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7 Cards in this Set

  • Front
  • Back
how can a memorandum satisfy the statute of frauds?
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
what is the measure of damages for non-delivery or repudiation by the seller?
difference between the market price when the buyer learned of the breach and the K price together with any incidental and/or consequential damages
does a modification under the UCC require new consideration?
No, but if the modification is for over $500, it would come within the statute of frauds
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?
no, it is a gratuituous promise unenforceable for lack of consideration
does a delegation of duties discharge the assignor's duty under the terms of the original K?
No, only a novation assented to by the obligor will have this effect
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?
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
In a contract for the sale of goods, does the failure to state a price prevent the formation of a K?
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