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Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
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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Created by: dmoore147
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