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8 Cards in this Set

  • Front
  • Back
Modification
CL v. UCC
CL: requires consideration
UCC: requires good faith
Irrevocable Offers
CL v. UCC
CL:requires C for option K
UCC:Merchant w/signed writing
Delays
CL v. UCC
CL: minor breach unless "time of the essence"
UCC: perfect tender, every deadline met precisely; delay is major breach
To meet SOF, the writing must contain
1. Subject Matter
2. Party Identities
3. Esssenial Terms
4. Signature
5. Recital of C (many states)
One performance takes time and the other doesn't
Rule: UOA,performance of the person requiring time is DUE at an earlier time than the other party.
Quasi Contract Damages
(no substantial performance)
Quantum Meruit: Reasonable value of services less def. damages (if any)
Statute of Frauds:
Requires Writing When MP SIGNS
Marriage
Personal Property > $5,000
Suretyship
Interst in Land
Goods more than $500
Not performable w/in 1 yr
Securities
When is assignment irrevocable?
1. Consideration by As'ee
2. Detrimental Relaiance
3. Payment or Performance
4. Symbol of A transferred