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17 Cards in this Set

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  • Back
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Parol Evidence Rule

Written contracts takes precedence over verbal contracts (except for Consumer Protection Act)

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"

Contract of Guarantee

I will pay you if he can't make his payments

Contract of Indemnity

I will pay you his payments


movable things, personal

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

Agreement for Sale

ownership transfers at a later date

Specific Goods


chair #1-10

Unascertained Goods

not identifiable

10 chairs, anything grown, etc.

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

Conditional Sales Contract

seller retains ownership but gives up possession until buyer pays in fullx

AKA Lien Agreement


Possessory right

Personal Property Security Act

creation and registration of security interests in personal property

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

Chattel Mortgage

seller gives up ownership, but keeps possession for a loan until full repayment is made

Limitation of Civil Rights Act

limits the rights of the unpaid seller to repossession of the unpaid goods sold (can't sue for money)

Consumer Protection Act

- buying something from a retailer when you are a consumer

- overrides Parol Evidence Rule

- only personal property