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15 Cards in this Set
- Front
- Back
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What is the minimum age to enter into a nonavoidable contract?
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18
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A full payment check effects an accord and satisifaction in this kind of claim
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unliquidated
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SOL for Contracts in NC
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3 years (generally)
A K that cannot be performed within a year need not be in writing (different than MBE). |
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Convenants not to compete (NC)
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Unreasonable restrictions on competition in the covenant will not be rewritten by the court to make reasonable restrictions, but rather will be crossed out
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What does Art. 2 cover?
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Sales of goods
Transactions involving sale of goods |
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What are goods?
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Things movable at time of contract
Unborn young animals Some things attached to real property like timber to be cut, growing crops, buildings and materials only if severed by seller. |
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What is a lease under Art. 2A?
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A lease is a transfer of right to use or possess goods for a specific terms and for consideration.
Does not include a sale of personal property, nor a transfer of posession of the goods for purpose of creating or perfecting a security interest. |
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What is necessary for a valid contract?
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1) Mutual assent manifested through the process of offer and acceptance
2) Consideration 3) Capacity to Contract |
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What is necessary for an offer?
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Terms must be certain and definite.
Common Law: All essential terms must be covered: 1) Subject Matter of K 2)Price 3) Quantity UCC is more liberal and K is formed if parties intended to K and there is enough info available to determine a remedy if there is a breach. |
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What is a unilateral K?
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An offer that seek the offeree's performance rather than a promise.
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What is a quasi-K?
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A legal fiction designed to prevent injustice by not allowing unjust enrichment.
1) One party has conferred a benefit on the other 2) This person has a reasonable expectation of being compensated 3) Person conferring benefit was not a volunteer 4) If D is allowed to retain the benefit without compensating P, he would be unjustly enriched. |
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What is required for liquidated damages to be enforceable?
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1) Damages must have been difficult to ascertain at time K was formed
2) Amount agreed upon must be a reasonable forecast of compensatory damages in case of breach 3) Provision must not act as penalty |
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Suit in equity for specific performance
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If money damages are inadequate, victim of breach may be entitled to equitable remedy of specific performance
**Contracts for sale of land where seller breaches **Unique goods **Output/requirements K involving particular or unique source or market. **not available for service Ks |
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What is a condition precedent?
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One that must occur before an absolute duty of immediate performance arises in the other party
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What is a condition subsequent?
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A condition whose occurrence cuts off an already existing absolute duty of performance
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