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12 Cards in this Set
- Front
- Back
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Overview
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LOTA ET PR[i]NT
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LOTA ET PR[i]NT
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1. What LAW?
2. Is there an OFFER? 3. Was offer TERMINATED? 4. Was offer ACCEPTED? 5. Is there a legal reason not to ENFORCE the contract? 6. What are the TERMS of the contract? 7. Was there PROPER PERFORMANCE? 8. If no performance, any REMEDIES? 9. Was there a valid excuse for NON-PERFORMANCE? 10. Is there another THIRD party involved? |
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What LAW?
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- Common Law (real estate, service)
- UCC (sales) - Mixed Deal (whichever is predominant; "all or nothing rule" unless K divides payment) |
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Is there an OFFER?
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1. Define
2. Content 3. Context |
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Offer Definition
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"Manifestation of an intention to contract"
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OFFER Content
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- All material terms are not required
- Real estate requires price and description - Goods do not require price - Vague terms not an offer - Requirements/output (all or only) contracts valid and may be increased if in line w/ prior demands |
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OFFER Context
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Advertisements are NOT offers
UNLESS - in nature of reward OR - ad is specific as to quantity and expressly indicates who can accept |
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Was the offer TERMINATED?
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- Lapse (time stated or reasonable time)
- Revocation - Rejection |
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Termination by Revocation (unless can't be revoked, such as:)
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1. Option
2. Firm Offer (goods, signed written promise, merchant, 3 months max) 3. Detrimental reliance (reasonably foreseeable) 4. Start of performance on a unilateral K, have to give reasonable time to complete |
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Termination by Rejection
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1. Counteroffer
2. Conditional Acceptance 3. Additional terms - CL: "Mirror Image Rule" - UCC: if 1 merchant, proposal to be separately considered; if both parties are merchants, becomes part of K unless (i) materially alters or (ii) rejection |
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Was offer ACCEPTED?
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- Full performance (may be notice if out of state party)
- Start performance (bilateral = acceptance, unilateral = not acceptance) - Promise to perform - Mailbox rule (acceptance when sent, unless rejection sent first) - Wrong goods sent (sending goods [even if wrong] is acceptance & breach UNLESS sent with accommodation/explanation which would be counteroffer and no breach |
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Is there a legal reason not to ENFORCE the contract?
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- Lack of Consideration
- Lack of Capacity - Statute of Frauds - Illegality - Misrepresentation - Duress - Ambiguity in Words - Mistake of Fact |
