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7 Cards in this Set
- Front
- Back
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how can a memorandum satisfy the statute of frauds?
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the written memo must include:
(i) the identity of the contracting parties (ii) identification of the subject matter of the K and its terms, and (iii) consideration |
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what is the measure of damages for non-delivery or repudiation by the seller?
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difference between the market price when the buyer learned of the breach and the K price together with any incidental and/or consequential damages
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does a modification under the UCC require new consideration?
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No, but if the modification is for over $500, it would come within the statute of frauds
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is an employees promise to an employer after his retirement to pay him a pension for life "in consideration of his long and faithful service" enforceable?
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no, it is a gratuituous promise unenforceable for lack of consideration
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does a delegation of duties discharge the assignor's duty under the terms of the original K?
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No, only a novation assented to by the obligor will have this effect
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what theory lets a general contractor who secures a bid from a subcontractor and uses that bid in securing a K with the principle, recover damages?
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Promissor Estoppel: a promisor who induces substantial change of position by the promisee in reliance on the promise is estopped to deny its enforceability as lacking -C
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In a contract for the sale of goods, does the failure to state a price prevent the formation of a K?
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No, not if the parties intended to form a K without the price being settled
if the price is to be left to be agreed by the parties, and they fail to agree, a reasonable price at the time of delivery will be decided by the court |
