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;
32 Cards in this Set
- Front
- Back
Contracts Checklist
|
1. Formation
2. Third Party 3. Conditions 4. Discharge 6. Breach |
|
1. Formation
|
1. UCC
2. Offer (Firm, Options) 3. Termination 4. Revocation 5. Rejection 6. Acceptance 7.Consideration |
|
Statute of Frauds
|
MR Dog
1. Marriage = Sufficient memo 2. Real estate = part performance 3. Debt of another = main purposed doctrine 4. One year = Full performance 5. Goods over $500 = Receipt of goods |
|
2. Third Party
|
1. Does Public Intercourse Cause V.D.
a. Define b. Privity c. Intent to benefit d. Classification e. Vesting f. Defenses (Divide Lawsuits if necessaryt) 2. Assignee/ Designee |
|
3. Conditions
|
1. Types (Concurrent, Prescendent, Subsequent)
2. Satisfy/Excuse (SWAP DIVE) - substantional performance - waiver - anticipatory repudiation - prevention - divisibility - impossibiity - voluntary disablement -estoppel. |
|
4. Discharge
|
I'M For Sandi
1. Impossibilty of Performance 2. Modification. 3. Frustration of Purpose 4. Occurance of condition subsiquent 5. Recision 6. Substituted contract 7. Novation 8. Defenses to Formation 9. impractabilty |
|
5. Breach
|
Minor/Major
|
|
Damages
|
1. General
2. Special (Hadley v Baxendale) 3. Liquidated 4. Reliance 5.Avoidable consequence rule 6. Quasi- Contract |
|
Offer
|
Outward manifestation of present contractual intent which is certain and definite in terms communicated to the offeree.
|
|
Acceptance
|
Unequivocal consent to the terms of the Offer.
|
|
Consideration
|
1. That which is bargained for
2. Legal detriment |
|
Termination
|
The offer terminates either by revocation or time limits. Watch for Detrimental reliance and unilateral contract.
|
|
Revocation
|
Communication by the offerer revoking the offer prior to acceptance.
|
|
Rejection
|
Communication by the offeree dissenting to the offer
|
|
Defenses to Formation
|
Defenses
A. Judicially enforceable -Statute of Frauds -Unconscionability -(adhesion contracts) B. Incapacity C. No Contract Exists -Mistake/Ambiguity - Misrepresentation - Duress - Fraud |
|
Merchant
|
One who commonly deals with or holds special knowledge regarding the the goods in the transaction.
|
|
Firm Offer
|
An offer by a merchant, may be held open without consideration if offer is a signed writing assuring that the offer will remain open.
|
|
UCC OFFER
|
1.code will imply all open terms except quantity
2, Missing terms hierarchy A. Exrpess written B. Express oral C.course of performance D. Course of dealings E. Usage of trade F. Gap filler 3. Parties cannot write out UCC good faith or change UCC definations |
|
Firm offer
|
1. Made by merchant
2. Sales of goods 3. Signed written stating offer will remain open. 4. Reasonble period of time, not to exceed 3 months. |
|
UCC acceptance
|
1. In any manner by any medium.
2. Performance is acceptance 3. NON confirming goods acceptance and breach. |
|
Battle of the forms
|
Additional terms become part of the contract
1. Dealings are merchants 2. Not a material alteration 3.Offeror doesn't notify offeree within a commercially reasonable period of time. 4. Conduct can cancel out terms if offeree's acceptance is conditional on offeror's consent to additional terms. |
|
Good faith purchaser
|
Any entrusting of possession of goods to a merchant allows him to trasnfer goods to a good faith purchaser.
|
|
UCC OFFER
|
1.code will imply all open terms except quantity
2, Missing terms hierarchy A. Exrpess written B. Express oral C.course of performance D. Course of dealings E. Usage of trade F. Gap filler 3. Parties cannot write out UCC good faith or change UCC definations |
|
Firm offer
|
1. Made by merchant
2. Sales of goods 3. Signed written stating offer will remain open. 4. Reasonble period of time, not to exceed 3 months. |
|
UCC acceptance
|
1. In any manner by any medium.
2. Performance is acceptance 3. NON confirming goods acceptance and breach. |
|
Battle of the forms
|
Additional terms become part of the contract
1. Dealings are merchants 2. Not a material alteration 3.Offeror doesn't notify offeree within a commercially reasonable period of time. 4. Conduct can cancel out terms if offeree's acceptance is conditional on offeror's consent to additional terms. |
|
Good faith purchaser
|
Any entrusting of possession of goods to a merchant allows him to trasnfer goods to a good faith purchaser.
|
|
UCC modification
|
Consideration not required.
|
|
UCC requirement/ output
|
Output contracts
Good faith on seller to have output Requirement contract Good faith on buyer to ace requirements. Good faith = consideration |
|
UCC statutes of frauds
|
Confirmation may have additional terms that are binding if party does not object within 10 days.
Unless material alteration |
|
UCC statuate of fraud defenses
|
Partial performance
Partial payment Specifically manufactured goods Estoppel- dertimental reliance Pleading and testimonial admission |
|
UCC parole evidence
|
In unless contract says complete writings.
|