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7 Cards in this Set

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  • Back
certainity
offer must be so definite as to its material terms or require such defintite terms in the acceptance that the promises and profermised rendered are reasonably certain.

if consent of thier agreement is unduly uncertain and indefinite then no contract is formed.

a mere agreement to agree in which material term is left for future negoitations is unenforceable

courts can imply certain terms
does a duty of good faith exist absent a contract?
no
what if you have a prelimiary agreement? duty of good faith?
you have duty to negotitate in good faith
unifrom written obligations act
written contracts contain an additional express statement- in the form of language the signer intends to be legally bound.
Statute of frauds
a promise or agreement is not enforceable unless the promise or agreement, or a memo if it, is in

writing
signed by the person to be charged with the promise or agreement
someone lawfully authorized to sign for him
what does statute of frauds apply to?
agreement made on consideration to marriage

a contract for real estate, including houses. not for leases

A lease of real estate for a term longer than one year

A promise by one person to answer for the debt, default, or miscarriage of another person

vi. An agreement which is not to be performed w/in one year from the date of making the agreement
1. If there are no terms in the agreement, then it is assumed that it can be done w/in a year, no mater if it really could be
Preliminary agreement
Strong presumption against finding binding obligation in agreements which include open terms, call for future approvals and expressly anticipate future preparation and execution of documents


i. However, if you have prelim agreement, you have duty to negotiate in good faith