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;
9 Cards in this Set
- Front
- Back
|
Contracts - "Payment in full" on a check can accomplish an accord and satisfaction
|
"Payment in full" on a check can accomplish an accord and satisfaction where there is bona fide dispute as to the amount owed.
|
|
|
Contracts - Risk of Loss w/ builder
|
Destruction of a building by no fault of the builder will not discharge builder's duties due to impossibility where builder can rebuild; risk of loss lies with the builder because he is in better position to carry insurance.
|
|
|
Contracts - Oral K for custom made goods
|
An oral K for custom-made goods exceeding $500 (i.e. machine tool manufacturer) is enforceable to the extent of goods RECEIVED and ACCEPTED by the buyer; buyer is liable for K price of accepted goods, but not rejected goods.
|
|
|
Contracts - Mailbox Rule: K formed upon post of acceptance, no matter if offeree calls to reject!
|
Acceptance by mail creates K at moment of posting, unless offer stipulates otherwise, or option K involved.
|
|
|
Contracts - Assignor and Assignee liable to intended TPB
|
Where store owner assigns K to chain operation, both parties become liable to TPB, first for assignor's original K with promisee and second for chain operations assumption of K with promisee. But TPB will only be limited to one recovery (likely from the assignor).
|
|
|
Contracts - Requirements K not illusory if quantity is for "what it might order" in exchange for exclusive distribution rights.
|
Requirements K not illusory if quantity is for "what it might order" in exchange for exclusive distribution rights.
|
|
|
Contracts - Where buyer/obligor has notice of assignment, he is bound to render performance to assignee!
|
Where buyer/obligor has notice of assignment of payment to trucking company assignee, buyer/obligor is then bound to render performance to assignee (i.e. tender payment of goods to assignee).
|
|
|
Contracts - For rejection of goods to be effective, buyer must notify seller of rejection and defect within a reasonable time.
|
For rejection of goods to be effective, buyer must notify seller of rejection and defect within a reasonable time. This allows seller to possibly cure any defect. Furthermore, sending a check to seller to cover only the conforming goods is not notice.
|
|
|
Contracts - Offer exists if it creates reasonable expectation in the offeree that offeror is willing to enter into a K.
|
Where jewelry dealer responds to a price inquiry with a price quote of the metal per quantity, the jeweler's response can be construed as an offer to sell.
|
