Last K Law

Front 1

For an assignment to be valid (DOES NOT requires writing), the assignor must manifest an intention to make a PRESENT assignment.

Back 1

A promise to transfer a right that the assignor expects to acquire in the future is not an effective assignment.

Front 2

A counteroffer made during the period such option is exercisable does not terminate the option UNLESS the offeror changes position in reasonable reliance thereon.

Back 2

Here, the offeror reasonably relied on the offeree's letter of containing the counteroffer for a 10 percent decrease. The offeror changed his position, believing that the offeree would be unable to accept the offer, and sold the candy bars to another.

Therefore, the offeree's power to accept the offer terminated when the offeror sold the goods to a 3rd party.

Front 3

A land sale CONTRACT includes an implied promise to convey marketable title (unless the agreement specifies otherwise). --NOT THE DEED

Back 3

therefore, before closing day, By the landowner's inability to convey title to 100 percent of the farm, the landowner violated the implied promise to convey marketable title and thus breached the land sale agreement.

Front 4

for installment K,
In order for a buyer to cancel an ENTIRE CONTRACT, the nonconforming tender must substantially impair the value of the ENTIRE CONTRACT.

Back 4

In this case, although the supplier's nonconforming tender substantially impaired the value of the first installment, this is not sufficient to allow the violin manufacturer to cancel the contract.
the value of the entire contract has been impaired, because the violin manufacturer's business has suffered a substantial loss as a result of the nonconforming tender.