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17 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Parol Evidence Rule |
Written contracts takes precedence over verbal contracts (except for Consumer Protection Act) |
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Statute of Frauds (1677) |
Following need to be in writing: 1) > 1 Year 2) Marriage 3) Executor Pays Debt of Estate 4) Guarantee 5) Sale of Land or Interest in Land |
5 of them. Acronym: "1GEMS" |
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Contract of Guarantee |
I will pay you if he can't make his payments
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Contract of Indemnity |
I will pay you his payments |
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Chattel |
movable things, personal
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Doctrine of Part Performance |
Verbal contract where the buyer does certain acts in the performance of that contract, then enforceable. |
start construction on land that was a verbal contract |
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Agreement for Sale |
ownership transfers at a later date |
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Specific Goods |
identifiable
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chair #1-10 |
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Unascertained Goods |
not identifiable |
10 chairs, anything grown, etc. |
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3 Rules for Transfer of Ownership |
1) specific goods in deliverable state = when the contract is made (payment or possession is irrelevant) 2) specific goods not in deliverable state = when they become deliverable 3) sale of goods in a deliverable state, but need to do some activity to determine the price = when that activity is complete |
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Conditional Sales Contract |
seller retains ownership but gives up possession until buyer pays in fullx |
AKA Lien Agreement |
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Lien |
Possessory right |
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Personal Property Security Act |
creation and registration of security interests in personal property |
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Unpaid seller repossessing goods |
- has to be in possession of the original buyer, OR - register the lien agreement at the PPSA prior to first sale to innocent buyer |
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Chattel Mortgage |
seller gives up ownership, but keeps possession for a loan until full repayment is made |
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Limitation of Civil Rights Act |
limits the rights of the unpaid seller to repossession of the unpaid goods sold (can't sue for money) |
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Consumer Protection Act |
- buying something from a retailer when you are a consumer - overrides Parol Evidence Rule - only personal property |
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