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1L Semester 2 > Contract Law > Flashcards

Contract Law Flashcards

1
Q

Mutual Mistake

A

Mutual mistake is defined as when a contract was made between 2 parties there was a mistake in QTIPS, had a material effect on the agreement, the contract is voidable by the affected party unless he bears the risk of mistake

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2
Q

Bears the risk of mistake

A

You bear the risk of mistake when there is any uncertainty that the person who agreed during the contract bared the risk. he knows he has limited knowledge, or the court will assign who bears the risk

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3
Q

Impossibility

A

Rule: Death or incapacity of the person necessary for performance or destruction, failure to come into existence of thing necessary for performance.

elements

  1. something unexpected occurred
  2. the unexpected risk was not discussed in the agreement
  3. without his fault
  4. the contingency rendered performance impracticable.
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4
Q

Impracticability

A
  1. something unexpected occurred
  2. the unexpected risk was not discussed in the agreement
  3. the contingency can only be done at an excessive or unreasonable cost.
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5
Q

Frustration of Purpose

A
  1. the performance was frustrated
  2. something so outrageous and unexpected happened
  3. without his fault
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6
Q

Force Majeure clause

A

Act of God: Excuse performance for various events beyond their control

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7
Q

Caveat Emptor

A

A buyer is responsible for checking the quantity and suitability of the good

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8
Q

Unilateral mistake

A
  1. A mistake of one party
  2. at the time the contract was made
  3. as to a basic assumption
  4. of the QTIPS
  5. having a material breach effect on the agreement
  6. the contract is voidable by the affected party
  7. unless he bears the risk of mistake. and
  8. enforcement would be unconscionable or
  9. the other party had reason to know or caused the mistake.
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9
Q

Duty to Read

A

a contract is not voidable if you haven’t read it unless

  1. the print is ineligible
  2. hidden terms
  3. fraud of misrepresentation
  4. fiduciary duty
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10
Q

Misrepresentation

A

an assertion not in accord with the facts.

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11
Q

Where a misrepresentation makes a contract voidable?

A

fraudulent misrepresentation:
1. classic fraud: I know I’m lying
2. lying saying your opinion is a fact
3. where you honestly believe what your saying but just lying where you got it from
2.
Material Misrepresentation:
1. the misrepresentation must have been either fraudulent or material
2. the misrepresentation was the reason they did the contract
3. they relied on the misrepresentation

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12
Q

Concealment

A

action intended to cover someone from learning a fact

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13
Q

You have a duty to disclose when?

A
  1. what you said wasn’t correct
  2. when someone else says something that you know is not correct
  3. when you know the people are getting something based on facts you know to be wrong
  4. fiduciary
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14
Q

Duress by threat

A

when you threaten someone that can either be criminal or tort related in order to sign something.

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15
Q

Duress by Physical Compulsion

A

when you physically make someone sign something

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16
Q

Undue Influence

A
  1. are they vulnerable

2. is the person someone you are suppose to rely on or trust

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17
Q

Unconscionability

A

Procedural unconscionability: take it or leave it
Substantive unconscionability: shocking to the conscience

can not be used for merchants unless it is a new merchant

18
Q

Repudiation

A

rejection of performance the day performance is due

19
Q

Adequate assurance

A

where there are reasonable grounds that other party will not perform. a writing that clearly demands adequate assurances that performance will be rendered.

20
Q

Condition

A

an event that is not certain to occur but must occur

21
Q

Condition

A

an event that is not certain to occur but must occur

not doing a condition results in a discharge not a breach

22
Q

Condition Precedent

A

plaintiff proves; a condition that activates a duty

23
Q

Condition Subsequent

A

defendant proves; a condition that ends a duty

24
Q

Express conditions

A

conditions created by the words or conduct of the parties

25
Q

Constructive conditions

A

the court makes up the conditions

26
Q

Order of Performance

A

if the performances can be done at the same time then they should be exchanged at the same time; if one performance is longer than the other then the one with the longest performance has to do it first

27
Q

Divisible v Severable contracts

A

Severable means the parties performances can be equally separated

28
Q

Materiality of Breach

A

241 factors

  1. injured party deprived of benefit
  2. injured party compensated for deprived benefit
  3. breaching party will suffer forfeiture
  4. likelihood of cure
  5. did the breaching party do it in bad faith
29
Q

Time is of the essence

A

if there is not intention of the parties, failure to perform on the specific day is material breach

30
Q

UCC perfect tender rule

A

the buyer may revoke acceptance of the goods

31
Q

Waiver

A

acting in a way inconsistent with your rights

32
Q

anticipatory repudiation

A

requires a definite and unequivocal manifestation on an intent not to do the promised performance

33
Q

Limitations for Damages

A
  1. Punitive limitations
  2. Causation limitations
  3. Mitigated limitations
  4. Foreseeable limitations
  5. Certainty limitation
  6. Consequential
34
Q

Causation Limitation of Damages

A

a plaintiff must establish a causal relation between the breach and the damages flowing from that breach

35
Q

Consequential Damages

A
  1. damages must have been reasonably foreseeable by both parties at the time of contract.

Case Hadley v Baxendale

36
Q

General Damages

A

damages

37
Q

Certainty Limitation

A
  1. established with reasonable certainty

2.

38
Q

New Business Rule

A

under the certainty limitation
1. Traditionally new businesses can not seek for loss profit
2. Modernly new businesses can recover loss profit if
supported by sufficient evidence

39
Q

Emotional distress damages

A

under the certainty limitation
emotional damages are not recoverable in breach unless nature of the breach is foreseeable

burial, funeral of a loved one, death message, public humiliation by hotel,, theater, or public carrier operators

40
Q

Mitigation limitation

A
  1. your reward is going to be reduced if it could have been avoided.

1L Semester 2 (3 decks)

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