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30 Cards in this Set
- Front
- Back
minutiae
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something of insignificance
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representation or warranty
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put in agreement so that if turns out to be false there is a remedy
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spirit of deal
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talking about what is important to you before the contract is made
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purgatory language
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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
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inspection
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want to inspect before you are bound to it.
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mortgage contingency clause
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only obligation to buy if you get the right loan.
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condition subsequence
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have a deal but if something specific happens then you can get out of it.
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contract
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a legally enforceable exchange of promises or an exchange or promise for an act.
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common law
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court created law
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expressed
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written or oral contract
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implied
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contract established by conduct (course of dealing)
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unilateral
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a contract that is a promise for an act.
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bilateral
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a contract that is a promise for a promise
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void/voidable
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a contract that is not enforceable by either side because it is illegal.
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executed
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when the contract has been completed
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executory
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when the contract has not yet been finished.
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quasi
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not a contract, and equitable principle. acting as though there is a contract to be fair.
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statutory law
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made by legislative branch of givt, modified case law, covern contracts for the sale of goods.
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Contract law
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case law/common law: covers property, personal property, services, and employment contracts.
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elements of a contract
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offer, acceptance, consideration, integration
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Battle of the forms
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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.
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promissory estoppels
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ex) promise to stop smoking till 21 you will get paid 5000 by grandma
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liquidated
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stuck, cant go back for more money.
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unliquidated
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amount of liability is unknown
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parol evidence rule and its exceptions
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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.
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portfolio and leases
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any money that made it through to the originator would go to GE to pay it off quicker
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beneficiaries
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donee and creditor
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third party beneficiary theory
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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
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recourse assignment
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if A defaults on its payment, B gives payment directly to bank.
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non-recourse
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good credit, relying entirely on the lease.
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