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Yaeger REG > Mod 26 Contracts > Flashcards

Mod 26 Contracts Flashcards

0
Q

Six Elements of a contract neumonic

A 
Only
Accuracy
Can
Pass
Law
Candidates
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1
Q

Contract

A

An agreement, a meeting of minds

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2
Q

Six elements of a contract (Only Accuracy Can Pass Law Candidates)

A 
1 an Offer
2 an Acceptance
3 Consideration
4 Proper form 
5 a Lawful object
6 two or more Competent parties
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3
Q

Elements of a contract:

Proper form

A

Sometimes writing is required

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4
Q

Offers have 3 elements

Must be…

A

1 Seriously intended

2 communicated

3 definite in its terms

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5
Q

Offer element:

Must be seriously intended

A

Would a reasonable man consider it a serious offer

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6
Q

Offer element:

Must be communicated…

A

By either words or actions

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7
Q

Offer element:

Must be definite in its terms

A

Must include price

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8
Q

Advertisements and price quotes are not official offers, they are…

A

Invitations to deal

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9
Q

Acceptances have 3 elements

A

1 must be unconditional

2 must be communicated

3 can only be accepted by party to whom it’s made

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10
Q

Element of Acceptances:

Must be unconditional

A

Must comply with all of offeror’s terms or it’s a counteroffer

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11
Q

Element of Acceptances:

Must be communicated by…

A

Actions or words

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12
Q

The following 3 will end offers only when they are received

A

1 counteroffers

2 rejections

3 revocations

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13
Q

Counteroffers end offers but are…

A

Effective only when received

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14
Q

Rejections end offers but are only effective when…

A

Received

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15
Q

Revocations end offers but are effective only when received. Offeror may usually…2

A

1 Revoke any time before acceptance

2 even if offeror promises offer Will be open

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16
Q

Option Contracts are…

Why?

A

Irrevocable

Party pays consideration to keep offer open

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17
Q

In UCC Sales Firm Offers are irrevocable without consideration if made by…3

A

1 merchant

2 in writing and

3 guarantees offer will be held open

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18
Q

Offers end at…

A

Time stated

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19
Q

If no time is stated for end of an offer, the offer…

A

Ends at reasonable time

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20
Q

What 2 things end offers immediately, but do not end most contracts?

A

1 death

2 insanity

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21
Q

Destruction of subject ends…

A

Offer immediately

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22
Q

Sale of subject only revokes offer when…

A

Offeree learns of it, not when it is sold

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23
Q

Mailbox rule 3 (1 and and 2 ors)

A

1 an acceptance is valid when sent if properly addressed and

2 offered uses express means of communication or

3 any reasonable means if none is stated

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24
Q

Offeree uses express means of communication, what does this mean?

A

Means offeror said to use

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25
Q

Any reasonable means if none is stated, what does this mean?

A

Same means offeror used or faster means

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26
Q

If offer states acceptance net effective until received then it’s…

A

Not effective until received

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27
Q

If offer states you must use a specific means of communication, you must…

A

Use that means

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28
Q

Bilateral contract

A

Promise for a promise (most contracts are bilateral)

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29
Q

Unilateral contract

A

Promise for an act (a reward)

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30
Q

Under a unilateral contract, which is a promise for an act (a reward), the offeree must…

A

Know of reward to accept

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31
Q

Void, define, example

A

Contract is unenforceable by either party

Ex. Illegal, no meeting of minds

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32
Q

Voidable, define , example

A

Legal contract but one party can rescind (cancel, disaffirm)

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33
Q

Consideration

A

Giving up of legal right

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34
Q

Consideration must be present…

A

For both parties

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35
Q

Considerations must be…

A

Mutually bargained for and legally sufficient

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36
Q

There is no requirement that the consideration be…

A

Of equal value

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37
Q

2 cases where consideration is not present

A

1 past consideration is no good

2 no consideration when party is contractually obligated to perform

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38
Q

No consideration is needed on a promise to…

A

Donate to charity

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39
Q

Illegal contracts are…

Why?

A

Void, courts won’t aid either party

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40
Q

Failure to have required license makes…

A

All contracts void

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41
Q

Failure to have required license makes all contracts void.

What’s the exception?

A

Contract not void if license was a mere revenue raising measure

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42
Q

Neumonic for 6 types of contracts requiring some kind of writing to be enforceable

A

GRIPE + Marriage

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43
Q

6 types of contracts where writing required to be enforceable, under GRIPE + Marriage

A

1 Goods over $500
2 Real Estate Contracts
3 Impossible contracts to perform in one year
4 Promise to answer debt of another
5 Executor’s promise to be liable for debt of estate
6 Marriage contracts

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44
Q

Written contract:

Sale of Goods of $500 or more must…

A

State quantity

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45
Q

Written contract:

Contracts Impossible To perform in 1 year, begin measuring from…
2) When is it not?

A

When contract is made (not when performance begins)

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46
Q

Written contract:

Promise to answer debt of another example

A

Guarantor

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47
Q

Written contract:

Marriage contract example

A

Pre nup

48
Q

Any type of writing that states the major terms can satisfy the Statute of Frauds, need…

2) But is enforceable…

A

Only be signed by 1 party

2) against the one who signed

49
Q

Any type of writing that states the major terms can satisfy the Statute of Frauds, the terms can be stated in…

A

More than one document

50
Q

Exceptions to the Statute of Frauds- no writing required even though one of six types…3

A

1 contract fully performed by both parties (executed)
2 contract impossible to perform in one year and one party has
fully performed
3 oral real estate deals are enforceable if buyer is in possession
And has made substantial down payment or improvements

51
Q

Competent parties:

Minors cannot disaffirm…2

A

Real estate contracts or necessary contracts

52
Q

Competent parties:

To disaffirm the minor need only…

A

Return what they possess or control at that time

53
Q

Competent parties:

Minor can ratify contract after…

2) but must ratify…

A

Becoming and adult

2) entire contract

54
Q

Competent parties:

Minor can disaffirm a contract but is liable for…

A

Torts (minor lies about age)

55
Q

3 types of competent parties

A

1 minors

2 drunks

3 the insane

56
Q

Competent parties:

Drunks can disaffirm only if…

A

Incapable of understanding what they did

57
Q

Competent parties:

Insane can usually disaffirm, but once adjudicated insane…

A

All future contracts are void

58
Q

Most mistakes have…

A

No effect on contract

59
Q

Most mistakes have no effect on contract. 2 exceptions

A

1 mutual mistakes of material fact make contract void

2 material unilateral mistakes, one may disaffirm only if other party knew or should have known mistake was being made

60
Q

Duress

A

Forcing someone into contract by threat of violence, economic destruction or criminal action

61
Q

Duress makes a contract…

A

Voidable

62
Q

Undue influence is…

A

Using a position of love, confidence or affection to overcome
another’s free will in contract

63
Q

Undue influence makes a contract…

A

Voidable

64
Q

5 elements of actual fraud neumonic

A

MS RID

65
Q

5 element of fraud MS RID

A 
Material Misrepresentation of fact
Scienter
Reasonable Reliance
Intent to rely
Damages
66
Q

elements of fraud, MSRID:

M 2

A

1 Must have Material Misrepresentation of fact or deliberate
concealment

2 must be a fact, opinions don’t count unless given by expert

67
Q

elements of fraud, MSRID:

S

A

Must have Scienter, an intent to deceive

68
Q

elements of fraud, MSRID:

R

A

Must have Reasonable Reliance, victim must justifiably rely on misrepresentation

69
Q

Constructive Fraud or Gross Negligence neumonic

2) what is different from actual fraud?

A

MR RID

Actual fraud has Scienter, while constructive fraud has reckless disregard for the truth

70
Q

Reckless disregard for the truth

A

Making a statement without knowing if it is true or false

71
Q

Fraud in the execution is void

A

Injured party did not know a contract was made

72
Q

Fraud in the inducement is voidable

A

Injured party knows he made a contract, but one or mor terms is misrepresented

73
Q

Innocent Missrepresentation, neumonic

2) the 4 elements of innocent Missrepresentation do not include

A

MR ID

2) Scienter it reckless disregard for truth

74
Q

Under innocent misrepresentation, the injured party can…

A

Only rescind and cannot sue for money damages

75
Q

5 elements under Constructive Fraud

A 
Material Misrepresentation of fact
Reckless disregard for truth
Reasonable reliance
Intent to rely
Damages
76
Q

4 elements of innocent misrepresentation

A

Material misrepresentation of fact
Reasonable reliance
Intent to rely
Damages

77
Q

When evidence is inadmissible under the patrol evidence rule 2

A

1 evidence (oral or written) contradicting written contract is inadmissible in court

2 evidence must have occurred prior to or contemporaneous with writing

78
Q

When evidence is admissible under the parol evidence rule, neumonic

A

FAME

79
Q

When evidence is admissible under the parol evidence rule.

Can always introduce evidence of…4

A

Fraud or illegality
After the writing (took place after writing)
Mistakes
Explain the writing or clear up ambiguities

80
Q

Third Party Beneficiary Contracts where A&B make contract intending to benefit third party:

Donee beneficiary

A

Someone you make a gift to

81
Q

Third Party Beneficiary Contracts where A & B make contract intending to benefit third party:

Creditor beneficiary

A

May sue either A or B if there is a breach

82
Q

Third Party Beneficiary Contracts where A&B make contract intending to benefit third party:

Incidental beneficiary

A

Not in contract so gets no rights under contract

83
Q

Third Party Beneficiary Contracts where A&B make contract intending to benefit third party:

Donne beneficiary can only sue…

A

Original promisor

84
Q

Original promisor

A

Person paid to deliver gift to donee beneficiary

85
Q

Most contract rights can be…

2) most duties can be…

A

Assigned

2) delegated

86
Q

An assignment or delegation does not usually require a…

A

Writing or consideration

87
Q

Assignment of all rights is usually interpreted as…

A

Both an assignment and delegation

88
Q

4 types of contracts that cannot be assigned or delegated (cannot assign if PIPI)

A

1 personal service contracts call for special skill
2 increase risk or alter performance materially
3 prohibited by contract or law
4 insurance contracts can’t be assigned

89
Q

Exception for assigning a contract prohibited by law

A

Can assign right to receive money even if prohibited by contract

90
Q

Assignee gains all of…

A

All of assignor’s rights and all his liability

91
Q

Assignee gains all of assignor’s rights and all his liability. If there is a breach…

A

Both assignee and assignor are liable

92
Q

Assuming a mortgage define

A

Buyer purchases land already encumbered by a mortgage

93
Q

Assuming a mortgage, 2 things that occur

A

1 buyer agrees to take over mortgage and buyer is liable for
mortgage

2 seller (original mortgage) is still liable for mortgage

94
Q

Buying Subject to Mortgage

A

Buyer purchases land encumbered by a mortgage

95
Q

Buying Subject to a Mortgage, 3 things happen

A

1 buyer doesn’t agree to take over mortgage an isn’t liable

2 seller (original mortgager) is only one liable for mortgage

3 buyer runs risk of foreclosure if seller doesn’t pay

96
Q

Discharge by Novation

A

Parties agree to replace 1 side of contract with new party

97
Q

Discharge by Novation, 2 things creditor does

A

1 Creditor agrees to release old party

2 creditor agrees only to look to new party for performance

98
Q

Discharge by breach

A

Material breach by one side releases other from performing

99
Q

3 types of discharge of material breach

A

1 prevention of performance

2 anticipatory repudiation

3 doctrine of substantial performance

100
Q

Prevention of performance is…

A

A material breach and discharges other party

101
Q

Anticipatory repudiation define

A

1 party before time of performance repudiates contract

102
Q

Anticipatory repudiation, what may injured party do…2

A

1 sue immediately or

2 wait until time for performance and then sue if there is a breach

103
Q

Doctrine of Substantial Performance involves an…2

A

1 Unintentional but minor breach

2 breaching party may still recover but subtract damages for the
minor breach

104
Q

Impossibility of performance will…

A

Release both parties from performance

105
Q

Impossibility of performance 2 examples

A

1 death of party to perform services in personal service contract

2 destruction of subject matter of contract

106
Q

Accord and satisfaction

A

Parties agree to change a contract by substituting performance

107
Q

Accord is the agreement to…

A

Change performance (usually to pay lesser amount)

108
Q

Satisfaction is…2

A

1 Satisfactory completion of the accord,

2 no discharge until satisfaction

109
Q

Statute of Limitations does not discharge the contract, it is merely…

A

A bar to judicial remedies

110
Q

Statute of limitations is always measured from…

A

The date of the breach

111
Q

How many years is the Statute of Limitations for contracts? Sales?

A

Contracts = 6 years from breach

Sales = 4 years from breach

112
Q

Compensatory damages are an…

A

Award of money to compensate for any and all harm done

113
Q

Punitive damages are rarely awarded in…

A

Contracts or in sales

114
Q

Specific performance define

A

party sues for a court order that other side specifically perform

115
Q

Specific performance can only be used with…

A

Unique property and never in personal service contracts

116
Q

Specific performance:

A party does not usually receive…

A

Specific performance and compensatory damages

117
Q

Liquidated damages 2

A

1 parties agree in advance what damages will be in there is a
Breach

2 damages must be reasonable to the damage actually done and
Not a penalty

118
Q

Rescission

A

Cancel the contract and restore the parties to their former position

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