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22 Cards in this Set
- Front
- Back
option contract
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a contract that negates the promisor's power to revoke the offer. it still has the same requirements of promise and consideration
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consideration
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money promised for performance
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revocation
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when the person making the offer takes it back
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rejection
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when the person to whom the offer was proposed to rejects the proposition
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pre existing duty
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when a person has a pre existing duty to complete a task
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accord satisfaction
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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.
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seasonable expression
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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
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additional vs. different term
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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.
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merchants
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members of trade that routinely do business
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mirror image rule
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the offer has to look exactly like the acceptance
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last shot doctrine
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terms on the last form sent dictate the terms of the deal
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mail box rule
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acceptance effective when sent
revocation effective when received rejection is not effective until received by offeror |
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lack of inducement issues
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ddddddddddddd
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contract by conduct
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ddddddddddd
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substantive term
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warranty, disclaimer, credit, arbitration, choice of law, choice of forum
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procedural term
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"only my terms shall apply" cant accept unless agree to all of MY terms
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release of contractural duties
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mutual release - when both parties have not performed
When one party fully performed the offeree will release them |
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release of non-contractural duties
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release that meets the requirements of contract law
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communication between offeror/offeree about terms
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dddddddddd
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know rules about using mail for offer, acceptance, revocation, rejection, and option k's
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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
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UCC
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universal commercial code
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accord
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a contract to pay a stated amount to discharge a prior obligation that is either uncertain as to its existence or amount
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