Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
9 Cards in this Set
- Front
- 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.
|
