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20 Cards in this Set

  • Front
  • Back
minor status terminated because guardian gives up legal right to exercise control over child
legal avoidance
minor must show intent
must disaffirm entire K
can be done any time of minority and reasonable time after 18
affirm obligation through act or words
ex. continuing payments
Statute of Frauds
requires certain K be in writing
denies enforceability to certain Ks if not written
Contracts within Statue of Frauds
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
Partial Performance
cannot disaffrim K
at some point party's performance may be sufficient to prove K's existance
Parol Evidence
if parties reduce K to writing, any oral agreements made before or same time as written K are not evidence in court
a possible future event, the occurance or nonoccurance of which will trigger the performance of legal obligation or terminate existing obligation
Condition Precedent
a condition must be fulfilled before a party's performance
ex. buyer's financing in real estate transactions
Substantial Performance
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
for excused:
must demonstrate that event has made performance impossible and that you could not reasonably foresee event at time of K
Anticipatory Repudiation
material breach
before perf, one party refuses to perform
Two goals when party breaches
Expectations Remedy
P wants court to put P in position as if contract would have been fully performed
Restoration Remedy
P wants to be restored to position if K had not been entered
rescission and restitution
Liquidated Damages
damages agreed to in K
Specific Performance
equitable remedy
only when goods are unique
not for personal service Ks
Employment at Will
either party may terminate employment K at any time for any reason
Eer can hire and fire at will
Public Policy
can't fire for bad cause
Worker's Compensation
injury accidental and occurred on the job
regardless of fault
**bars Eee from suing for negligence**