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Contracts Flash Cards - Bar Prep
Terms in this set (24)
Requirement Contract needs to be:
(1) Merchant; (2) Signed writing to keep offer open ; and (3) gives assurances that it will be held open
In a sale of goods, a firm offer requires
(1) both parties are merchants; (2) not a material change; and (3) no objection to it within a reasonable time
In Battle of the Forms under UCC, in order for additional terms to be included the following is required:
When does the mailbox rule not apply
Modifying original contract
How can one avoid the pre-existing duty rule?
(1) Unfair surprise and (2) Oppressive terms; Tested at time the agreement was made; By the court
Unconscionability requires what two tests to be met, when are they tested and who tests this?
(1) Healthcare guarantees; (2) Debt barred by SOL; (3) Newspaper subscriptions; (4) Home solicitation sales; (5) Home improvement contracts; and (6) credit agreements
What are the 6 FL additions to the SOF?
(1) Clerical Error; (2) Establish Defense against formation; (3) ambiguous terms; (4) partially integrated writing; and (5) to prove a condition precedent
What are the exceptions to the Parol Evidence Rule?
What type of FOB contract is presumed unless contract indicates otherwise?
To what type of contracts does the perfect tender rule not apply under UCC?
(1) Reject all; (2) accept all; or (3) reject some & accept the rest
What are a buyers options when the perfect tender rule is violated?
Agreement to accept different performance in future satisfaction of an existing duty
What is an accord?
(1) Extreme and unreasonable difficulty/expense; AND (2) non-occurrence was basic assumption of parties
What does a party need to prove for the defense of Impracticability under UCC?
(1) Supervening act leading to frustration; (2) Was not reasonably forseen; (3) purpose of K destroyed; and (4) purpose of both parties
What does a party need to prove for the defense of frustration of primary purpose?
Subsequent bona fide purchaser
What renders specific performance unavailable as a contract remedy?
Cover price - original contract price
UCC Buyer Damages if covered are:
Market price - contract price
UCC Buyer Damages if not covered are:
Contract price - Resale price
UCC Seller Damages if resale in good faith:
Contract price - Market price
UCC Seller damages if didn't resale in good faith:
When can a UCC Seller recover full contract price?
Lost Volume Dealer
Which type of seller can recover loss profits?
(1) manifests assent; (2) brings suit to enforce promise; OR (3) materially changes position in reliance of promise
When does the rights of a third party beneficiary vest?
A valid assignment must have language of:
special skill or reputation
Which persons cannot delegate duties?
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