Contracts 1L Mod 9-10 Things to know
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show | Promissory Estoppel and Seal Contracts.
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show | A document where the signer's signature is mark with "seal." The signing of this document indicates that the signer is in admittance that their promise is supported by consideration.
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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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show | The MERCHANT puts an offer in writing nad indicates that this offer will be "held open." The offer will be an irrevocable offer for up to 3 months. (Supplies 3 mos. of consideration). Can be kept open longer IF new consideration is given.
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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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show | YES, you must have a final writing.
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What is the rule of Parol Evidence Rule. | show 🗑
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Can Parol Evidence Rule be introduced as a defense to a contract? | show 🗑
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Can we use Parol Evidence to explain an ambiguity? | show 🗑
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Is the Parol Evidence Rule a rule of evidence? | show 🗑
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What is the idea behind the Parol Evidence Rule? | show 🗑
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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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show | A writing of the parties that is final and complete. CAN'T BE CONTRADICTED BY PAROL EVIDENCE AND CAN'T BE SUPPLEMENTS BY ADDITIONAL TERMS.
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show | NO, it does not.
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show | Four Corner's Rule; Collateral Contract Concept; Willistons' Rule; Corbin's Approach; The UCC Rule; CISG; The Restatement 2nd; Intention of the Parties' Test.
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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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show |
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Discuss Corbin's Approach. | show 🗑
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show | A Merger Clause states that the writing is a final, complete abd exclusive statement of all the terms agreed upon.
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Define Promissory Fraud. | show 🗑
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Define "FRAUD IN THE INDUCEMENT." | show 🗑
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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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show | If a mistake is recognized by law-the mistake that induced the agreement usually makes the agreement voidable. (Parol doen't prevent this).
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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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Define "INTERPRETATION" as it relates to a promise or agreement. | show 🗑
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Discuss "CONSTRUCTION" as it relates to a promise or agreement. | show 🗑
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show | A very broad term. Includes not only prior and contemporaneous statements but also surrounding circumstances, evidence of subjective intention, what was said between the parties, usage and course of dealings/performance.
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show | If a writing or a term is plain and clear on its face, its meaning must be determined form the four corners of the instrument.
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show | Formation Defense, Lack of Capacity, Fraud/Misrepresentation, Duress/Undue Influence, Illegality, Mistake, Unconscionability, Statute of Frauds.
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show | Makes the contact VOID, VOIDABLE OR UNENFORCEABLE.
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show | A defense can cause a contract to be VOID. Thus, there are no obligatons as a result of their negotiations.
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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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Discuss LACK OF CAPACITY. | show 🗑
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show | The contract is voidable.
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Can the lack of capacity cease? | show 🗑
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What are mental infirmaties? | show 🗑
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How many types of fraud are there? Name them. | show 🗑
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What is DURESS? How many types of duess are there? | show 🗑
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What is personal duress? | show 🗑
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show | Is where someone takes advantage of yout bad economis situation. It is not a defense to the contract UNLESS they are the cuase of your economic hardship. The party who is causing the duress is also the person who causes the problem.
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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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show | Both parties are mistaken about a common law/matter of the material issues in a contract. The contract is voidable by either party or they can enforce it if they want.
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show | An ambigous material term in the contract. There is NO CONTRACT, unless both parties intend the same meaning for the ambiguous term OR unless one party knows of the ambiguity and the other does not. (Enforce the contract the way the non-party thinks).
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What does unconscionability mean? | show 🗑
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Define procedural unconscionability. | show 🗑
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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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show | Will make a contract unenforceable. It is a statute that "holds-ip" the performance of certain contracts UNTIL there can be evidence provided of the existence of that contract to satisfy the state of frauds. (tangible proof that a contract was made).
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What kinds of tangible evidence is required in order to satisy the statute of frauds? | show 🗑
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show | The writing avoids oral agreements becuase it is now written. The writing must: identify the parties, identify the subject matter, identify all material terms of the agreement and be signed by the party to be charged.
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Discuss the performance requirement of the Statute of Frauds. | show 🗑
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show | Even the statute of frauds may make a contract enforceable, IF, one of the parties has so detrimentally, reasonable and forseeably relied upon an oral agreement as it owuld be unfair not to enforce it.
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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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