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fylsx > Contracts Essay Exam Approaches > Flashcards

Contracts Essay Exam Approaches Flashcards

1
Q

WHAT LAW GOVERNS

A

heading

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2
Q

The UCC applies to contracts involving a sale of goods. Goods are moveable and tangible items at the time of identification of the contract

A

rule

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3
Q

Any contracts not governed by the UCC are governed by common law

A

rule

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4
Q

Here, the subject matter of the contract is…., therefore the UCC/Common Law applies

A

analysis

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5
Q

MERCHANTS?

A

heading

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6
Q

A merchant is one who regularly deals in these kinds of goods or holds themselves out as having speical knowledge or skills as to these goods

A

rule

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7
Q

Here, the facts indicate that…. is/is not in the business of… therefore, …. is/is not a merchant(s)

A

analysis

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8
Q

IS THERE A VALID CONTRACT

A

Heading

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9
Q

A contract is a promise or set of promises, for the breach of which the law gives a remedy, or the performance of which the law recognizes as a duty.

A

rule

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10
Q

A valid contract consists of offer, acceptance and consideration with no defenses

A

rule

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11
Q

Is There Mutual Assent?

A

Sub-Heading

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12
Q

Mutual assent consists of and offer and acceptance

A

rule

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13
Q

Is there and Offer

A

Sub-Heading

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14
Q

An offer is a manifestation of present contractual intent to be bound by certain and definite terms, communicated to the offeree (CL & UCC)

A

rule

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15
Q

If UCC - A merchants firm offer is a writing signed by a merchant which gives assurances that the offer will be held open, is not revocable for lack of consideration during the time states, and if no time is states - for a reasonable time - not to exceed three months.

A

rule

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16
Q

IF CL - an offer is a non-revocable option contract only if consideration and in writing signed by the offeror

A

rule

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17
Q

Here, on date, person placed an ad/sent/said…….. This constituted a revocable/irrevocable offer/invitation for an offer because…..

A

analysis

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18
Q

IF NOT a valid offere - go to the next communication in chronological order

A

process

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19
Q

Has the Offer been Terminated

A

Sub-Heading

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20
Q

An offer can be terminated by lapse of time, by the words or conduct of the offeree terminating the offer, or by operation of law

A

rule

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21
Q

A revocation occurs when the offeror communicated to the offeree that the offeror no longer wishes to be bound by the offer. The revocation may be communicated directly or indirectly to the offeree. This is when the offeree leans, from a reliable source, that the offer has been revoked. This terminates the offer and it can no longer be accepted.

A

Rule

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22
Q

Here, state appicable facts, if any, indicating that the offer has been terminated.

A

analysis

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23
Q

Is there Acceptance

A

Sub-Heading

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24
Q

If CL - An acceptance is an unequivocal assent to the terms of the offer. Under CL, the acceptance must be a mirror image of the offer. Any additional or missing term(s) would constitute rejection of counter-offer.

A

rule - CL

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25
Q

if UCC - A definite and seasonal expression of acceptance or a written confirmation which is sent in a reasonable time operates as 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.

A

rule - UCC

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26
Q

An acceptance may be made by any reasonable means, unless a specific manner of acceptance has been dictated by the offer

A

rule

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27
Q

Unilateral contracts require full performance by the offeree who knows of the offer

A

rule

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28
Q

If CL - a bilateral contract requires either a promise or beginning performance

A

rule

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29
Q

If UCC - a bilateral contract requires either a promise to ship OR shipment of goods.

A

rule

30
Q

Here, there was/was not a valid acceptance when…. (state facts applied to the rules above)…

A

analysis

31
Q

Acceptance is effective upon dispatch (under themailbox rule, the acceptance mb properly addressed and stamped) or when communicated to the offeree, or by any other method dictated by the offer.

A

rule

32
Q

Here, the acceptance was effective on date when…. (state facts applied to the rules above).

A

analysis

33
Q

xxxx

A

xxxx

34
Q

Is there Consideration? ** Discuss ONLY if mutual assent ***

A

Sub-Heading

35
Q

Consideration is a legally sufficient, bargained for exchange, which induces current performance, is a detriment to the promisee and a binding obligation on both parties.

A

rule

36
Q

Here, …… promised…. in exchange for ….. Therefore there is valid consideration

A

analysis

37
Q

Is there a Substitute for Consideration (Promissory Estoppel)?

A

Sub-Heading

38
Q

Promissory Estoppel/Detrimental Reliance can serve as a substitute for consideration where the promissor reasonably should expect their promise to induce action or forebearance of a definite or substantial character and such action or forebearance is induced.

A

rule

39
Q

Here,…… (apply the facts related to promise and why there was/was not detrimental reliance)

A

analysis

40
Q

In conclusion, there is/is not a contract.

A

analysis

41
Q

DEFENSES TO FORMATION

A

Heading

42
Q

Statute of Frauds

A

Sub Heading

43
Q

the subject matter of the contract is….

A

Sub Sub Heading

44
Q

Marriage; cannot be performed in one year; land; executor; goods over $500; surety

A

rule

45
Q

Is there a sufficient writing?

A

Sub Sub Heading

46
Q

CL material terms(any term that substantially affects the economic risks or benefits, or in any way limits the usual remedies for breach), signed by the party to be charged

A

rule

47
Q

UCC confirmatory memo between merchants, unless specially manufactured goods, admission in pleadings, and performance

A

rule

48
Q

Here, the contract is/is not enforceable undr the SOF because

A

analysis

49
Q

Mistake

A

Sub Heading

50
Q

Mutual Mistake

A

Sub Sub Heading

51
Q

voids the contract if basic assumption of the contract, material effect on agreed upon exchange and no assumption by adversely affected party.

A

rule

52
Q

Unilateral Mistake

A

Sub Sub Heading

53
Q

Does not make contract voidable unless non-mistaken party knew or should have know of mistake

A

rule

54
Q

XXXXX

A

XXXXX

55
Q

Ambiguity

A

Sub Heading

56
Q

does a contract term have more than one meaning?

A

rule

57
Q

No contract unless both parties intended the same meaning

A

rule

58
Q

If both aware of the ambiguity, no contract unless both intended same meaning

A

rule

59
Q

If only one party aware of the ambiguity, contract on that party’s meaning

A

rule

60
Q

Illegality

A

Sub Heading

61
Q

illegality of consideration or subject matter voids the contract

A

rule

62
Q

Incapacity

A

Sub Heading

63
Q

By age, insanity or intoxication can make contract voidable

A

rule

64
Q

Unconscionability

A

Sub Heading

65
Q

makes contract or provision unenforceable where unequal baraining power

A

rule

66
Q

Duress

A

Sub Heading

67
Q

Physical or economic duress voids contract

A

rule

68
Q

Fraud

A

Sub Heading

69
Q

intentional misrepresentation of a material facts inducing contract is voidable

A

rule

70
Q

xxxx

A

xxxx

71
Q

CONTRACT TERMS

A

Heading

72
Q

Interpretation of Terms

A

Sub Heading

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