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22 Cards in this Set
- Front
- Back
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What art the 5 rules that indicate that the consideration is not legal consideration?
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1. Gifts
2. Moral Obligations 3. Illusory promise 4. Past consideration 5. Preexisting duty |
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What are the 6 methods to terminate an offer?
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1. Lapse of tme
2. Revocation of offer by offeror 3. Rejection 4. Incapacity or death 5. destruction/loss of subject matter. 6.supervening illegality-terms was legal, but no longer legal, because of change in law. |
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What is the purpose of the UCC?
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To make everything uniform and governs the transactions/sales of goods between merchants and non-merchants.
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Most contracts are assignable except for personal service contracts? T or F?
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True
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The only provision that is not negotiable in K's is acting in good fait? T or F?
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True
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1. finds contracts where common law cannot.
2. fills the terms/specifities that are missing. 3. Was passed by Legislature/protected by statutes. 4. Make the transaction/sales of good more uniform. |
The UCC
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This is when the parties want to make changes to the contract/terms in order to ensure consideration- except contracts for goods?
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Modification/modified contracts-tranaction/sales of good are an exceptions.
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What is the Objective reasonable in K's.
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What a reasonable person would do if he/she were in the same situation.
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An offeree made an attempt to complete the performance per terms, but performance does nd to be perfect or exact, only an attempt is needed?
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substantial beginning
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The offeror's cancellation of the right of the offeree to accept the offer?
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Revocation
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A refusal to accept the stated terms of an offer by adding restrictions/requirements to the terms of the offer by the offeree?
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Conditional acceptance
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An agreement at the time was legal, but due to the changes in law, it is illegal now and voidable?
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Supervening illegality
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An event that happens at the same time as the parties performance obligations?
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Concurrent conditions
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Requirements/conditions stated in words, either orally or written in the contract?
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express conditions
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An event that happens before parties obligations and if cond is not satisfied the parties do not have a duty to perform?
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condition precedent
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An event that if it happens after the parties performance obligations negates the duty to perform and if the condition is satisfied parties can "undo" their actions?
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condition subsequent
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Conditions that are not expressed in words, but that must exist in order for the terms to make sense and assumed by parties?
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Implied in fact
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Conditions that are not expressed in words, but are imposed by the court to ensure fairness/justice as a result of its determination?
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implied in law
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the party that assigns his right away and relinquishes his rights to collect the benefit?
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assignor
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The party to whom the right to receive contractual performance is transferred?
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assignee
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The transfer of the rights to receive the benefits of contactual performance under the contract?
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assignment
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a doctrine that does not allow outside testimony as proof and is inadmissible?
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parol evidence rule
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