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29 Cards in this Set

  • Front
  • Back
What is a Contract?
A legally enforceable agreement
What is a Quasi Contract?
Equitable remedy where: P has conferred a benefit on D; P RSB expected to be paid; AND D realized unjust enrichment if P not compensated
What is the measure of recovery on a quasi contract?
NOT K price; focus on value of benefit conferred.
What distinguishes a unilateral Contract from a Bilateral??
Most K's are bilateral except reward, prize, contest or offer requires performance as the only method of acceptance
when does Article 2 of the UCC apply?
sale of goods
does Article 2 apply to real estate?
NO, common law does
Does CL or UCC apply if a deal is mixed?
G/R- the more important part determines, but if a K divides payment then apply the UCC to goods part and visa versa
how is a contract formed?
offer + acceptance + consideration
what is an offer?
a manifestation of an intention to contract; test- whether RSB person in the position of the offeree would believe that his assent creates a contract
Is an offer required to contain all material terms?
NO, but the offer + acceptance must meet the reasonable certain test- basis for determining existence and breach
what if the price is missing in an offer?
land-CL= price required; goods-UCC= price not required, offer if parties so intend
what if the offer is vague or ambiguous on material terms
not an offer under CL or UCC. No offers with words like "appropriate, fair, reasonable".
what if the offer doesn't specify the amount of goods?
K for sale of goods cna state the quantity based on buyer's requirements or selelr's output or in terms of exclusivity (all, only, solely)
Can a buyer increase the amounts in a requirements contract?
Yes, as long as the increase is in line with prior demands. Not unRSB disproportionate limitation on increase
Is an advertisement an offer?
Generally no, except if it is in the nature of a reward, or specifies quantity and expressly indicates who can accept (1/item 1st come)
Can an offer that has been terminated be accepted later?
no
What is lapse?
the time an offer is open, time stated or a RSB amount of time
Does Death terminate an offer?
Death OR incapacity of either party after the offer but b/f acceptance terminates the offer, EXCEPT: irrevocable offers
How is an offer revoked?
Offeror can revoke by an unambiguous statement/conduct of unwillingness/inability to contract; conduct needs offeree to be aware of it
what effect do multiple offers have on revocation?
not revocation of an offer
when does revocation become effective if mailed?
when received
Can an offer be revoked after it has been accepted?
no
When is an offer for a bilateral contract irrevocable?
if offeror also promises not to revoke AND gets consideration or payment; OR if there was reliance that was RSB foreseeable and detrimental
When is an offer for a unilateral contract irrevocable under?
if the performance has begun pursuant to an offer it is irrevocable for RSB time?
UCC Firm Offer Rule?
an offer cannot be revoked for up to 3/mos if 1- offer to buy/sell goods, 2- signed, written promise to keep open, and 3- party is a merchant
is it detrimental if a unilateral offeree merely prepares to perform, making the offer irrevocable?
No, mere preparation is not a determent. example- painter buys paint- if he can return it its not a detriment
how does an offeree reject an offer?
directly or indirectly by a counter offer, conditional acceptance, of additional terms. Additional terms doesn't apply to sale of goods
what is a counter offer?
it always terminates an offer, and b/c new offer. Only a K if new offer is accepted.
What distinguishes bargaining from a counter offer, and what's the effect of bargaing?
"will you take" instead of "no, or I will pay". Bargaining does not terminate offer