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18 Cards in this Set
- Front
- Back
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Express Conditions
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No special language is necessary to create the condition, but it must be stated clearly somehow.
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Implied Conditions
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The condition is not stated, but is clear from the agreement.
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What are conditions?
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A condition is an event that must occur before a party becomes obligated under a contract.
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Types of Conditions
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Condition Precedent, condition subsequent, concurrent conditions.
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Strict Performance
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Performance that is exactly what is promised: is usually not expected and failure to do so does not cause for discharge. Time of the essence clause are strictly enforceable.
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Substantial Performance
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A party that substantially performs its obligations will receive the ful contract price, minus the value of any defects.
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A contract which the promisee makes a personal, subjective evaluation of the promisor's performance?
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Personal Satisfaction Contract. You need to specify who needs to be satisfied.
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What are Equitable Remedies?
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Unique items that can't be replaced or compensated for by money. Real Estate, Art, Jewelry. Injunctions.
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Contract Law makes business?
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More predictable.
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True impossibilty
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Something has happened making it utterly impossible to fulfull the promise. Generally limited to descruction of the subject matter, death of the promisor, and subsequent illegality of the contract.
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Some event has occured that neither party anticipated, making the contract extra ordinarily difficult and unfair to one party.
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Commercial impracticability.
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Some event has occurred that neither party anticipated and the contract now has no value for one party.
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Frustration of Purpose.
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Designed to put the injured party inthe position she would have been in had both sides fully performed their obligations.
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Expectation Interest
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Designed to put the injured party in the position he whoul have been in had the paries never entered into the contract.
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Reliance Interest
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Designed to return to injured party a benefit that he has conferred on the other party, which iw would be unjust to leave with that person.
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Restitution Interest
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When money is not sufficient to help the injured party, a court may order a transfer of property or may issue and injunction to prevent a particular action from continuing.
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Equitable Interest
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A common remedy in contracts involving fraud, misrepresentation, mistake, and duress?
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Restitution
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Even in the absence of a contract, where one party has conferred a benefit on another and it would be unjust for the other party to retain the benefit?
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Restitution in cases of Quasi-Contract
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