Contracts/Sales

Question 1

Pre-exisitng duty rule

Answer 1

CL = modification is permitted if supported by new consideration
Modification is permitted if 1 party agrees to compensate the other due to unanticipated difficulties so long as its fair and reasonable

Question 2

Firm offers

Answer 2

offeror is a merchant, signed written assurance to leave the offer open
the offer is irrevocable for the time period stated

Question 3

Discharge of contractual obligations

Answer 3

• Full performance
• Impossibility, impracticability, frustration of purpose
• Release
• Mutual recission
• substituted K
• covenant not to sue
• accord + satisfaction
• Novation

Question 4

3rd paty beneficiaries

Answer 4

non party who benefits from the k
The right to enforce the K vests when they: detrimentally relied on the K, manifest assent or file a lawsuit

Question 5

substitute K

Answer 5

a second agreement that immediately discharges the original K. remedy for breach is then limited to the 2nd agreement.

Question 6

Assorted goods

Answer 6

Duty is on the buyer to specify the assortment
the seller can treat the buyers failure to specify as a breach only if it materially impacts the sellers performance

Question 7

Delegation liability

Answer 7

when K obligations are delegated, the delegator remains liable unless the other party to the K expressly or impliedly agrees to release that party and substitute a new one (novation)

Question 8

Requirements K

Answer 8

Exclusive agreement for the sale of as many goods the buyer requires during a specified period.
The buyers purchase from another seller violates the implied duty of good faith and fair dealing