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;
22 Cards in this Set
- Front
- Back
|
What are the 4 elements needed for a contract?
|
1. parties
2. price 3. subject matter 4. time for performance (reasonable) 4. |
|
|
In Parole Evidence rule, contradictory evidence can be included? Yes or No?
|
No
|
|
|
In Parole Evidence rule, supplemental evidence can be included? Yes or No?
|
Yes
|
|
|
Not every breach is a material breach? T or F?
|
True
|
|
|
What is considered to be material breach?
|
When there is time of the essence-must be delivered by a certain time for a certain event and/or a unique item that cannot be replaced?
|
|
|
If there is no time included in the K', the court will order a reasonable time? T or F?
|
True
|
|
|
Name at least 3 examples of Duress?
|
1. physical (bodily harm)
2. Mental (threat/verbal abuse) 3. Economic ( employee told he will not get paid for work or will be fired) |
|
|
What are the 5 contracts that nd to be in writing under Statute of Frauds and to be enforcable in court?
|
1. Marriage (prenup/anup)
2. Year-cannot be complete within a yr. 3. Land/real estate 4. Executor- for deceased-debt 5. Guarantor- pay debt of another 6. Sales/transactions over $500 between merchants. |
|
|
Fixed amount of damages included in the contract solely for the injured party?
|
Liquidated damages.
ex. in convenant not to compete. |
|
|
Both parties must keep their damages to a minimum and both parties have a right/duty to litigate their damages? T or F?
|
True
|
|
|
What are 5 excused defenses to non-performance that are valid to break a contract?
|
1. Impracticality
2. Impossibility 3.Destruction of subject matter 4.Supervening illegality 5. Force Majuier (act of god/nature) |
|
|
This a non-performance valid excuse which when cost is so over what anticipated and beyond reason a party can comply?
|
Impraticality
|
|
|
The valid non-performance excuse is the incapication/death of one party?
|
Impossibility
|
|
|
This is a valid non-performance and it is an act of god/nature?
|
Force Majuere
|
|
|
This is a valid non-performance when the subject matter is no longer there?
|
Destruction of Subject Matter
|
|
|
This is a valid excuse of non-performance and it's when the law changes after contract has been written?
|
Supervening illegality
(contract must apply to current / and any changed laws) |
|
|
Do all contracts have to be in writing to be enfored?
|
NO. EX: you have a K' w/joe roofer for $3,000 to fix your roof. The night after K' lighting hits the roof causing more damage to your roof. Joe roofer can change terms of K', because of more work now needed for the roof.
|
|
|
What kind of contract is this- it's when the offeror is obligated to the offeree to sell everything he can produce as far as quality/content.
|
Output Contract
|
|
|
Ex. of K'- when Cindy soup anticipates that other party(farmer Brown) who she contracted w/ will breach or accept an offer to sell someone else the same thing he is selling to her, but for more money?
|
Anticipatory Repudiation- third party can also be sued along w/the offeror that was anticipated to breach.
|
|
|
Even if Cindy Soup did not know about the sale between Farmer Brown and Slimy stew- Can Cindy sue?
|
Yes Cindy can still sue for breach and an injuction on Farmer Brown.
|
|
|
What do you need to establish an action for Specific Performance?
|
1. Item must be unique
2. when irreprable Harm is done and when money damages are inadequated. |
|
|
This is a court order that requires a party to perform a certain act, especially in a case when the SubM is unique or irreplaceable?
|
Specific Performance
|
