Contract Law-Buzz

Front 1

Does the common law or U.C.C applies?

Back 1

The U.C.C governs the sale of good. The U.C.C. has special rules applicable to merchants.
Common law applies to real property, service and others.

Front 2

An offer requires:

Back 2

1. a manifestation of a present intent to contract demonstrated by promise, undertaking or commitment,
2. content: definite and certain terms, and
3. communicated to an identified offeree.

Front 3

Output contract:

Back 3

Output contractss are valid where the seller commits to sell all the goods it produces to the buyer; eventhough no specific quantity is mentioned or accepted by the offeree.

Front 4

Acceptance:

Back 4

An acceptance is an manifestation of assent to the terms of an offer in the manner prescribed or authorized by the offer.

Front 5

Consideration:

Back 5

Consideration requires a bargained-exchange between the parties involving legal value.

Front 6

Material breach of contract:

Back 6

A breach of contract is material if the promisee does not receive the substantial benefit of the bargain as a result of the breach.

Front 7

Damage-cost of "recover":

Back 7

Under the U.C.C., the damage remedies for a breach of contract by a seller include "cover,".
a buyer purchases substitude goods and recovers the difference between the price of the substitute good and the contract price.

Front 8

The firm offer rule:

Back 8

An offer by a merchant to buy or sell goods in a signed writing that, by its terms, gives assurances that it will be held open is not revocation for lack of consideration for the time stated, or at least a reasonable time, not to exceed three months.

Front 9

Quasi-Contract:

Back 9

Where a contract fails, the non-breaching party may recover in quasi-contract to prevent unjust enrichment of one of the parties.

Front 10

Merchant:

Back 10

One holds himself out as having special knowledge or skills to the practices or goods involved since he regularly deals in goods of the kind sold or who otherwise by his profession.