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20 Cards in this Set
- Front
- Back
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Emancipation
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minor status terminated because guardian gives up legal right to exercise control over child
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Disaffirmance
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legal avoidance
minor must show intent must disaffirm entire K can be done any time of minority and reasonable time after 18 |
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Ratification
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affirm obligation through act or words
ex. continuing payments |
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Statute of Frauds
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requires certain K be in writing
denies enforceability to certain Ks if not written |
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Contracts within Statue of Frauds
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1.Land/real estate K
2.K that by terms cannot be completed within 1 year 3.Collateral K (promise to answer another's debts) 4.Premarital K 5.K sale of goods > $500 6.K lease of goods > $1000 |
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Partial Performance
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cannot disaffrim K
at some point party's performance may be sufficient to prove K's existance |
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Parol Evidence
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if parties reduce K to writing, any oral agreements made before or same time as written K are not evidence in court
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Condition
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a possible future event, the occurance or nonoccurance of which will trigger the performance of legal obligation or terminate existing obligation
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Condition Precedent
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a condition must be fulfilled before a party's performance
ex. buyer's financing in real estate transactions |
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Substantial Performance
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a party who in good faith performs substantially all terms of K
cannot vary greatly create same benefits perform to level a reasonable person would say as OK |
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Impossibility
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for excused:
must demonstrate that event has made performance impossible and that you could not reasonably foresee event at time of K |
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Anticipatory Repudiation
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material breach
before perf, one party refuses to perform |
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Two goals when party breaches
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1.Expectations
2.Restoration |
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Expectations Remedy
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P wants court to put P in position as if contract would have been fully performed
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Restoration Remedy
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P wants to be restored to position if K had not been entered
rescission and restitution |
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Liquidated Damages
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damages agreed to in K
enforceable |
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Specific Performance
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equitable remedy
only when goods are unique not for personal service Ks |
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Employment at Will
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either party may terminate employment K at any time for any reason
Eer can hire and fire at will |
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Public Policy
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can't fire for bad cause
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Worker's Compensation
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injury accidental and occurred on the job
regardless of fault **bars Eee from suing for negligence** |
