Contracts Flashcards
1
Q
Applicable Law: Common Law vs. UCC
Contracts
A
- UCC 2 = sale of goods (movable at the time, including crops)
- CL = all other Ks
- Mixed Ks = predominant purpose (can be both if payment is divided)
2
Q
Requirements to Form a Valid Contract
Contracts
A
- Mutual assent (offer/acceptance)
- Consideration/substitute
- No valid defenses to formation
3
Q
Statute of Frauds: Contracts Requiring a Signed
Writing
Contracts
A
- Marriage Ks
- Suretyships (unless guarantor wants to benefit itself)
- Cannot be performed under 1 year
- Sale of real property
- Pay estate debts from personal funds of executor/adm
- Sale of goods over USD 500
Must (more than one doc ok): - Signed by party to be charged
- Identify subject matter
- Indicate K was made
- Essencial terms
4
Q
Expectation Damages
Contracts
A
- Direct from breach
- Same position but for the breach
- Must have been caused by D (actual cause), foreseeable (proximate cause), certain (not speculative) and unavoidable (duty to mitigate); must deduct cost avoided
