Contracts 1L Mod 5-6 Things to know
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Termination of an offer prior to acceptance | show 🗑
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Rule for calculating days when there is a lapse of time | show 🗑
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Delays in the delivery of the offer under lapse of time | show 🗑
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show | Offer is terminated even if the offeree is unaware of the offeror's death.
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Minority view of death or lack capacity of the offeror or offeree | show 🗑
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show | The offeror's withdrawal of its offer, communicated either directly or indirectly to the offeree, at any time prior to acceptance.
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Under revocation - A written communication is received | show 🗑
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show | A rejection terminates the offeree's power of acceptance.
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show | Restatement (Second)- This result also carries out the usual understanding that a new proposal supercedes an earlier proposal; counter offer includes a purported acceptance that adds qualifications or requires performances not contained in the offer.
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Difference between a counter-offer and a rejection | show 🗑
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show | Terminated by death or destruction, prior to acceptance, of a person or thing essential to performance of the contract.; also terminated by illegality supervening between the making of an offer and its acceptance.
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Effect of a late acceptance | show 🗑
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Additional terms become part of the contract unless | show 🗑
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show | Should be treated as additional terms; cancel out & gap fillers of the code should fill the void; never become part of the contract unless the different terms are accepted by the offeror.
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If the records do not create a contract | show 🗑
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show | Where an agreement has been reached either orally or by informal correspondence between the parties and is followed by 1 or both parties sending formal acknowledgements with the terms both agreed and additional terms not discussed; or they conflict.
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show | A contract that continues automatically unless someone decides to end it.
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show | CISG; UNIDROIT; UCITA
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show | A trivial variation in the acceptance from the terms of the offer does not prevent a contract from being formed unless the offeror objects to the variation.
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UNIDROIT | show 🗑
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UCITA | show 🗑
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show | Revocable offer to a bilateral contract may be revoked at any time prior to its acceptance; parties in the presence of one another.
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show | The offeror's revocation is not effective until it is actually, physically received by the offeree; an acceptance is effectively communicated when it is put out of the possession of the offeree.
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Parties in presence of one another | show 🗑
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show | Telegraph company or publisher is A's agent; results in better business conveinence; 1st party toutilize the telegraph company should bear the risk of loss because the use of the telegraph company makes the 1st party more responsible for the error.
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Majority view of mistake in transmission by an intermediary | show 🗑
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show | Holds that no contract will arise.
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show | By offeror's acceptance of a consideration in exchange for a promise to keep the offer open; under the doctrine of promissory estoppel.
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show | Option contract is a hybrid; it is a contract and an offer; once it is determined that an option contract exists, the ordinary rule of offer and acceptance often apply.
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show | Lapse of time; death, destruction, legal prohibition; revocation & rejection; Supervening death or incapacity of the offeror
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Consideration | show 🗑
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show | The promisee must suffer legal detriment; The detriment must induce the promise; The promise must induce the detriment
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show | Cost
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show | A party gratuitously agrees to raise or lower the contract price to reflect changing market conditions.
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show | A promise to make a gift.
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show | covenant; debt; assumpsit
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A covenant was used to | show 🗑
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show | Debt was used to sue for a definite sum owing as a result of performance by the promisee.
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Assumpsit grew out of cases where | show 🗑
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What does the notion of the writ of debt require | show 🗑
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What does the notion of the writ of assumpsit require | show 🗑
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show | Promisee must suffer legal detriment; detriment must induce the promise; promise must induce the detriment.
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The promisee must suffer legal detriment means | show 🗑
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show | The promisor must have made the promise because the promisor wishes to exchange it, at least in part, for the detriment to be incurred by the promisee.
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The promise must induce the detriment means | show 🗑
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show | The promisor obtains a legal benefit
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show | The offeree must know of the offer and manifest an intent to accept; the offeree must actually or apparently be induced to act by the promise.
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show | In plain English, if the unread but agreed-to terms objectively contain the appearance of "a bargained-for exchange," consideration is present.
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Past consideration | show 🗑
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show | Lawyer-client retainer
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Conditions to gift distinguished | show 🗑
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An offer is binding as an option contract | show 🗑
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With respect to a guaranty it reads... | show 🗑
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show | The surrender of an invalid claim serves as consideration if the claimant has asserted it in good faith and a reasonable person could believe that the claim is well founded.
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show | When a person performs or promises to perform a legal obligation, or promises to refrain from doing or refrains from doing what the person is not legally privileged to do, the person has not incurred detriment.
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Duties imposed by law | show 🗑
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show | There is the initial agreement of recission by which each party gave up something, and finally the subsequent employment agreement.
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Contract duties exception | show 🗑
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Cardinal change doctrine | show 🗑
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show | Based on the idea that a person incurs legal detriment in giving up the legal right to breach the contract.
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Classical view of three-party cases | show 🗑
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Part payment cannot satisfy a debt | show 🗑
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show | Have the parties gone through a process of offer & acceptance (accord); has the accord been carried out (satisfaction); whether the offer & acceptance is supported by consideration.
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IF the offer & acceptance is supported by consideration. | show 🗑
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Intent of the creditor under the holdings that an accord and satisfaction is formed | show 🗑
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Payment in full on a check that isn't the full amount...Creditors try to avoid this result by | show 🗑
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show | Article 3 of the UCC provides detailed rules by which creditors can guard against full payment checks by preemptive notice & by tendering the return of the funds represented by the checks.
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Discuss the STATUTES OF FRAUDS. | show 🗑
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Define MIRROR IMAGE RULE. | show 🗑
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Name the 3 ELEMENTS OF COMMON LAW ACCEPTANCE. | show 🗑
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show | Can't use MAILBOX RULE: If the offer says you can't; Can't use is OPTION CONTRACTS to stradle the end of the option; if the rejection is received first by the OFFEROR and acted upon; and, based on what is read first-the rejection or acceptance.
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Define SHRINKWRAP. | show 🗑
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Define a ROLLING CONTRACT. | show 🗑
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Define BROWSEWRAP. | show 🗑
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show | Must know of the offer; Must exchange a requested performance or promise for the OFFEROR'S promise; and Must manifest and intent to accept the offer.
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show | Prevents a party to a contract fro introducing any oral or written amendments or terms that contradicts the final written agreement.
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List the 3 elements of the CONSIDERATION DOCTRINE. | show 🗑
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Define LEGAL DETRIMENT. | show 🗑
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show | The theory that the smallest detriment can serve as onsideration-may have very little economic value but will have significant legal value.
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