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9 Cards in this Set

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  • Back
1. consideration
the thing of value each party of a contract agrees to give in exchange for what he receives; the reason a contract is made
2. Recital
A recital of consideration cannot transform something that is not consideration into consideration by a mere recital. That it is given "in consideration".
3. Illusory promise
Promisor reserves the right to change their mind and not perform the promise. "I will perform if and when I want to".
4. Good faith/best efforts
If you make what is otherwise an illusory promise but do so in good faith and best efforts, and it is reasonable, then it can be enforceable.
5. Pretense of bargain
If the consideration is given as a mere pretense, joke or sham, it will not suffice.
(6) One Year Clause
The statute of frauds requires an agreement to be in writing by its terms if it is not to be performed within one year from the making of the contract.
(7) Full performance exception
Completed performance of the contract is a substitute for the contract to be in writing.
(8) Contracts for the sale of good of >$500
any sale of good contract for less than $500 do not have to be in writing
(9)Reasonable termination of a K within 1 year
If the k could have been terminated within one year, an oral K is valid.