Contracts 1L Mod 9-10 Things to know
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| show | Promissory Estoppel and Seal Contracts.
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| What is a SEALED CONTRACT? | show 🗑
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| show | When the promisee has detrimentally, reasonable and forseeably relied upon promisor's promise. MAKES A CONTRACT ENFORCEABLE AND DOES NOT NEED CONSIDERATION.
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| show | Merchant's Firm Offer Rule and Modifications to Contracts.
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| What is the Merchant's Firm Offer Rule? | show 🗑
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| show | Under the UCC you do not need to have valid consideration for the modified promises as long as they are made in good faith.
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| Discuss the PAROL EVIDENCE RULE. | show 🗑
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| Do you need a final writing in order for Parol Evidence Rule to come into play? | show 🗑
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| show | No prior oral, written or contemporaneous negotiations can be introduced into evidence to vary or contradict the final written agreement.
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| show | YES, it can always be introduced to make a defense or undermine the contract.
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| show | YES, you may always use Parol Evidence to clear up or correct an ambiguity.
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| Is the Parol Evidence Rule a rule of evidence? | show 🗑
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| show | That the final writing of the parties should be protected from certain kinds of evidence.
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| show | A writing that is final but does not completely express the parties' contract. May NOT be contradicted by parol evidence. MAY BE SUPPLEMENTED BY CONSISTENT ADDITIONAL TERMS.
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| What is TOTAL INTEGRATION? | show 🗑
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| Does the Parol Evidence Rule apply to subsequent agreements? | show 🗑
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| What tests are applied to determine if a writing is a total Integration. | show 🗑
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| Are collateral agreements independent writings? | show 🗑
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| Discuss the Four Corner's Rule. | show 🗑
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| What does a MERGER CLAUSE do. | show 🗑
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| show | When a person makes a promise with no intention on performing.
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| show | Relates to false statements of fact that induce the party to enter into a contract. A defense against a contract.
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| show | Relates to deception about the nature of the instrument being signed. (Lies and says doc. is a B-day card when really it is a contract).
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| What is the MISTAKE DEFENSE to a contract baout? | show 🗑
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| Will an illegality make a contract void/voidable? | show 🗑
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| Are Non-parties (3rd) persons bound by the Parol Evidence Rule? | show 🗑
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| show | The ascertainment of the promise/agreement's meaning.
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| Discuss "CONSTRUCTION" as it relates to a promise or agreement. | show 🗑
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| Discuss Extrinsic Evidence. | show 🗑
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| What is the PLAIN MEANING RULE? | show 🗑
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| List the 8 Contract Defenses. | show 🗑
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| What are the 3 ways the defenses to contracts work? | show 🗑
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| Discuss Voiding a Contract as a defense. | show 🗑
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| show | The contract could be voidable. This is where a party who is entitled to the defense can choose to either enforce the contract or not.
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| Discuss UNENFORCEABLE as a defense. | show 🗑
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| show | The offer or acceptance wasn't really an offer or acceptance OR the promoses are not supported by consideration. Have not formed a contract properly.
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| show | In order to form a valid contacrt with people you have to have capacity. Must be age appropriate, legally sane, not under the influence and able to understand what's going on.
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| show | The contract is voidable.
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| show | Yes and then the person is made fully obligated under all of the provisions of the agreement. (i.e. 17 yeras old at the time of the contract and then turns 18)
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| show | When a person can't understadnfully what is going on with the contract.
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| How many types of fraud are there? Name them. | show 🗑
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| show | Force or undue influences. 2-Personal Duress and Economic duress.
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| show | That whic creates a voidable obligation by the party subjected to the duress.
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| What is economic duress? | show 🗑
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| show | Explains whatever the parties agreed to is illegal. There can be an illegal contract or illegal purpose contracts.
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| show | Where the subject matter of the contract is prohibited by law. The contract is the VOID.
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| What is an illegal purpose contract? | show 🗑
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| Discuss the MISTAKE defense. | show 🗑
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| show | Unilateral mistake, Mutual mistake and Ambiguity.
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| show | IF one party is mistaken about a material issue in the contract, there is no defense to the contract UNLESS the other party knewor should have known the mistake was being made.
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| Discuss MUTUAL MISTAKE. | show 🗑
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| Discuss Ambiguity. | show 🗑
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| show | We look at the time the contract was formed and see if there is any unfair advantage being taken by one party over the other. If unfair at the time of formation-the court can do anything necessary to make the contract fair (BLUE OENCIL POWER).
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| show | A party has substantial bargaining power over the other party. Contract of Adhesion.
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| show | Is where the contract terms are simply oppressive and unfair. (Ex. selling a freeer for $1,000 when it normally sells for $500.
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| Discuss the STATUTE OF FRAUDS. | show 🗑
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| show | A writing, a performance or invoking promissory estoppel.
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| Discuss the writing requirement of the Statute of Frauds. | show 🗑
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| show | Performance by either party full or partial will satisfy the statute of frauds to the extent of the performance.
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| Discuss the promissory estoppel as it relates to the Statute of Frauds. | show 🗑
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| Name the kinds of contract that are covered by the sttaute of frauds. | show 🗑
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| With regrad to performance within one year, what do we measure? | show 🗑
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