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10 Cards in this Set
- Front
- Back
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What is a contract?
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An agreement that the law will enforce.
Expressed: created by words Implied: created by conduct |
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Sources of Contract Law
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Article 2 applies only to a sale of goods
1.Doesn’t matter if parties are merchants or what price is. 2.If the subject matter is mixed b/t services & goods, look for main subject. |
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Quasi-contract
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Equitable remedy applies whenever contract law yields unfair result. Not limited by contract rules, but governed by equitable principles. Protects against unjust enrichment. Plaintiff will get reasonable value back.
1.Example: when enforcement is barred by statute of frauds or statute of limitations, there may be cause of action in quasi-contract to prevent unjust enrichment (for reasonable value). |
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Bilateral
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can be accepted in any reasonable way.
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Unilateral
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may only be accepted by performing.
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What is an offer?
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manifestation of intent to be bound, created by words or conduct.
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Contextual problems
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Advertisements are not offers because there is no quantity term, and unlimited number could accept.
a.Exception: ads specifying quantity and who can accept i.Example: “1 dress, only $1. First come, first served.” |
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Content Problems
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terms too indefinite cannot be enforced
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Requirements contracts
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a.quantity measured by buyer’s requirements. These are definite enough, even no quantity included.
i.Example: “X offers to buy all its requirements from seller for 6 yrs for $Y.” ii.Look for increases in requirements: must be in line with prior requirements. |
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Open price terms
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a.too indefinite under Common Law, but not UCC
i.For goods, UCC will fill in no price with reasonable price ii.For other sales, too indefinite for Common Law |
