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17 Cards in this Set
- Front
- Back
Define:
1) Express Contract 2) Implied Contract 3) Quasi Contract |
1) Express Contract - explicit oral or written agreement
2) Implied Contract - an agreement in which the parties' assent is inferred from their conduct 3) Quasi Contract - not a contract, but rather a remedy to prevent unjust enrichment |
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Name 3 elements necessary for an enforceable contract
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1) an agreement made up of an offer & acceptance
2) exchange of consideration (of legal value) 3) a lack of defenses |
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Define "offer"
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a promise, undertaking, or certain commitment with definite & certain terms communicated to offeree
-generally advertisements are not offers |
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How can an offer be terminated?
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-revocation by offeror anytime before acceptance
-rejection by offeree -operation of law (death or insanity) |
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Void Contract
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an agreement which lacks one or more of the essential elements of a contract, therfore, does not creat any legal obligations
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Voidable Contract
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contract liable to be subsequently annulled or set aside through process of rescission.
Circumstances/features that make a contract voidable include (1) non-disclosure of one or more material facts, (2) misrepresentation, (3) mutual mistake, (4) lack of free will of a contracting party, or presence of one contracting party's undue influence over the other, and (5) a material breach of the terms of the contract. |
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What are 3 exceptions on the offeror's power to revoke?
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-option contract where consideration is paid to keep offer open
-merchant's firm offer under UCC -Beginning performance of a unilateral contract |
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What in an option?
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A distinct contract in which the offeree gives consideration in exchange for the offeror keeping the offer open/
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What is the mailbox rule?
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An acceptance is effective to breate a contract at the time of dispatch if a reasonable means of communication is used
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What are the 2 elements of consideration?
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1) A bargained for exchange
2) of something of legal value |
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When does a conditional promise constitue consideration?
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ALWAYS, unless the promisor is soley in control of the "condition"
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Name 2 circumstances where a promise will be enforced without consideration
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-detrimental reliance / promissory estoppel situation
-promise to pay a debt barred by the Statue of Limitations |
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Name some of the defenses available in determining whether a promise will be binding as a contract
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-fraud - Duress - insanity
-innocent misrepresentation -undue influence - illegality -mutual mistake - minority -unilateral mistake -intoxication - novation -unconscionability -statue of limitations -statue of frauds -impossibility -impracticability -frustration of purpose -accord & satisfaction -substituted contract -failure of conditions |
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Under what conditions can a contracting party establish the defense of fraud?
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-defendant made a misrepresentation of material fact
-with intent to deceive plaintill of with reckless disregard for the truth (i.e, scienter) -which does not deceive the plaintiff (the plaintff relies on the misrepresentation and -causes the plaintiff damages |
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Under the statue of frauds what types of promises must be evidenced by a writing?
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Marriage
Year Land Executor's promise Goods $500 or more Suretyship |
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What is the Parol Evidence Rule?
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if parties have entered into fully integrated written contract, prior or contemoraneous oral statements and prior written statements cannot be admitted into evidence to vary the written terms of the contract.
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In general, what is the goal of contract remedies?
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Intended to put the nonbreaching party in as good a position as he or she would have been had the other party performed as promise
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