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MBE Contracts II

Contracts - Defenses and Remedies

QuestionAnswer
Defenses and Remedies - Coverage Areas -Defenses to Contract Formation --Infancy --Mistake --State of Frauds --Illegality -Remedies --Specific Performance --Money Damages --Injunctions -Parol Evidence
Checkpoint Items -Lots of defenses to formation -REmedies are a hot area -Lot of cross over here with state essays -Also cross over here with landlord tenant Statute of frauds is always a favorite.
Mutual Mistake & Unilateral Mistake I Mutual Mistake --Both parties are mistaken as to a material element that goes to the heart or essence of the bargain. (Remedy: Rescission) -Unilateral Mistake:
Mutual Mistake & Unilateral Mistake II ...--Contract enforceable against mistaken party unless non-mistaken party knew or should have known of the other's mistake.
Anti Assignment Clause I -The assignor need not consult the other party to the contract -An assignment cannot have any effect of the duties of the other party to the contract, nor can it reduce the possibility of the other party receiving full performance of the same quality.
Anti Assignment Clause II ...-Certain kinds of performance, therefore, cannot be assigned, because they create a unique relationship btwn the parties to the contract.
Implied in Law & Implied in Fact I -Implied in Law --A legal substitute for a contract formed to impose equity btwn two parties. A contract should have been formed, even though in actuality it was not. -Implied in Fact: --An agreement founded upon a meeting of the minds, which...
Implied in Law & Implied in Fact II ...--Although not embodied in an express contract, is inferred from the conduct of the parties.
Remedies -Law: --Money damages -Equity: --Injunction --Specific Performance --Rescission --Reformation --Quiet title actions --Partition proceedings
Specific Performance A remedy used to enforce a contract for the sale of unique item of personal property or real property.
Condition Precedent An act or an event (other than the lapse of time) that must occur first before a party is under a duty to perform.
Contracts with Minors I -Minors are regarded as not having sufficient capacity to comprehend questions involving contractual rights -A person dealign with a minor does so at his or her peril and subject to he wrist of the minor to avoid the contract
Contracts with Minors II ...-Certain contract cannot be voided: --Taxes --Penalties --Bank Regulations --Military --Necessaries
Statute of Frauds (MYLEGS) -Marriage -Year (1) -Land -Executor -Guarantee -Sale of goods ($500+)
Main Purpose Rule An oral promise to answer for the debt of another is enforceable if the promisor's main purpose is to further his own economic advantage.
Parol Evidence Rule Once the parties have reduced their agreement to a writing, evidence of any prior oral or written or contemporaneous oral agreements is in admissible to alter, vary, or contradict the terms of the writing
Parol Evidence Exceptions -Fraud -Mistake -Illegality -Duress -Partial Integration -Conditions precedent
Created by: Gkell001