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;
23 Cards in this Set
- Front
- Back
|
CONTRACTS - MBE
Firm Offer |
* Offer to buy or sell goods
* In Writing * Signed by Party to be Charged * Made by Merchant * Cannot be revoked for 3 mths |
|
|
CONTRACTS - MBE
Contracts within the Statute of Frauds |
M - Marriage (in consideration of)
Y - Year (cannot be performed in a year - NO IN PA) L - Land Sales E - Executer promise to pay debts w/own money G - Guarantee for the debt of another S - Sale of goods for $500 or more. |
|
|
CONTRACTS - MBE
Statute of Frauds - Writing Requirement |
* Identity of Parties
* Contract subject matter * Terms and Conditions * Consideration * Signature of party to be charged |
|
|
CONTRACTS - MBE
Delegation |
Agreement by some parties to a contract to substitute one of the parties.
Original party remains liable New party liable to the party he is substituting. |
|
|
CONTRACTS - MBE
Assignment Requirements |
* Intent of Assignor to transfer immediately and completely
* Adequate description of assigned right * Writing NOT required * Gratutious assignment effective |
|
|
CONTRACTS - MBE
Consideration |
Bargained for legal detriment.
|
|
|
CONTRACTS - MBE
Perfect Tender |
Seller is obligated to deliver perfect goods.
|
|
|
CONTRACTS - MBE
Cure |
A seller who fails to make perfect tender will be given a "second chance" - an option of curing the wrong.
|
|
|
CONTRACTS - MBE
Reclamation |
Right of an unpaid seller to get it's goods back.
|
|
|
CONTRACTS - MBE
Key Facts of Reclamation |
* buyer must have been insolvent at the time it received the goods
* seller demanded return of the goods within 10 days of the receipt * Buyer still has goods at the time of the demand for return. |
|
|
CONTRACTS - MBE
Anticipatory Repudiation |
* unambiguous statement or conduct indicating:
1) that repudiating party will not perform 2) made prior to the time that the performance was due. |
|
|
CONTRACTS - MBE
Recission (cancellation) |
Both parties agree to cancellation of the contract.
Key is whether performance is still remaining from each of the contracting parties. |
|
|
CONTRACTS - MBE
Accord and Satisfaction |
An agreement by the parties to an already existing obligation to accept a different performance in satisfaction of the existing obligation.
|
|
|
CONTRACTS - MBE
Modification |
An agreement by the parties to an existing obligation to accept a different agreement in satisfication of the existing obligation.
|
|
|
CONTRACTS - MBE
Novation |
Agreement between BOTH PARTIES to an existing contract to the substitution of a new party
|
|
|
CONTRACTS - MBE
Third Party Beneficiaries |
Not a party to the contract however able to enforce contract other made for her benefit.
|
|
|
CONTRACTS - MBE
Judicial Notice |
Adjudicative -
1) Facts generally known within jurisdiction of the court; 2) Substitute for formal proof where facts sought to be proved are reasonably beyond dispute. |
|
|
CONTRACTS - MBE
Bilateral Executory Accord |
Agreement then existing claim shall be discharged in the future by the rendition of a substituted performance.
|
|
|
CONTRACTS - MBE
Promisor |
Person making promise that benefits the third party.
|
|
|
CONTRACTS - MBE
Promisee |
A party that obtains the promise that benefits the third party
|
|
|
CONTRACTS - MBE
Intended Beneficiary |
Named party to a benefit
|
|
|
CONTRACTS - MBE
When does Third Party Beneficiary's Rights Vest? |
1) manifest assent to promise in manner requested by the parties;
2) Brings suit to enforce a promise; 3) Materially changes position in justifiable reliance on promise (In Pa rights vest immediately) |
|
|
CONTRACTS - MBE
Who can sue under Third Party Beneficiary Contract? |
Beneficiary can sue Promisor
Promisee can sue Promisor Donee-Beneficiary CAN NOT SUE Promisee Creditor-Beneficiary can sue promisee on pre-existing debt. |
