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| Contracts analysis | show 🗑
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| show | In order to accept an offer, must know of offer to begin with (before the fact)
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| show | In order to perform a unilateral contract, you MUST perform
Reward offers (most common)
An offer of reward to public is an offer to enter into a unilateral contact
Cannot accept reward, unless know of the reward before
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| show | 1. Revocation by offeror prior to acceptance,
2. Offeree rejects the offer,
3. Offeree makes a counter-offer (counter-offer = new offer),
4. Lapse of times with service Ks and stock options
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| Mailbox Rule | show 🗑
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| Revocation | show 🗑
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| Contracts- Option continued... | show 🗑
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| Sale of goods contracts | show 🗑
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| Contracts- Option | show 🗑
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| show | Bargain for exchange
Common law- Past consideration/moral obligation is NOT consideration
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| Defenses to formation- Statute of Frauds | show 🗑
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| show | Present when no consideration on both sides
Giving up something you have the legal right to do is consideration
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| show | Contract with minor has the power to affirm the contract
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| Battle of the Forms- UCC 2207 | show 🗑
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| Common law acceptance | show 🗑
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| Battle of the Forms- UCC 2207 continued... | show 🗑
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| show | Material change- One that substantially effects the economic risks or benefits or changes usual remedy for breach of contract
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| Promissory estoppel (detrimental reliance) | show 🗑
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| Defense to formation- Mistake | show 🗑
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| show | Both parties mutually mistaken about contract terms
Grounds for recission if goes to "heart" of the agreement
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| Defense of formation- Mistake Unilateral | show 🗑
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| show | In order to have valid modification it must be supported by new consideration
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| show | Good faith modifications are allowed regardless of consideration
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| show | Both parties must be merchants
If one party within a reasonable time, after an oral agreement has been reached sends a written confirmation to other party it binds the sender
If recipient does not object within 10 days the recipient is bound to cont
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| Perfect tender rule | show 🗑
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| show | When seller violates, buyer has options-
1. Accept the goods and pay contract price,
2. Timely reject goods and sue for damages,
3. Accept any commercial units and reject the rest
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| Perfect tender rule- Notice of accommodation | show 🗑
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| UCC- Buyer standard remedy | show 🗑
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| show | Issue: Have the third parties beneficiary rights vested?
If vested, cannot cancel or modify unless third party consents to cancel or modify
A third party cannot assert a claim to a contract they are not a party to
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| Third party beneficiary mentioned in contract- Vested rights | show 🗑
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| Parole evidence rule | show 🗑
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| Anticipatory repudiation (breach)of contract | show 🗑
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| show | "Expression of doubt" NOT clear statement of intent not to perform (anticipatory repudiation)
Unclear whether performance-
1. Wait until date of performance, or
2. At time receive notification, make a demand for adequate assurances
Cannot sue at t
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| show | 1. Objective impossibility(nobody at any time can perform the contract),
2. Acts of god
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| show | All contracts are assignable and delegable, except unique personal service contracts & long term requirement contracts
In writing or orally
Can be for value or gratuitous
-Gratuitous revocable unless relied to determent of assignment
-Value irrevo
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| Novation | show 🗑
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| show | Non-breaching party suing and recovering foreseeable and compensatory damages
Breaching party who sues is entitled to reasonable value of services provided, minus the non-breaching parties damages
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| Remedy for non-breaching party | show 🗑
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| show | Contract price - resale price = seller standard of remedy
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| show | Only applies to volume sellers (unlimited amount in stock or readily available items in stock)
Determine what profit would be minus amount paid upfront, goes back to seller
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Created by:
dmoore147
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