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30 Cards in this Set

  • Front
  • Back
Elements of a Contract
Contracts under common law
Real Estate
Contracts under the UCC
Sale of goods
Test for mixed contracts
Predominant test
Types of Contracts (three vs)
Goods are defined as
moveable and tangible
Promise for a promise
Bilateral contract
Promise for an act
Unilateral contract
both parties have performed and are discharged
Both or one party has not yet performed
Three COntracts that must be in writing to be enforceable
1. Sale of land
2. Cannot be performed within one year
3. for sale of goods of value greater than $500.
Express Contract versus Implied
Oral or written versus not
2 types of implied contracts
Implied in law contracts
Implied in fact contracts
Implied in law contracts
missing one or more elements but court will still find it to be a contract to prevent unjust enrichment
Unjust enrichment
Goods that you've recieved and not paid for
Elements for an offer
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
3 Rules for what must be contained in Contracts under UCC
1. Rule of Quantity
2. Rule of Gap filling
3. Rule of Vague K's
Exception to rule of quantity
Output requirement Ks
Output Requirement Ks
Exception to rule of quantity, says that business may substitute "amount needed" in place of exact quantity
Events after an offer
1. Lapse
2. Acceptance
3. Rejection
4. Termination
5. Revocation
Offers that may not be revoked
1. Unilateral Contracts
2. Option Contracts
3. Merchant's firm offers 2-205 (for goods)
Acceptance that must match terms of offer
Mirror IMage rule
Which law does mirror image rule apply to
Common Law
What does 2-207 say about new terms to a contract for
Non merchants
Between merchants, new terms automatically become part of the K

Between non merchants, new terms become proposals to the contract
For which Law do modes have to match
Common Law
4 Consideration Theories
1. Bargain for Exchange
2. Detrimental Reliance
3. Implied in law
4. Public Policy
What is the Implied in Law theory
Even if a contract is missing one or more elements, the court will find it to be a k to prevent unjust enrichment
What are the two situations that apply to Public Policy theory
1. Charity
2. Promise to pay after statute of limitations has run out
3 Situations not supported by consideration
1. Past Consideration
2. Liquidated Debt
3. Prior duty
What conditions must be met to be BFE consideration
1. promise induced detriment
2. detriment induced promise
3. benefit to promisor or
4. detriment to promisee