

A

“C”ourse of Performance Between Parties
“P”ast Course of Dealings Between Parties
“U”sage of Trade in Industry

(c) 2014 Rigos Professional Education - All Rights Reserved

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6
Q

Contracts

Acceptance Additions Between Merchants: MOP

*Contracts

A

“M”aterially change the essence of the bargain
“O”bjected to by the offeror, or such additional terms were
“P”recluded in the offer

(c) 2014 Rigos Professional Education - All Rights Reserved

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7
Q

Contracts

Capacity Defenses: 3 Is

*Contracts

A

“I”nfants
“I”nsanity
“I”ntoxication

(c) 2014 Rigos Professional Education - All Rights Reserved

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8
Q

Contracts

Reasonable Terms Required for Non-Compete Agreements: SAT

*Contracts

A

“S”ubject of Restraint
“A”rea of Geographical Restraint
“T”ime Limit

(c) 2014 Rigos Professional Education - All Rights Reserved

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9
Q

Contracts

Statute of Frauds Requiring a Writing and D’s Signature: MOULS

*Contracts

A 
"M"arriage Including Property Transfer
"O"ver One Year 
"U"CC If $500 US or More PAWS Exceptions
"L"and Sale or Lease
"S"uretyship Promises

(c) 2014 Rigos Professional Education - All Rights Reserved

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10
Q

Contracts

UCC If $500 US or More: PAWS Exceptions to SOF

*Contracts

A

“P”art Performance
“A”dmission
“W”ritten Confirmations Between Merchants
“S”pecifically Manufactured Goods

(c) 2014 Rigos Professional Education - All Rights Reserved

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11
Q

Contracts

Void or Voidable Circumstances: MUFFED

*Contracts

A 
"M"istakes
"U"nconscionability
"F"raud
"F"iduciary’s Undue Influence
"E"stoppel Defenses
"D"uress

(c) 2014 Rigos Professional Education - All Rights Reserved

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12
Q

Contracts

Fraud In the Inducement: FIRD

*Contracts

A

“F”alse Statement of a Material Fact
“I”ntention to Deceive
“R”eliance on the False Statement
“D”amages

(c) 2014 Rigos Professional Education - All Rights Reserved

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13
Q

Contracts

Interpretation of Contract: II PACC

*Contracts

A 
"I"ntentions of Parties Control
"I"ncorporation by Reference
"P"arol Evidence Rule DUCAS Exceptions
"A"mbiguity
"C"ontrolling Statute
"C"onflict of Laws

(c) 2014 Rigos Professional Education - All Rights Reserved

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14
Q

Contracts

Parol Evidence Rule: DUCAS Exception

*Contracts

A 
"D"efect in Formation
"U"CC Trade and Dealings
"C"ondition Precedent
"A"mbiguity Interpretation
"S"ubsequent Modifications

(c) 2014 Rigos Professional Education - All Rights Reserved

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15
Q

Contracts

COD

*Contracts

A

“C”ash “o”n “D”elivery

(c) 2014 Rigos Professional Education - All Rights Reserved

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16
Q

Contracts

FOB

*Contracts

A

“F”ree “o”n “B”oard

(c) 2014 Rigos Professional Education - All Rights Reserved

17
Q

Contracts

FAS

*Contracts

A

“F”ree “A”long”S”ide

(c) 2014 Rigos Professional Education - All Rights Reserved

18
Q

Contracts

CIF

*Contracts

A

“C”ost, “I”nsurance, and “F”reight

(c) 2014 Rigos Professional Education - All Rights Reserved

19
Q

Contracts

LOC

*Contracts

A

“L”etter “o”f “C”redit

(c) 2014 Rigos Professional Education - All Rights Reserved

20
Q

Contracts

Warranty Exclusions and Disclaimers Require: 5 Cs Test:

*Contracts

A 
"C"lear
"C"onspicuous
"C"onscionable
"C"onsistent
"C"onsumer Purchaser

(c) 2014 Rigos Professional Education - All Rights Reserved

21
Q

Contracts

Excusable Nonperformance: CIISSU

*Contracts

A 
"C"ooperation Lacking or Hindrance
"I"llegality After Formation
"I"ncapacity of Personal Service Contractor
"S"ource of Supply Impossible
"S"ubject Matter Destroyed
"U"CC Failure of a Presupposed Condition

(c) 2014 Rigos Professional Education - All Rights Reserved

22
Q

Contracts

Common Law Remedies: MRS DAISI

*Contracts

A

“M”oney Damages
“R”escission / Reformation / Replevin / Restitution – 4 Rs
“S”pecific Performance

"D"eclaratory Judgment
"A"ccounting
"I"njunctions
"S"tatute of Limitations
"I"n Quasi-Contract

(c) 2014 Rigos Professional Education - All Rights Reserved

23
Q

Contracts

UCC Buyer Remedies: CICS

*Contracts

A

“C”over by Purchasing Substitute Equivalent Goods
“I”ncidental Damages
“C”onsequential Damages
“S”pecific Performance

(c) 2014 Rigos Professional Education - All Rights Reserved

24
Q

Contracts

Rescission / Reformation / Replevin / Restitution: 4 Rs

*Contracts

A

“R”escission or a Complete Undoing
“R”eformation or Changing the Contract
“R”estitution – Value Added or Compensate Victim
“R”eplevin of Stolen Goods

(c) 2014 Rigos Professional Education - All Rights Reserved

25
Q

Contracts

UCC Seller’s Remedies: RRIP

*Contracts / UCC-Article 2

A

“R”ecession
“R”esell Goods
“I”ncidental Damages
“P”rofit Lost Interest

(c) 2014 Rigos Professional Education - All Rights Reserved

26
Q

Contracts

UCC Buyer’s Remedies: CICS

*Contracts / UCC-Article 2

A

“C”over with Equivalent Goods
“I”ncidental Damages
“C”onsequential Damages
“S”specific Performance

(c) 2014 Rigos Professional Education - All Rights Reserved

27
Q

Contracts

Specific Performance Remedy: CIT

*Contracts / UCC-Article 2

A

“C”over Not Possible
“I”dentification of Goods
“T”ransfer of BFP Not Made

(c) 2014 Rigos Professional Education - All Rights Reserved

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