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Contracts > definitions > Flashcards

definitions Flashcards

1
Q

Contract

A

legally enforceable agreement through CONSIDERATION

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2
Q

quasi contract

A

equitable remedy NOT CONTRACT - equity rules

Ex: P conferred a (ACTUAL) benefit on D and P reasonably expected to be paid, and D realized unjust enrichment if P not compensated - usually a SOF defense

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3
Q

Recovery in quasi K

A

K price not relevant - look at the value of the benefit conferred.

K price is a ceiling if P is in default

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4
Q

Bilateral contract

A

offer that is open to the method of acceptance

COMMON

ex: you promise me $1000 to paint your house, acceptance can be I promise to paint your house, or just do it.

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5
Q

Unilateral contract

A

performance as the ONLY method of acceptance

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6
Q

Assume bilateral unless

A

reward, prize, contest OR
offer expressly requires performance for acceptance

“Offer accepted ONLY BY ______”

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7
Q

NBC offers Ashley Simpson 25k to sing _______

A

bilateral

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8
Q

Law for common law contracts

A

applies to contracts for EVERYTHING Except sale of goods

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9
Q

sale of Goods

A

Article 2 ONLY - will appear in about 10 of the 25 questions

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10
Q

Article 2 sales

A
  1. type of transaction - sale

2. subject matter - GOODS

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11
Q

GOODS

A

tangible personal property

“Anything movable when ID’d in the K”

ARTICLE 2

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12
Q

contract for personal services?

A

COMMON LAW

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13
Q

real estate contracts

A

COMMON LAW

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14
Q

Bill Gates wants to buy Calandrillo’s Cadillac

A

UCC/ Article 2

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15
Q

Mixed deal of Goods and services

A

Apply the PREDOMINANT PURPOSE TEST

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16
Q

Gates wants to buy a Cadillac and get two parking lessons

A

PREDOMINANT PART is the cadillac - Article 2

17
Q

Gates wants to buy a new yo-yo and receive ten lessons from Yo-Yo Ma for 40K.

A

COMMON LAW CONTRACT

18
Q

Is the service complicated?

Is there common law language or warranty?

A

Service - Common Law

Language - Common Law

19
Q

EXCEPTION to mixed deal

A

ONLY IF the K divides the payment then apply Art 2 to Goods and Common Law to services

20
Q

Armadillo

A

APPLICABLE LAW - common law or Art. 2

21
Q

From

A

Formation - was the K fully formed?

22
Q

Offer - level one offer

A

a manifestation of intention to contract - words or conduct showing commitment

  1. rsbl person would believe that his or her assent creates a contract
23
Q

Is offer required to contain all material terms?

A

Common law - FAIL - absence of price will KILL the offer

Art 2 - OKAY - merchants they will fill it in for you

24
Q

Vague price

A

NOT ALLOWED in CL or Art 2 - you can say no price and court will assume that you meant to leave it out. “Fair” or “reasonable” suggests that you’re still working shit out

25
Q

Requirements K/ Output K

A

generally must state quantity - but may state it in terms of exclusivity, or look for REQUIREMENTS or ALL = quantity

26
Q

Requirements RULE in Increase

A

Buyer can increase requirements so long as the increase is in line with prior demands - 2-10% INCREASE OK

27
Q

Advertisements

A

General rule: NOT OFFERS - invitation to deal

Except: if in nature of reward. Carbolic Smoke Ball (100$ reward to anyone who___, then you have to pay)

Except 2: specific in quantity and expressly indicates who can accept - “1 fur coat $10 - first come, first served”

28
Q

Sign that says T-shirt $10

A

you show up with $10 - NO not a deal, it’s just an advertisement

29
Q

Will courts look to conduct and course of performance for clarification?

A

YES.

  1. course of performance - same, ppl, same K
  2. course of dealing - same ppl, different but similar K
  3. custom and usage - similar people, similar K

Contracts (10 decks)

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