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Contracts > Workshop Review > Flashcards

Workshop Review Flashcards

1
Q

In order to accept an offer, you must . . .

A

Know of the offer to begin with

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2
Q

Once you reject an offer, your power to accept . . .

A

Terminates

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3
Q

A counteroffer made by the offeree operates the same as a . . .

A

Rejection

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4
Q

Mailbox Rule applies to . . .

A

acceptances

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5
Q

What is the Mailbox Rule?

A

Acceptance is effective upon dispatch, not receipt

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6
Q

Does the Mailbox Rule apply if the post office loses the letter?

A

Yes

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7
Q

In order for an option to be valid at CL, it must be supported by . . .

A

Consideration

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8
Q

For the Firm Offer to apply, what must be true of the offeror?

A

Must be a merchant

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9
Q

What is the Firm Offer Rule?

A

An offer by a merchant in a signed writing, which by its terms, gives assurance that it will be held open, is irrevocable during the time stated.

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10
Q

What if no period is statued under the Firm Offer Rule?

A

Period of irrevocability will last no more than 90 days.

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11
Q

Can the Firm Offer Rule apply to a written offer by a merchant? An oral?

A

Yes

No

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12
Q

What term MUST be in every sale of goods deal? Exception: ______ Contract

A

Quantity

Requirements

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13
Q

In a requirements k, quantity is measured by what?

A

The buyer’s good faith needs.

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14
Q

In a requirements k, the buyers order must be ______ with what has been ordered in the past.

A

Proportionate

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15
Q

Is an art collector a merchant?

A

No

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16
Q

True or False: The Mailbox Rule does not apply to options

A

True

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17
Q

The Mailbox Rule does not apply to . . . under the CL.

A

Options

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18
Q

Past consideration and moral obligations are/aren’t adequate forms of consideration at CL.

A

Aren’t

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19
Q

Past consideration and moral obligations are/aren’t adequate forms of substitute consideration at CL.

A

Aren’t

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20
Q

Future promises in writing are enforceable/unenforceable

A

Unenforceable

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21
Q

Under the SOF, which types of contracts must be in writing

A

Marriage
Years, Term of

Land (sale contracts)
Executory
Goods ($500+)
Surety (promise to answer for the debt of another)

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22
Q

What is a surety k?

A

A promise to answer for the debt of another.

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23
Q

At CL, In order to have a valid acceptance, the acceptance must be a what of the offer?

A

Mirror Image

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24
Q

Under the Battle of the Forms, if the offeree accepts, buts make a __________ ________, the terms of the offer control and the _______ _____ is out.

A

Material alternation x2

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25
Q

Under the Battle of the Forms, if the offeree makes acceptance conditional upon assent of an additional term, what result?

A

No k at all.

Considered a counteroffer.

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26
Q

Under the Battle of the Forms, if the offeree accepts and make a __________ ________, the _______ _____ becomes part of the k.

A

Nonmaterial change x2

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27
Q

Under the Battle of the Forms, if the offeree accpets and makes a nonmaterial change, the change will become part of the k UNLESS . . .

A

The offeror timely objects

28
Q

Material alterations under the Battle of the Forms usually deal with these three topics.

A

Money

Liability

Remedies

29
Q

when you see the word _____, think promissory estoppel.

A

Relying/reliance

30
Q

If a mutual mistake goes to the . . . , it is grounds for rescission

A

Heart of the agreement.

31
Q

The general rule regarding unilateral mistake is that it will/won’t prevent contract formation.

A

Won’t

32
Q

In all unilateral mistake situations, if the non-mistaken party _________________________________, they will not be permitted to take advantage of the mistaken party

A

Knows or Has Reason to Know of the Other Party’s Mistake

33
Q

At CL, in order to have a valid modification, you must have new ________.

Why?

A

Consideration

Preexisting Duty Rule (if you want to change existing duties, you need to sweeten the deal)

34
Q

The UCC allows for good faith modification regardless of whether there is new consideration. T or F?

A

T

35
Q

How does the UCC and CL differ with respect to contract modifications?

A

UCC allows good faith modification w/o new consideration

CL follows the Preexisting Duty Rule and requires new consideration for k mods.

36
Q

Under the UCC (both parties merchants), if one party within a reasonable time after entering into an oral k, sends a written confirmation to the other party, who is bound by that writing?

A

The person who sends the written confirmation.

37
Q

Under the UCC (both parties merchants), if one party within a reasonable time after entering into an oral k, sends a written confirmation to the other party, how long does the recipient have to object before being bound?

A

10 days.

38
Q

Under the UCC (both parties merchants), if one party within a reasonable time after entering into an oral k, sends a written confirmation to the other party, what happens if no response within 10 days?

A

Recipient is bound.

39
Q

Under the UCC, one party within a reasonable time after entering into an oral k, sends a written confirmation to the other party intending to bind itself to the deal, what must be true of the parties?

A

They must both be merchants.

40
Q

Under the Perfect Tender Rule, what is required of the seller?

A

Seller must deliver Perfect Tender

41
Q

The Perfect Tender Rule applies to CL or UCC?

A

UCC

42
Q

If a seller fails to deliver Perfect Tender to a buyer under the UCC, the delivery is considered . . . .

A

Acceptance and a breach

43
Q

If a seller fails to deliver Perfect Tender to a buyer under the UCC, the buyer has 3 options:

A

Accept and pay

Timely reject and sue for damages

Accept and reject in part

44
Q

What is the only thing that will save a seller from suit who fails to deliver Perfect Tender?

Why does it save him?

A

If delivery of nonconforming tender comes with a notice of accommodation.

It is considered a counteroffer, so no breach.

45
Q

In order for a delivery of nonconforming tender to be considered a CO, the seller must…

A

Send a notice of accommodation with the delivery.

46
Q

Under contract law, a non-beaching party is not required to minimize damages. True or false?

A

False

47
Q

When a non breaching party covers, their damages are the difference between what?

A

The cover price and the contract price

48
Q

The standard remedy for a non breaching buyer under the UCC is the following equation

A

Cover Price - Contract Price = Buyer’s Standard Remedy under the UCC

49
Q

When does a 3rd party beneficiary’s rights vest? 3 ways

A

When the 3rd PB learns of the k AND assents to it (learn and assent)

When 3rd PB learns and relies on the k (learn and rely)

When 3rd PB learns and brings lawsuit to protect rights (learn and sue)

50
Q

Prior to a 3rd party beneficiary’s rights vesting, can the parties modify the k without the 3rd PB consent?

A

Yes

51
Q

After a 3rd party beneficiary’s rights vest, can the parties modify the k without the 3rd PB consent?

A

No

52
Q

The Parole Evidence Rule bars the introduction of _______ or _____ agreements that vary or modify the terms of a complete and totally integrated written agreement.

A

Prior

Contemporaneous

53
Q

Evidence that a contract was subject to a condition is/isn’t exempted from the Parole Evidence Rule.

A

Is

54
Q

Evidence of a ________ is always admissible to explain the deal.

A

Condition

55
Q

When an anticipatory breach occurs, the other party is entitled to (3) . . .

A

Leave the k

Find someone else to cover

Sue for damages

56
Q

If one party is doubtful of another party’s performance, the other party can always make a demand for . . .

A

Adequate assurance

57
Q

Explain the difference between anticipatory reputation and a demand for adequate assurance.

A

Anticipatory repudiation occurs when one is sure performance won’t take place.

Adequate assurance is requested when one party has doubts as to whether the other party will perform.

58
Q

All contracts are assignable and delegable except which 2?

A

Unique personal services contracts

Long-time requirements contracts

59
Q

Assignments can be gratuitous, but gratuitous assignments are ____.

A

Revocable

60
Q

Unless there is ______, gratuitous assignments a revocable.

A

Reliance

61
Q

True or false: Assignments and delegations must be in writing.

A

False. Can be oral.

62
Q

The only time you pick a novation answer when there is a new k . . .

A

Substituting out one of the original parties for a new party.

63
Q

When it is the breaching party bring suit, they are entitled to . . . (equation).

A

Reasonable value or services provided MINUS non breaching parties damages

64
Q

They key to contract remedies is to place the non breaching party in the position . . .

A

She would have been in if the k had been completed.

65
Q

The standard remedy for a non breaching seller under the UCC is . . . (what minus what)

A

K price MINUS resale price = seller’s standard remedy under UCC

66
Q

Other than the standard remedy for a non breaching seller under the UCC (K price MINUS resale price), what is appropriate remedy for a “volume seller.”

Why?

A

Lost profits.

Without the breach, the seller would have sold 2 units, rather than 1.

Contracts (11 decks)

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