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13 terms

Contracts and UCC

Terms helpful for contracts
STUDY
PLAY
Consideration
is something of legal value
quid pro quo
each side must give and recieve something of legal value
3 elements that must co-exist for detriment to qualify as consideration
1- give up legal right
2- at the request of other party
3- in exchange for something of legal value
What is NOT consisderation
past consideration is never consideration
moral consideration is never consideration
a gift can never be consideration
illsory promises are never consideration
promise to do that which one is already bound to do are not consideration
preexsiting duty maybe consideration
if new or different consideration is given
the purpose is to ratify a voidable obligation
the duty is owed to a 3rd person
unforseen circumstances make the duty more difficult to fulfil
cavet emptor
let the buyer be aware
cavet venditor
let the seller beware
accord and satisfaction
a valid contract
dispute between parties with respect to that contract and
an agreement to compromise the dispute rather than sue.
guarantees
a written promise to answer for the debts of another that is enforcable against the guarantor.
requirements for a guarantee to be valid
a valid contract by 2 or more parties
guarantor creates the guarantee at the time the contract is executed and
the guarantee is in writing
promissory estoppel
doctrine orginally established by the equity courts.
promissory estoppel to exsits
it must be detrimentally relied on the promise, and the promisor never intended to give the promisee a gift.
charitable subscription
a pledege made to a charitable organization and identifed as a gift and is enforcable.