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Business Law > Test3 > Flashcards

Test3 Flashcards

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1
Q

Elements of a Valid Contract

A

Offer
Acceptance
Consideration
Capacity
Legality

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2
Q

Offer

A

A promise or commitment to do or refrain from doing some future action

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3
Q

Validity of Offer

A

Objective Intent of the Promisor
Definite Terms
Communicated to a third party ( oral + written)

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4
Q

Objective Intent

A

If offer seems sincere
Lucy v Zehmer
Panhandle Realty LLC v Olins

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5
Q

Lucy v Zehmer

A

Objective Intent( the offer for a 50,000 farm was written on a napkin)

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6
Q

Panhandle Realty LLC v Olins

A

Objective Intent ( Attempt to back out of lease)

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7
Q

Definite Terms

A

Offer must include sufficient detail ( parties + specific work+ specific item+ payment details +timing)
Venture Associates Corp V Zenith Data Systems Corp ( letter of intent for merger)

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8
Q

Terminating an Offer

A

Revocation
Rejection
Counter Offer ( any changes is a new offer)
Time Lapse
Subject Matter Destroyed
Party who made the offer dies
Change of Law

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9
Q

Acceptance

A

Mirror Image Rules
Mailbox Rule ( regretful seller paradigm)
Express Authorization

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10
Q

Bilateral Contracts

A

A contract that the parties form once they exchange promises to perform the contract ( future)

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11
Q

Unilateral Contracts

A

Contract only happens when performing the terms of the offer ( future does not count)

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12
Q

Consideration

A

Value given in exchange for value
Hammer v Sidway

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13
Q

Hammer v Sidway

A

Consideration ( uncles 5k clean “clean life” payment )

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14
Q

Illusory Consideration

A

Value you exchange cannot be illusuory value
( a value that only is preexisting duty + past consideration)
Baugh v Columbia Heart Clinic

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15
Q

Baugh v Columbia Heart Clinic

A

12 month + 20 miles non complete case

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16
Q

Parties Lacking Capacity

A

Minors
Victims of Involuntary Intoxication
Mental Incompetence ( insanity and some disabilities)

17
Q

Types of Illegal Contracts

A

Gambling Contracts ( in non gambling jurisdiction)
Contract with parties lacking required licenses
Contracts in restraint of trade ( Brown v Brown, Inc v Johnson

18
Q

Brown v Brown, Inc v Johnson

A

Contracts in restraint of trade (2-year insurance industry global noncomplete)

19
Q

Contracts that must be in writing

A

Prenuptial Agreements
Real Estate Contracts
Sales of Goods In excess of $500
Contracts that span more than one year

20
Q

Discharge Obligation

A

Strict Performence ( complete)
Substantial Performance
Timeliness of Performance
Discharge of Agreement (5)
Discharge By Operation of Law

21
Q

Substantial Performance

A

Good Faith Effort + Minor Deviation + substantially same outcome
Jacobs & Young v Kent ( construction company)

22
Q

Timeliness of Performance

A

Minor Delay unless Time of the Essence

23
Q

Discharge Agreement

A

Mutual Recession ( walking away together)
Novation ( substitute)
Settlement ( Doing Less)
Accord& Sastification ( Swapping the obligation)
Covenant not to sue ( extensions for cash)

24
Q

Discharge by Operation of the Law (5)

A

Material Alteration ( adding money to check)
Statute of Limitations ( 5 years ended)
Bankruptcy
Commercial Impraticability ( Geopolitical)
Impossibility of Performance ( impossible)

25
Q

Impossibility of Performance

A

Kolodin v Valenti ( singer gets restraining order against manager)

26
Q

Meeting Of Minds “ agreeing to the same thing”

A

Involuntary Consent (5)
Mutual Mistake of Material Fact
Fraudulent Misrepresentation
Duress
Undue Influence

27
Q

Third Party Rights

A

Assignment ( transfer the rights)
Delegation ( transfer the duties)
Third Party Beneficary

28
Q

Remedies/Damages

A

Compensatory Damages “ Make Whole”
Consequential Damages
Punitive Damages
Nominal Damages
Liquidation Damages

29
Q

Equitable Remedies

A

Reformation ( clerical error)
Specific Performance ( unique goods)

30
Q

UCC Meaning of Sales

A

Passing of title “ Risk of Loss” ( title passes at signing if not said)

31
Q

Nautilus Insurance v Cheran Investment

A

Passing of Title , A bar burns down and the new owner gets the money

32
Q

UCC Meaning of Goods

A

Tangible & Moveable Property

33
Q

UCC Meaning of Merchant

A

Person who deals in specific goods
Person who holds themselves out as having knowledge & skill about specific goods
Employer of Merchant ( firm offer: irrevocable until stated time)

34
Q

Offers

A

CL- Objective Intent + Definite Terms + Communicate
UCC- Indefinite Terms in Valid Offer
( price= valid offer, Payment Timing= At receipt of goods, Delivery= Pick up at seller’s)

35
Q

Acceptance

A

CL- Mirror Image Rule
UCC- Battle of the Forms

36
Q
A

Business Law (3 decks)

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