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22 Cards in this Set

  • Front
  • Back
option contract
a contract that negates the promisor's power to revoke the offer. it still has the same requirements of promise and consideration
consideration
money promised for performance
revocation
when the person making the offer takes it back
rejection
when the person to whom the offer was proposed to rejects the proposition
pre existing duty
when a person has a pre existing duty to complete a task
accord satisfaction
An accord that has been satisfied by the completion of the agreed upon payment or performance. The satisfaction (that is, completion) of the accord extinguishes the original obligation that the obligee was, or considered himself, entitled to. Once satisfied, the subject of the accord can never be raised in any future legal action.
seasonable expression
when you have two forms and you need to have a reasonable amount of time between the receiving of the first form and the sending of the second
additional vs. different term
additional term is a term that is on one form and not on the other. A different term is a term that is on both forms but is stated differently on each.
merchants
members of trade that routinely do business
mirror image rule
the offer has to look exactly like the acceptance
last shot doctrine
terms on the last form sent dictate the terms of the deal
mail box rule
acceptance effective when sent
revocation effective when received
rejection is not effective until received by offeror
lack of inducement issues
ddddddddddddd
contract by conduct
ddddddddddd
substantive term
warranty, disclaimer, credit, arbitration, choice of law, choice of forum
procedural term
"only my terms shall apply" cant accept unless agree to all of MY terms
release of contractural duties
mutual release - when both parties have not performed
When one party fully performed the offeree will release them
release of non-contractural duties
release that meets the requirements of contract law
communication between offeror/offeree about terms
dddddddddd
know rules about using mail for offer, acceptance, revocation, rejection, and option k's
acceptance is official as of when sent by offeree. rejection is official as of when recieved by offeror. acceptance sent after rejection was already sent is only considered a counter-offer unless the said acceptance is recieved by the offeror before the rejection. revocation must be sent out before acceptance is sent
UCC
universal commercial code
accord
a contract to pay a stated amount to discharge a prior obligation that is either uncertain as to its existence or amount