Contracts

Front 1

RESTATEMENT 139

Back 1

Enforcement by Virtue of Action in Reliance
1) Relating to Statute of Frauds -- when promisor should reasonable expect to induce action or forebeaance is enforceable nowithstanding Statute of Frauds. As justice requires.
2) Determinating factors.

Front 2

RESTATEMENT 139
Factors determining whether justice can be avoided (5)

Back 2

a) availability and adequacy of other remedies, particulararly cancellation or restitution.
b)definite and substantial character of the action or forbrearance in relation to remedy sought
c)does action or forforbearence corroberate.
d)reasonablness of the action or forbearance
e)was it foreseeable to promisor

Front 3

RESTATEMENT 15

Back 3

Mental Illness or Defect

Front 4

RESTATEMENT 15
Mental Illness or Defect
"Contract is 'void' or 'voidable'...IF"

Back 4

VOIDABLE if he is:
a) unable to understand in a reasonavle manner the nature and consequences of the transaction OR
b)unable to act in a reasonable manner in realtion to the tranaction and the other party has reason to know of this condition.
EXCEPTION -- if there has been performance and no knowledge

Front 5

RESTATEMENT 79

Back 5

Adequacy of Consideration; Mutuality of Obligation

Front 6

RESTATEMENT 79
Adequacy of Consideration; Mutuality of Obligation
"If requirement of consideration is met there is no requirement of..." (3)

Back 6

1) gain, advantage, or benefit to the promisoror a loss, disadvantage, or detriment to promisee.
2)equivalence in values exchanged
3)mutuality of obligation

Front 7

RESTATEMENT 73

Back 7

Performance of Legal Duty
"Performance of legal duty owed to a promisor which is neither doubtful nor subject of honest dispute is NOT consideration....

Front 8

RESTATEMENT 73
Performance of Legal Duty
"Similar performance is consideration IF..."

Back 8

it differs from what was required by the duty in a way which reflects more than a pretense of bargain.

Front 9

RESTATEMENT 89

Back 9

Modification of Executory Contract

Front 10

RESTATEMENT 89
Modification of Executory Contract
"A promise modifying a duty under a contract not fully performed on either side is binding IF...."

Back 10

1) modification is fair and equitable in view of circumstances not anticipated by the parties when the contract was made.
2)to exent provided by statute
3)to the extent that justice requires in view of material change of position in reliance on the promise (reliance)

Front 11

RESTATEMENT 211

Back 11

Standardized Agreements

Front 12

RESTATEMENT 211
Standardized Agreements
"Party adopts agreement and terms as integrated IF>"

Back 12

signs or otherwise manifests assent to a writing and has reason to believe that like writing are regularly used to embody terms of agreement of the same type.

Front 13

RESTATEMENT 211
Standardized Agreements
"Term is not part of agreement IF"

Back 13

a party has reason to believe that the party manifesting assent would not do so if he knew that the writing contaoned a particular term

Front 14

RESTATEMENT 152

Back 14

When Mistake of Both Parties Makes a Contract Voidable.

Front 15

RESTATEMENT 152
"Under Mistake, contract is voidable if"

Back 15

1)at the time a contract was made, there was a mistake by both parites as to a basic assumption the mistake has a material effect on the agreed exchange of performance

Front 16

UCC 2-201

Back 16

Formal Requirements; Statute of Frauds

Front 17

UCC 2-201
Formal Requirements; Statute of Frauds
"First element"

Back 17

Sale of goods for price of $500 or more.

Front 18

UCC 2-201
Formal Requirements; Statute of Frauds
"Second Element"

Back 18

if within reasonable time writing confirmation and sufficient against the sender...IS recieved and the part recieving has reason to know contents it is sufficient UNLESS written notice of objection is given back within 10 days of receipt.

Front 19

UCC 2-201
Formal Requirements; Statute of Frauds
"3rd element"
"Valid if:"

Back 19

1) goods are specially manufactured and not suitable for others. must happened before repudiation is received.
2)if party suing for SoF admits there was K for sale made but not enforceable beyond quantity of goods admitted.
3) when goods have been made and accepted by payment.

Front 20

UCC 2-209

Back 20

Modification, Rescission, and Waiver

Front 21

UCC 2-209
"Under this article does modifying agreement need consideration?"

Back 21

NO

Front 22

UCC 2-209
"If the signed agreement excludes modification or rescission..can or cannot....be enforced EXCEPT..."

Back 22

Cannot be enforced UNLESS it is between merchants there is a requirement of another form to be seperately signed by other party.

Front 23

UCC 2-209
"A party who has made a waiver affecting executory portion may retract waiver by..."

Back 23

reasonable notification

Front 24

UCC 2-302

Back 24

Unconscionable Contract or Clause

Front 25

UCC 2-302
Unconscionable Contract or Clause
"If unconscionability found the court may..."

Back 25

refuse to enforce the contract OR may enforce the remainder of the K while striking the unconscionable clause OR may limit a clause so as to avoid unconscionable result.

Front 26

UCC 2-302
Unconscionable Contract or Clause
"If unconscionablility is found before the court acts....there must be"

Back 26

a hearing where both sides may be heard.

Front 27

UCC 2-716

Back 27

Buyer's Right to Specific Performance

Front 28

UCC 2-716
Specific Performance
"Buyer has right ..." (3)

Back 28

1) goods are unique or in other proper circumstances
2) incluses price, damamges, or other relief
3)right to replevin

Front 29

UCC 2-712

Back 29

COVER ; Buyer's procurement of substitute goods
1)without reasonable delay and in good faith the buyers finds goods elsewhere may recover difference
2)damages include difference, incidental or consequential but less amount saved.
3)failure of buyer to effect cover within section does not bar him from any other remedy.

Front 30

UCC 2-711

Back 30

Buyer's Remedies in General

Front 31

UCC 2-711
Buyer's Remedies in General

Back 31

1) when seller fails to delivery or buyer rejects or revokes then buyer can cancel and recover and (a-cover, b-recover damages for non-delivery)
2)buyer may also (if, ID'd may recover OR obtain specific performance)

Front 32

UCC 2-713

Back 32

Buyer's Damages for Non-delivery or repudiation

Front 33

UCC 2-713
Buyer's Damages for Non-delivery or repudiation
"Damages =..."

Back 33

Difference between market price at time when buyer learned and contract price together with incidental and consequential

Front 34

UCC 2-714

Back 34

Buyer's Damages for breach in regard to accepted goods

Front 35

UCC 2-715

Back 35

Buyer's Incidental and Consequential Damages