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26 Cards in this Set
- Front
- Back
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Void |
No contract |
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Voidable |
Contract that may be disaffirmed (minor can void until 18th birthday) |
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Mental Incompetence |
Is unable to understand in a reasonable manner. Other party must be aware of irrational behavior. Medical is circumstance but look at time of contract + history. |
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No voluntary consent if: |
Misrepresented, fraud, duress, undue influences, mutual mistake, unilateral (taking advantage of mistake knowingly) |
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Fraud |
Tort of deceit- intentional- ask for punitive damages! |
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State of Frauds |
Law requires written agreement for certain things |
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Typical Contracts that fall under statute of frauds: |
M.Y.L.E.G.S.: Marriage, Years, Land, Executor of Estate, Goods, Secondary Liability Agreements |
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Statute of Frauds- MYLEGS- Marriage: |
Contracts in contemplation. |
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Statute of Frauds- MYLEGS- Years: |
Contracts that cannot possibly be performed in one year. |
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Statute of Frauds- MYLEGS- Land: |
Contracts that involve the transfer of title to land. |
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Statute of Frauds- MYLEGS- Executory of Estate |
Contracts by executors to assume liability by estate debts. |
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Statute of Frauds- MYLEGS- Goods |
Contracts for the sale of goods $500 or more. |
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Statute of Frauds- MYLEGS- Secondary Liability Agreements |
Printed>Typed>Written. Ambiguity is to the benefit of the non-drafter. |
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Parol Evidence Rule: |
When agreement is complete, unambiguous writing is present, no testimony is permitted to the intent of the parties. Cannot introduce evidence of terms allegedly created prior to or contemperous to the writing. |
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Meeting of minds requires: |
1) Offer |
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Intent is: |
Objective |
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Mailbox Rule: |
Contract bound upon receipt. Accepted upon dispatch. |
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Counteroffers... |
Cancel offers, but inquiries do not. |
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Firm offer |
signed writing, merchant (UCC2), assurances |
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Option Contract: |
Give money so offer can't be revoked for a period of time. |
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Valid offer: |
intent, definiteness, communication |
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Valid acceptance: |
intent, exactness, communication |
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Mirror Image Rule |
Acceptance must mirror offer |
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Battle of the Forms |
Merchants exchanging forms (UCC), preprinted contracts, conflict of terms tossed. Where delivery took place is where court is. |
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Silence as Acceptance |
Only works to bind offerer |
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Forebearance: |
Agreeing to not do something you legally CAN do.
Families can add value by emotional context. Have to be exchanges (can't show up for 10 pts if already in class). |
