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31 Cards in this Set
- Front
- Back
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UCC
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Universal Commercial Code- Article of the UCC governs the sales of goods, pertains to personal property. defines goods as tangible items
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General/Common law
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governs all contracts outside the scope of the UCC. Most contracts are primarily governed by states common law including contracts involving employment, services, insurance, real property, patents, and copyrights.
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Real property
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Land and anything attached to it
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Classifications of contracts
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expressed or implied contracts
bilateral or unilateral contracts valid, voidable, void or unenforceable contracts |
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Bilateral contract
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contract in which both parties exchange promises
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Promisor/Promisee
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Promisor is someone making a promise, promisee is someone who is having a promise made to them
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Unilateral contract
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a contract in which only one person makes a promise
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void and voidable contracts
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void contract is one without legal effect, voidable contract is one that can be voided
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unenforceable contract,
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contract for the breach of which the law does not provide a remedy
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Promissory estoppel
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doctrine enforcing noncontractual promises where there has been justifiable reliance on the promise and justice requires enforcement
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Requirements for a contract
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Mutual assent- parties must agree to terms
Consideration- must be exchanging things from both sides Legality of object- intent must be legal, can't be criminal, Capacity- parties must have conceptual capacity to enter |
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Implied in fact/express contracts
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Implied- contract where actions imply the contract
expressed- contract is written or expressed orally |
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essentials of an offer
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must be communicated
intent to enter into a contract must be sufficiently definite and certain |
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Duration of offers
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lapse of time
revocation rejection |
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Bilateral contract
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contract where both parties exchange contracts
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Contracts and punitive damages?
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No punitive damages from contracts, only when its intentional tort.
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Consideration
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both parties must make an exchange of something of value
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express contract
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one that the terms have been definitely greed upon
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Fairness of bargain
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not necessary for valid contract.
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Bilateral contract
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contract where both parties exchange contracts
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Contracts and punitive damages?
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No punitive damages from contracts, only when its intentional tort.
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Consideration
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both parties must make an exchange of something of value
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express contract
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one that the terms have been definitely greed upon
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Fairness of bargain
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not necessary for valid contract.
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UCC does not apply to
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Employment contracts
service contracts insurance contracts contracts involving real property |
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promissory estoppel
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requires that there has been justifiable reliance on the promise
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4 elements of a contract
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Competent parties
legal subject matter consideration mutual assent |
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Statutory irrevocability
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bids made to a state or pre incorporation irrevocable
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UCC
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covers personal property, goods and products, cars, televisions....
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common law
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general contract law governing everything outside the scope of the UCC code. such common in commercial activities.
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requirements of a contract
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mutual assent
consideration legality of object capacity |
