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Contract Law 1 > Contracts 1 Final Exam > Flashcards

Contracts 1 Final Exam Flashcards

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1
Q

What is a Contract?

A

Agreement that has a legal effect

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2
Q

T/F a bid is = to an offer

A

True

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3
Q

What is the unspoken rule of Contracts?

A

Thou shalt not take advantage

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4
Q

What is the Doctrine of Stare Decisis?

A

Precedent!!!!!

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5
Q

What is forbearance?

A

giving something up

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6
Q

T/F do revocations have to be received in order to be accepted?

A

True

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7
Q

What is Article 2 of the UCC?

A

applies to transactions in sale of goods

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8
Q

What is Article 1 of the UCC?

A

general rules for the other UCC and also has many defined terms

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9
Q

What is CISG?

A

International law providing for the sale of goods between countrys. (US is a member)

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10
Q

Can land be considered a “good”?

A

NO. Goods are anything that is moveable

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11
Q

What does CL preside over, goods or services?

A

services

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12
Q

What is mutual assent?

A

a meeting of the minds when forming a contract

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13
Q

What are Bilateral Contracts?

A

Exchange of promises. Each party is both a promisee and a promisor

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14
Q

Mailbox Acceptance Rule

A

An acceptance is valid as soon as it leaves the offeree’s possession. The offeror does not have to know of the acceptance for it to be valid and the contract to be enforceable.

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15
Q

What are Unilateral Contracts?

A

A unilateral contract is a promise for performance. An offeree accepts a unilateral contract by completing performance.

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16
Q

Are advertisements binding offers?

A

No. they are invitations to the public to make an offer

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17
Q

Is Silence acceptance of an offer?

A

Generally, no. However, when services are performed, duty to speak and object. If you watch someone fixing your roof and they have the wrong house, you still have to pay them

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18
Q

What is a Letter of Intent?

A

Its a commitment to negotiate in good faith for a future contract, not a contract itself. but it does outline a future contract between the parties

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19
Q

What is Detriment?

A

where the promisee suffers legal harm or promisor gains benefit

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20
Q

What is a Gratuitous Promise?

A

not enforced as contracts because they lack “consideration” It Becomes a property issue if there is a problem.

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21
Q

What is Bargained for Exchange?

A

Consideration.

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22
Q

What is an Option Contract?

A

irrevocable right to buy under specified terms and conditions. You must have promise to keep offer open and have consideration paid

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23
Q

What is Nominal Consideration?

A

Even small amount of consideration makes option contracts irrevocable

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24
Q

Illusory Promise

Study These Flashcards
A

words in promissory form that promise nothing or leave performance entirely optional to the alleged promisor

25
Mutuality of Obligation
It is a test. both parties must be bound or neither is bound, according to the courts
26
Reservation of Right to Change Mind
this is a common kind of illusory promise
27
Does UCC define an offer?
NO
28
What does the UCC focus on?
That courts should focus on existence of agreement between parties and uphold/enforce that agreement
29
What is the Mirror Image Rule?
acceptance must mirror the offer. Change in the terms means that there is now a counteroffer
30
What is the Last Shot Rule?
When a contract is formed, the last form sent (the last shot) governs
31
Predominant Purpose Rule
Determines whether the contract is primarily for goods or services, since contract terms may include both. Then it decides whether the UCC or CL rules
32
What are the elements for Promissory Estoppel?
1. Promise 2. Reasonable expectation of reliance 3. Actual reliance 4. Detriment 5. Injustice not to enforce
33
Is Promissory Estoppel bad?
Not as bad as a breach of a contract. Sometimes, the promisor has fault when making an agreement. PE is about getting reimbursed for reliance damages
34
Battle of Forms: What are the 2 big picture questions?
1. Has there been an acceptance? | 2. If there was an acceptance, which terms make it into a final contract?
35
BOF: If not governed by UCC, what applies?
Mirror image rule or the last shot rule
36
BOF: if governed by UCC, what applies?
UCC SS 2-207 (1) or 2-207 (3) to see if there has been an acceptance and if the K has formed
37
BOF: If no UCC, but there was acceptence, what applies?
Last shot rule
38
BOF: If yes UCC, and there you found an acceptance under 2-207, what applies?
look to 2-207 (2)
39
BOF: if yes it is a UCC case, and there is an acceptance by conduct but not the forms, what applies?
2-207 (3) the inconsistant terms are knocked out and supplemented by UCC, as necessary
40
UCC 2-207 (1)
A definite and seasonable expression of acceptance or a written confirmation which is sent within a reasonable time operates as an acceptance even though it states terms additional to or different from those offered or agreed upon, unless acceptance is expressly made conditional on assent to the additional or different terms.
41
UCC 2-207 (2)
The additional terms are to be construed as proposals for addition to the contract. Between merchantssuch terms become part of the contract unless: (a) the offer expressly limits acceptance to the terms of the offer; (b) they materially alter it; or (c) notification of objection to them has already been given or is given within a reasonable time after notice of them is received.
42
UCC 2-207 (3)
Conduct by both parties which recognizes the existence of a contract is sufficient to establish a contract for salealthough the writings of the parties do not otherwise establish a contract. In such case the terms of the particular contract consist of those terms on which the writings of the parties agree, together with any supplementary terms incorporated under any other provisions of this Act.
43
Detrimental Reliance?
Used to describe requirement that promises induce action or forbearance by promisee. Reliance must be reasonably foreseeable and actual
44
Charitable Subscriptions?
basically a pledge, almost always a gift, not enforceable promises. BUT, many courts will uphold charitable subscriptions in many cases
45
Formula for Reliance?
Reliance = Payment of Money - Obvious Detriment
46
Implied in Fact Contract
K inferred by parties' conduct. If there was an implied contract, then it is no different if the contract was expressed
47
Implied in Fact vs. Implied in Law
INF: some sort of request or implied assent by conduct. Treated as if a K had been formed. Remedy is typically expectation damages INL: Legal Fiction. law assumes that assent would have been given if possible. Not treated as if K had been formed. Remedy is calculation of balue of benefit received (either actual or market value). If there is no value, then no damages should be awarded.
48
Restitution?
to correct a situation where someone has been unjustly enriched
49
Officious?
excessive forward or interfering
50
Officious inter-meddler?
sleazy operator
51
Enrichment?
economic benefit conferred
52
Intent to charge?
not a gratuitous action
53
Past Consideration?
a promise based on a benefit received in the past is not supported by consideration, even though the promisor might have a moral obligation to pay for benefit received, legal obligation, and mortal duty aren't the same
54
Third Party Beneficiaries?
a party may form a contract with the main purpose of the contract to benefit a 3rd person
55
Pecuniary Benefit?
benefit measured in money
56
Direct Damages?
naturally arises from normal course of breach
57
Consequential damages?
"special damages". not a direct result of breach in every case. May be reasonably be supposed to have been in the contemplation of both parties at the time they made the K, as the probable result of the breach of it.
58
Hadley v. Baxendale Rule
Cost of non-delivery goods (mill shaft) ordered vs. lost profits for closure of mill due to non-delivery
59
Statute of Frauds
1. contracts in consideration of marriage 2. contracts to be performed in more than one year 3. transfers in land 4. executor contracts 5. goods 6. surety contracts

Contract Law 1 (1 decks)

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