Ch 15-19 & Ch 6-7 Final Flashcards
(42 cards)
Bilateral Mistake
Chapter 15: Mistakes, Fraud, and Voluntary Consent
A mistake that occurs when both parties bound by a contract make the same mistake on the same material fact.
Duress
Chapter 15: Mistakes, Fraud, and Voluntary Consent
Threats, violence, or forced constraint brought to somone that would make them commit actions that otherwise they wouldn’t commit.
Negligent Misrepresentation
Chapter 15: Mistakes, Fraud, and Voluntary Consent
A statement or manifestation made carelessly in which a reasonable and prudent person would not have done that which led to the misrepresentation.
Scienter (intent to deceive)
Chapter 15: Mistakes, Fraud, and Voluntary Consent
Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive. One of the elements of fraud, the others being stated mispresentation of material fact, and rhave reliance on said misrepresentation.
Undue Influence
Chapter 15: Mistakes, Fraud, and Voluntary Consent
Persuasion that is less than actual force but more than advice and that induces a person to act according to the will or purposes of the dominating party.
Unilateral Mistake
Chapter 15: Mistakes, Fraud, and Voluntary Consent
A mistake that occurs when one party to a contract is mistaken as to a material fact.
Collateral Promise
Chapter 16: The Writing Requirement
EXM: A promise made by one person to pay the debts of another if the latter fails to perform.
A collateral promise normally must be in writing to be enforceable.
Types of contracts that require writing.
Chapter 16: The Writing Requirement
A wirting is required for a contract if, the performance cannot be made within a year, it involves real estate, contracts under marriage, the sale of goods exceeding a price of $500, or if you are agreeing to pay the debt of another.
Main Purpose Rule
States that if someone promises to pay for someone else’s debt, and the main reason for making that promise is for their own benefit, then they don’t need to have that promise in writing
*Integrated Contract
Chapter 16: The Writing Requirement
A written contract that constitutes the final expression of the parties’ agreement. If a contract is integrated, evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.
*Parole Evidence Rule
Chapter 16: The Writing Requirement
A substantive rule of contracts under which a court will not receive into evidence the parties’ prior negotiations, prior agreements, or contemporaneous oral agreements if that evidence contradicts or varies the terms of the parties’ written contract.
Statute of Frauds
Chapter 16: The Writing Requirement
A state statute under which certain types of contracts must be in writing to be enforceable.
Assignee
Chapter 17: Third Party Rights
The person to whom contract rights are assigned.
Assignment
Chapter 17: Third Party Rights
The act of transferring to another all or part of one’s rights arising under a contract. Most common assignment is transfer of revenue or loans.
You cannot assign specific services, too similar to indentured servitude
Assignor
Chapter 17: Third Party Rights
The person to who contracts the rights to the assignee
Delegatee
Chapter 17: Third Party Rights
One to whom contract duties are delegated by another.
Delegation
Chapter 17: Third Party Rights
The transfer of a contractual duty to a third party. The party delegating the duty to the third party is still obliged to perform on the contract should the delegatee fail to perform. Does not apply to skill-based duties.
Delegator
Chapter 17: Third Party Rights
One who delegates his or her duties under a contract to another, called the delegatee.
Incidental Beneficiary
Chapter 17: Third Party Rights
A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.
Intended Beneficiary
Chapter 17: Third Party Rights
A third party for whose benefit a contract is formed; an intended beneficiary can sue the promisor if such a contract is breached.
Typically more common when the name of beneficiary is explicitly stated. Beneficiary is target for performance and has control over said performance.
Third-party Beneficiary
Chapter 17: Third Party Rights
One for whose benefit a promise is made in a contract but who is not a party to the contract.
Third-party Beneficiary Contract
Chapter 17: Third Party Rights
One for whose benefit a promise is made in a contract but who is not a party to the contract.
Anticipatory Repudiation
Chapter 18: Performance and Discharge
An assertion or action by a party indicating that he or she will not perform an obligation that he or she is contractually obligated to perform in advance.
Commercial Impracticability
Chapter 18: Performance and Discharge
A doctrine under which a seller may be excused from performing a contract when
(1) A contingency occurs,
(2) The contingency’s occurrence makes performance impracticable
(3) The nonoccurrence of the contingency was a basic assumption on which the contract was made.
