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20 Cards in this Set
- Front
- Back
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what are the three ways to draft a contract
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hand written, type written, printed
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When a ccontract is drafted and a 3rd party is added incidentally, do they have a right to sue if the confract fails?
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no, they can only sue if they were an intended beneficary
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What is an assignment?
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transfer of right and benefit, but not duty
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the obligee is always________?
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the assignor
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What is a transfer of duty?
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delegation
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What must be done to make an assigment after the contract has been signed?
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notice must be given, assignment must not increase burden, is a transfer of property
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3 types of conditions for discharge
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Presedent, subsequent, and concurrent
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what is tender?
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when you present your payment called for by the contract
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What is substantial performance docterine?
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only in construction cases, in good faith, remedy is cost of completion damages
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What is CCPA?
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gives a debtor 3 days to rescind a contract where a lien is placed on their property
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Give 5 ways to discharge an agreement
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mutual cancelation, susbtitution of a new contract, accord and sattisfaction, release, waiver
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What si a novation?
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new party forming a new contract
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What is an accord and satisfaction?
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a dispute, then settled
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What does statue of limitations mean?
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a certain # of years you have to bring a law suit
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What is a breech?
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failurre to perform a contract
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What is anticipatory repudiation?
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letting the other party know early, that you will not be a ble to meet the terms of the contract
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If you recieve an anticipatory repudiation, what can you do?
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Nothing, sue immediately, or cancel the contract
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When can you exercise specific performance asa remedy for anticipatory repudiation ?
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if the subject is unique (EX: a painting or property), this forces the other party to do what they said
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What is the duty to mitigate damages?
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you are required to try to keep the damages to a minium if someone backs out of a contract
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what are liquidated damages clause?
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pre-set agreement in the contract for damages if contract is not met
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