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72 Cards in this Set
- Front
- Back
Statute of frauds 2 components
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1. evidenced by a writing
2. signed by the person sought to be bound |
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statute of frauds 6 subjects contract to terms
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1. Ks evidencing an interest in real property
2. Ks which by their terms exceed one year 3. Promises to answer for th debt of another (Collateral K) 4. Promises of an executor to pay estate debts from personal funds 5. Promises arising from a promise to marry (prenuptual or post nuptual) 6. Contracts over $500 (UCC) |
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3 Exceptions to the statue of frauds
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1. Partial performance
2. partial payment 3. judicial admission |
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What kind of writing can be used in a statute of frauds
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any writing: memos, billing slips, letters, etc.
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definition of parole
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cant bring in outside evidence to contradict a written agreement
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4 exceptions to parole
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fraud, accident, mistake, duress
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3 rules of Construction and Interpretation
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1 Look at whole agreement
2. good faith (law expects you to act in it "bona fide") 3. ambiguities are construed against the drafting parties |
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Hierarchy of writings
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hand written OVER type written OVER pre-printed
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3 rules of conduct and custom
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1. course of performance (how was it done when it worked for all parties)
2. course of dealing (the same parties earlier contracts) 3. custom and usage of trade (1st contract) |
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2 types of 3rd party beneficiaries
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Creditor, Donee
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what "3rd party beneficiary" is not actually a beneficiary
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Incidental
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Creditor has a case against who?
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Obligor and obligee
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Donee has a case against who?
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Obligor
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Incidental can sue for what?
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tort of negligence but not under the contract
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You assign what?
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rights
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you delegat what?
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duties
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Assignee takes teh contract subject to what 3 things?
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claims, defenses, and set offs
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5 contracts that are not assignable
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1. personal services
2. increasing the burden 3. personal satisfaction 4. credit transactions 5. prohibt assignment in contract |
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3 types of conditions
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1. condition precedent
2. condition subsequent 3. condition concurrent |
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If you tender the wrong product the _____________________ says you can make it right
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doctrine of cure
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Time is of the essence means
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if something is not done in a certain amount of time it is a breach of contract
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substancial performance involves what 2 things?
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non-material breach
non intentional |
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Discharge through time limit
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contract is void after a certian amount of days
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discharge through both canceling
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both parties decide contract is done
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discharge trough both rescinding
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both give back objects (money for bike)
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discharge through destroying or changing the contract
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contract is made moot
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discharge through substitution
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whole new contract made, but same parties
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discharge through novation
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same contract but one new party
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accord
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payment
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satisfaction
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the amount paid is waht was expected
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waive
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give up part of the contract
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Impossibility is....
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subjective (I can't do it)
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Impossibility can be discharged by
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destruction of the subject matter
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temporary impossibility is discharged by
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only if time is of the essence
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Frustration of purpose is discharged by
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the courts granting relief if almost totaled
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Commercial impraticability is discharged by
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an event outside of the control fo either party cause a burden to one side (must be unusual circumstances)
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2 exceptions of discharge
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Frustration of purpose and commercial impracticability
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2 ways to discharge by law
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bankruptcy and statute of limitations
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statute of limitations
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time limit under which a claim can be brought
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contractual limitations
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same as statute of limitations but in private matters
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2 types of anticipatory breach
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express (spoken) and conduct (action)
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breach in contract recieves
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damages
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breach in quasi contract recieves
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remedies
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5 types of equitable remedies
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1. recission
2. restitution 3. reformation 4. specific performance 5. injunctive relief |
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5 types of damages
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1. compensatory
2. consequential 3. nominal 4. punititve 5. liquidated |
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compensatory damages
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give non breaching party the benefit of the bargain
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consequential damages
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(UCC cover "duty to mitigate") flows naturally, probably, and foreseable from the breach
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nominal damages
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$1
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Punitive damages
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losing party is forced to pay more than would have been for the benefit of the bargain
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Liquidated
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sum that is agreed upon becuase actual is to ohard to prove
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personal property
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tangible, moveable, not attatched
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real property
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attatched to the land
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fixtures
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attatched but could be removed
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gifts
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between the living
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gift inter vivos
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donative intent, delivery, righ tot possesion ut not actual possesion
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gift in causa mortis
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gift in fear of anticipation of immediate death, matters what you die from
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mislaid property, who owns
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can be found by retracing steps, custody belongs to owner of facility
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lost property, who owns
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cant retrace steps, custody belongs to ownder
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abandoned wild animal belongs to
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whoever finds it
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abandoned domesticated animal belongs to
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who ever owns it
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escheat
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process by which property becomes the state's, (unclaimed funds)
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tenants in common
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equal percentage of value is passed on from generation to generation
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jtwros-"right of survivorship"
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once part of generation dies off the two originals get his portion
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2 marital estates
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tenants by the entirety, community property
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bailment
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dont have control of rented space but of things in it
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rental
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the rentor has exclusive control over rented property
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bailor
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my stuff
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bailee
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you watch my stuff
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bailment (language)
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agreement (can be free or paid)
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exclusive benefit of the bailee
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slight negligence standard is used
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exclusive benefit of the bailor
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you're responsible if gross negligence is shown
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mutual benefit (bailment)
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both get somethin from bailment
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