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30 Cards in this Set

  • Front
  • Back
minutiae
something of insignificance
representation or warranty
put in agreement so that if turns out to be false there is a remedy
spirit of deal
talking about what is important to you before the contract is made
purgatory language
recitals or "where as" clauses at the beginning. in order to interpret the agreement and see why the contract was made and what they are there for
inspection
want to inspect before you are bound to it.
mortgage contingency clause
only obligation to buy if you get the right loan.
condition subsequence
have a deal but if something specific happens then you can get out of it.
contract
a legally enforceable exchange of promises or an exchange or promise for an act.
common law
court created law
expressed
written or oral contract
implied
contract established by conduct (course of dealing)
unilateral
a contract that is a promise for an act.
bilateral
a contract that is a promise for a promise
void/voidable
a contract that is not enforceable by either side because it is illegal.
executed
when the contract has been completed
executory
when the contract has not yet been finished.
quasi
not a contract, and equitable principle. acting as though there is a contract to be fair.
statutory law
made by legislative branch of givt, modified case law, covern contracts for the sale of goods.
Contract law
case law/common law: covers property, personal property, services, and employment contracts.
elements of a contract
offer, acceptance, consideration, integration
Battle of the forms
a contract being sent back and forth to be changed. There is a way to have a contract even when acceptance is not the mirror image, but only with the sale of goods.
promissory estoppels
ex) promise to stop smoking till 21 you will get paid 5000 by grandma
liquidated
stuck, cant go back for more money.
unliquidated
amount of liability is unknown
parol evidence rule and its exceptions
if a written contract is complete, no oral agreement can change any part of it. exceptions are: substantial modification, to clear up an ambiguitiy, to prove fraud, and collateral matter not relevant to the written agreement.
portfolio and leases
any money that made it through to the originator would go to GE to pay it off quicker
beneficiaries
donee and creditor
third party beneficiary theory
if B defaults in payment, A can sue B for money damages because it was in the contract even though B is not directly related to A
recourse assignment
if A defaults on its payment, B gives payment directly to bank.
non-recourse
good credit, relying entirely on the lease.