Contracts

Question 1

Contracts Main Checklist

Answer 1

Mnemonic: Failure to Contract Deserves Better Review

I. Formation
II. Third Party Rights
III. Condition to Performance
IV. Discharge of Defendant's Duty to Perform
V. Breach
VI. Remedies

Question 2

I. Formation (Checklist)

Answer 2

A. Governing Law
B. Valid Contract
      1.   Mutual Assent
            a. Offer
                 (1) Definite Terms (QTIPS)
                 (2) Termination 
                 (3) Revocation 
                 (4) Rejection 
                 (5) Acceptance
     2. Consideration

Question 3

II. Defenses to Formation (Checklist)

Answer 3

Mnemonic: Pammi said Fu
Parole Evidence Rule
Adhesion Contracts
Mistake
Misrepresentation (Neg)
Incapacity (legal/ Mental)
Statute of Frauds
Ambiguity
Illegality
Duress
Fraud
Unconscionability

Question 4

QTIPS

Answer 4

Qty, Time of Performance, Identity of Parties, Price, Subject Matter

Question 5

Objective Theory of the Contract

Answer 5

A principle in U.S. law that the existence of a contract is determined by the legal significance of the external acts of a party to a purported agreement, rather than by the actual intent of the parties.

Question 6

Elements of a Contract

Answer 6

Mutual Assent

• Offer
• Acceptance

Consideration

Question 7

Privity of contract

Answer 7

Privity of contract is the relationship that exists between the parties to an agreement, allowing them to Sue each other to enforce the agreement, but preventing a third party from doing so.

Question 8

What are goods?

Answer 8

Goods are tangible chattels which are movable and identifiable to the contract at the time of formation.

UCC

Question 9

predominant factor

Answer 9

Predominant-Purpose Test (or Predominant-Factor Test)

A test for determining whether a mixed contract for goods and services is subject to Article 2 of the Uniform Commercial Code. The test evaluates factors including the contract language, billing terms, …

Question 10

Offer

Answer 10

offer is an outward manifestation of a present contractual intent which has certain indefinite terms in his communicated to the offeree.

Question 11

Acceptance

Answer 11

Acceptance is an unequivocal assent to the terms of an offer.