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