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10 Cards in this Set
- Front
- Back
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Conversion
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is the taking a chattel out of the possession of another with the intention of exercising a permanent or temporary dominion over it, despite the owner's entitlement to use it at all times
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Contract
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A contract is an agreement to do or not to do a certain thing. A contract is a promise which a court will enforce. (See Rest. 2d ss 1)
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Offer
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A manifestation of willingness to enter into a bargain
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Acceptance
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Unequivocal assent to the terms of the offer made in the manner invited or required by the offeror. (Rest 2d ss 50(1) )
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Mirror Image Rule
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A purported acceptance which varies from the terms of the original offer in any way, even if trivial or insignificant, operates as a rejection and counteroffer. (Rest. 2d ss 58 & 59)
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Relaxation of the Mirror Image Rule
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A definite and seasonable expression of acceptance of an offer to sell goods results in a contract even though the acceptance contains additional or different terms. UCC 2-207
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Consideration
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Any act or forbearance which is of benefit to the promisor or detriment to the promisee. See Rest. 2d ss 71
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Detriment
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Doing that which one is not legally obligated to do or refraining from doing what one is legally privileged to do. See Rest. 2d ss 71
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Bargained for Exchange
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The promisee must know of the offer and intend to accept it. Conversely, the promisor must have made the promise because he wishes to exchange it, at least in part, for the detriment to be suffered by the promisee. See Rest 2nd ss 71 (1) (2)
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Promissory Estoppel
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A promise which should foreseeably induce substantial action or forbearance may be enforceable even though it is not supported by legal consideration. Rest 2d ss 90
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