Rule Statements Flashcards
A valid K requires
offer, acceptance, and consideration.
An Offer must
create a reasonable expectation in the offeree that the offeror is willing to enter into a K with the offered terms; must be a promise, definite terms, and communication to the offeree.
For acceptance to occur,
the offeree must have knowledge of the offer and manifest assent to the terms.
Promises must be supported by
consideration to be enforceable.
Request for modification, after K made, must
be supported by new consideration (CL) or good faith (UCC).
Impracticability occurs when
performance of the party has encountered an extreme and unreasonable difficulty or expense and its nonoccurrence was a basic assumption of the parties
Frustration of Purpose may excuse performance when
the purpose or value of the k is destroyed by a supervening event not reasonably foreseeable at the time of the k
Breach of a k occurs when there is a duty to perform
and the duty is not performed
Objective standard used in determining what duties are due in a k
reasonable person
When a k is breached, non breaching party generally is entitled
to damages sufficient to put the non breaching party in the position he would have been in if there had not been a breach
A Mutual Mistake on basic assumption of material fact in K
affects agreed upon exchange and not a risk that either party bears.
Unilateral Mistake is NOT voidable UNLESS
other party knew or should have known
Parol evidence does not
reform or contradict k terms unless there is a mistake in integration.
