Contracts

Question 1

Demand for Assurances 0-When? 1-Requirements - UCC/CL 2-Response

Answer 1

0-Whenever reasonable grounds for insecurity exist. 1-Under UCC must make demand in writing. 2-Under both adequate assurances must be given within 30 days.

Question 2

Accord and Satisfaction and different type of payment

Answer 2

You can accept something different even worth less in satisfaction of the obligation owed. There must be consideration, but consideration exists when payment is given with a different type of thing. Ex: Owe $400, give $250 Necklace instead of cash. Accepted. Satisfied.

Question 3

Gratuitous Assignment and Revocability

Answer 3

Generally revocable unless in writing. Maybe detrimental reliance operates here too.

Question 4

Reinstating Waived Conditions. 1-Material; 2-Non-Material

Answer 4

1-Material conditions can be reinstated. 2-Non-material conditions can be reinstated if communicated before condition supposed to occur; and other party has not already suffered detrimental reliance.