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30 Cards in this Set
- Front
- Back
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4 elements required for a valid contract
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agreement, consideration, capacity, legality
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voidable contract
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one of the parties to the contract can elect to avoid their contractual obligations
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statute of frauds
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must be in writing
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void
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an agreement that has no legal effect and thus is not legally binding
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express contract
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oral or written contract that has all of the contract terms clearly detailed
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implied contract
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implied in fact. conduct of the parties
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quasi-contract
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implied at law
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three requirements for a valid offer
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intent to make an offer, terms are somewhat definite, must be communicated to offeree
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objective standard
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standard based on factual measurments
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ways to revoke an offer
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lapse of time, reasonable time, rejection, death/insanity, destruction of good
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revoke an offer
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revoke an offer anytime prior to acceptance
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2-205
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must be a contract for sale of good, offeror must be a merchant, must be signed, indicate that offer is irrevocable
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counter offer
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adding terms in the acceptance
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2-207
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1st section:
neither or one party is a merchant intent to enter into a contract offeror's terms 2nd section: both are merchants offeree terms control unless: new terms materially alter the contract offeror states their terms and only their terms control offeror objects within given time due to different terms |
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offer
revocation acceptance |
received
received sent |
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2-206
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acceptance is valid as long as you use a reasonable means of communication
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consideration must be
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sufficient and both sides must give it
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not valid consideration
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love and affection
past consideration part of their job moral obligation promissory estoppels |
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promissory estoppels
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• One party makes a promise to another, relies on the promise, and makes a substantial change
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liquidated vs unliquidated
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no dispute on amount owed vs dispute
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2-209
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does not need additional valid consideration with a modification
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minor
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agreement is voidable at election of minor
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disaffirming
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anytime prior to age of majority or reasonable time thereafter (get out)
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ratifying
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reach age of majority or reasonable time thereafter (keep the car)
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types of insanity
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unjudicated (not informed) vs adjudicated (declared)
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insanity void/voidable
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voidable unjudicated, void adjudicated
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usury statute
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can't charge higher interest rate than legal max rate by law
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3 views if someone charges usury rate
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forfeit everything
forfeit interest, not principle recover it all |
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general rule of statute of frauds
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if it's within statute, must be in writing
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5 types of statutes of fraud
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land, cannot be performed in a year, promise and consideration of marriage, se
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