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10 Cards in this Set

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  • Back
What is an indication of unconscionability in a K?
Look for oppressive termsor unfair surprise at th etime of the agreement.
What is "substantive unconscionability"?
Terms of the agreement are unfair.
What is "procedural unconscionability"?
The process by which the agreement was reached was unfair (fine print, legalese, unequal bargaining power, etc)
SOF Analysis: 3 questions
1) do you need a writing
2) do you have a satisfactory writing
3) if not, is there an exception?
Are most oral contracts enforceable?
YES
Which contracts are within the statute of frauds?
YES, only certain kinds of contracts have to be evidenced by writing, such as:
1) Ks for real estate
2) service Ks for 1+ yrs
3) sale goods > $500
4) lease goods payments > $1000
5) promise to answer for debt of another
6) promise by estate representative to use own funds to pay estate expenses
7) promise given in consideration of marriage (prenupt, postnupt)
8) Misc. NY: promise to pay discharged debt, assignment of insurance pol or promise to name beneficiary of such insurance pol, K to pay commission or finder’s fee, unless attorney, auctioneer, or licensed r/e broker is involved, or agent authorized to make land deals
Are leases of real estate within the statute of frauds?
YES, unless they are for terms of one year or less.
On MBE, do lifetime Ks fall within the statute of frauds?
NO - person could die in the year
In NY, do lifetime Ks fall within the staute of frauds?
YES
When do modifications of Ks fall within the statute of frauds?
When the K, as modified, falls within the statute of frauds (doesn't matter about original K)