Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/27

Click to flip

27 Cards in this Set

  • Front
  • Back
How will subcontractor's offers that contractors rely on in making their ultimately successful bid be construed?
An offer which the offeror should reasonably expect to induce action or forbearance of a substantial characater on the part of the offeree before acceptance and which does induce such action or forbearance is binding as an option contract to theextent necessary to avoid injustice...
When is a unilateral contract revocable?
Up until actual performance begins. Mere preparation for performance, no matter how detrimental to the offeree, will not affect the offeror's power and privilege to revoke a unilateral offer.
What if the unilateral offer calls for several acts?
It may be interpreted as inviting acceptance by completion of the initial act.
WHen can an offerree in a unilateral contract walk away?
Up until the point where be begins performance. Mere preparations, he can still walk away after. Also, that he began performance must actually be communicated to the offferor.
What is one important exception to the parol evidence rule?
Where such evidence is not being admitted to vary the terms of the writing, but rather to show that there is not an agreement at all.
What are a buyer's duties as to rightfully rejected goods?
1. Follow reasonable instructions from seller with respect to seller
2. In absence of such instructions, make reasonable efforts to see the for the seller's account, and he can get no more than 10% of the gross proceeds for his trouble.
When does an offeree's power of acceptance terminate?
When the offeror takes definite action inconsistent with an intention to enter into the proposed contract and the offeree acquires reliable information to that effect
A contract with an infant...
Is voidable at the option of the infant

The one-sided power of avoidance is held by the infant only
Is an express promise by a debtor barredby the statute of limitations legally enforceable without new consideration?
Yes. The promise is supported by the past consideration of the unpaid debt.

In most states though it must be in writing
BW merchants, how are additional terms to be construed?
They become part of the contract unless

1. the offer expressly limits acceptance to the terms of the offer
2. They materially alter it
3. Objection is given within a reasonable time after notice of them is received.
Unless you are dealing with goods and the UCC, what's the deal with modification?
Can only do it if supported by consideration
When can a third party step in and enforce a K?
When their rights are vested, which usually happens when they learn about it
Why is a promise to pay a bonus "to be determined by the parties...after the year's profits have been ascertained" unenforceable?
It fails for indefiniteness because it is too vague to be capable of enforcement.
What is a divisible K and give an example of one...
ONe in whichthe parties have divided their respective performances into separate units, so that performance of an installment on one side entitles such party to the other's performance of that installment

THink employment...
A unilateral offer which invites performance of an act as acceptance, rather than a return promise, becomes irrevocable...
as soon as the offeree has started to perform the act.
What are incidental beneficiaries?
All third parties not donees or creditors of the promisee...they have no enforcement rights
What sort of damages are recoverable?
Foreseeable ones
When is trade usage allowed in?
There is no requirement that an agreement be ambiguous before evidence of a usage of trade can be shown, nor is it required that the usage of trade be consistent with the meaning the agreement would have apart from the usage.
Define promissory estoppel
A promise which the promisor should reasonably expect to induce action or forebearance on the part of the promisee or a third person is binding if injustice can be avoided only by enforcement of the promise.
To be enforceable....suretyships need to be...
in writing
supported by adequate consideration.
Where a party to a contract for an agreed exchange of performance knowingly prevents, hinders, or makes more costly the other's performance...
such conduc is a breach of contract for which an action will lie.
Practically all contracts are assignable...which ones are not?
Personl service
Requirement-output
Where the assignment would materially impair the obligor's receiving what he had bargained for
Cashing a check is really....
an accord and satisfaction
Are personal service contracts assignable?
Usually not.... think about it, if you hire someone to paint a portrait, he can't assign that right to someone else. But paint the house, that's assignable.
When is specific performance available?
Only when there is no adequate remedy at law
Do architect certificates matter?
NO!
Are future assignments enforceable?
No, a mere promise to assign a right is not enforceable