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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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Termination of an offer | show 🗑
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Mailbox Rule | show 🗑
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Revocation | show 🗑
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show | Common law- valid option must be supported by consideration
UCC 2205- Offer by merchant in assigned writing which by its terms gives assurance it will be held open is irrevocable during time stated (if time not stated, period may not exceed 90 days)
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Sale of goods contracts | show 🗑
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show | Promise to keep offer open for a period of time
Two options-
1. Common law,
2. UCC 2205
For acceptance to occur with an option, in order to validly accept an offer the acceptance must be in offeror's hands within the option period
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show | Bargain for exchange
Common law- Past consideration/moral obligation is NOT consideration
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show | Certain contracts must be in writing in order to be enforceable
What types? MY LEGS
1. Marriage,
2. Term of years,
3. Land sale contracts,
4. Executory contracts,
5. Goods of $500 dollars or more,
6. Surity agreements (promise to pay debt of ano
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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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show | Only applies is BOTH parties are merchants
1. If offeree accepts the offer, and at same time makes material alteration to offer, contract under terms of original offer,
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show | Common law- mere image rule (acceptance is mere image of the rule)
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Battle of the Forms- UCC 2207 continued... | show 🗑
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Material change v. Non-material change | show 🗑
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Promissory estoppel (detrimental reliance) | show 🗑
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Defense to formation- Mistake | show 🗑
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Defense of formation- Mistake Mutual | show 🗑
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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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Defense of formation- Statute of Frauds 10 day written confirmation exception | show 🗑
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show | UCC- Shipment of goods
Seller must deliver perfect tender of the goods to buyer
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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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show | Non-breaching party must mitigate damages
Substitute goods for another buyer
Recover damages between contract price and cover price
Cover price - contract price = buyers standard remedy
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Third party beneficiary mentioned in contract | show 🗑
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show | 1. When third party learns of contract and assent to it,
2. When third party learns of contract and reasonably relies on it,
3. When third party sues to enforce the deal
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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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Excuses to performance | show 🗑
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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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show | Place non-breaching party in position they would have been in if the contract would have been performed perfecting
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UCC- Seller standard of remedy | show 🗑
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UCC- Loss volume or profits doctrine | show 🗑
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