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30 Cards in this Set
- Front
- Back
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Elements of a Contract
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Offer
Acceptance Consideration Capacity Legality |
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Contracts under common law
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Real Estate
Employment |
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Contracts under the UCC
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Sale of goods
Merchant Mixed |
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Test for mixed contracts
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Predominant test
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Types of Contracts (three vs)
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Valid
Voidable Void |
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Goods are defined as
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moveable and tangible
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Promise for a promise
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Bilateral contract
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Promise for an act
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Unilateral contract
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Executed
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both parties have performed and are discharged
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Executory
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Both or one party has not yet performed
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Three COntracts that must be in writing to be enforceable
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1. Sale of land
2. Cannot be performed within one year 3. for sale of goods of value greater than $500. |
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Express Contract versus Implied
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Oral or written versus not
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2 types of implied contracts
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Implied in law contracts
Implied in fact contracts |
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Implied in law contracts
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missing one or more elements but court will still find it to be a contract to prevent unjust enrichment
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Unjust enrichment
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Goods that you've recieved and not paid for
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Elements for an offer
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1. Language must be definite and certain
2. Must be communicated to offeree 3. Must be apparent to reasonable third party that the parties intended to enter into a K |
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3 Rules for what must be contained in Contracts under UCC
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1. Rule of Quantity
2. Rule of Gap filling 3. Rule of Vague K's |
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Exception to rule of quantity
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Output requirement Ks
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Output Requirement Ks
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Exception to rule of quantity, says that business may substitute "amount needed" in place of exact quantity
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Events after an offer
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1. Lapse
2. Acceptance 3. Rejection 4. Termination 5. Revocation |
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Offers that may not be revoked
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1. Unilateral Contracts
2. Option Contracts 3. Merchant's firm offers 2-205 (for goods) |
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Acceptance that must match terms of offer
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Mirror IMage rule
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Which law does mirror image rule apply to
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Common Law
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What does 2-207 say about new terms to a contract for
Merchants Non merchants |
Between merchants, new terms automatically become part of the K
Between non merchants, new terms become proposals to the contract |
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For which Law do modes have to match
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Common Law
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4 Consideration Theories
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1. Bargain for Exchange
2. Detrimental Reliance 3. Implied in law 4. Public Policy |
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What is the Implied in Law theory
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Even if a contract is missing one or more elements, the court will find it to be a k to prevent unjust enrichment
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What are the two situations that apply to Public Policy theory
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1. Charity
2. Promise to pay after statute of limitations has run out |
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3 Situations not supported by consideration
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1. Past Consideration
2. Liquidated Debt 3. Prior duty |
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What conditions must be met to be BFE consideration
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1. promise induced detriment
2. detriment induced promise 3. benefit to promisor or 4. detriment to promisee |
