The bar-Contracts Flashcards

Question

Youth and Contracts

Answer 1

You can enforce a contract against a minor but they can enforce against you.

Answer 2

A person who does not have capacity is legally obligated to pay for things that are necessary such as food, clothing, medical care, or shelter, but that liability is based on quasi-contract law. i.e. you cant rip off a disabled person into paying more rent.

Answer 3

A barrier to entry to court--certain things must be in writing otherwise a Plaintiff cannot get her day in court. in writing and evidence essential terms, signed by party against whom action is brought

Answer 4

1. Promises to answer for debts of another: a promise to pay another person's debt if he or she does not pay--narrow--needs to be a guarantee. 2. Service Contract not capable of being performed within a year from time of contract. (if specific time period--SOF, if specific time period but can be terminated--no SOF) **SOF does not apply to life contracts 3. Transfer of real estate besides leases a year or less 4. Sale of goods for 500 dollars or more. 5. promise where consideration is marriage (if you m arry my son, i give you 10 dollars)

Answer 5

Obj evidence of the contract is needed to satisfy the SoF. Performance of transfer of real estate: part performance satisfies the SoF in transfers of reasl estate where you have 2 of the 3: improvements on land, payment, possession. Performance of service contracts: full performance by either party--NOT part performance. Performance of sale of goods--part performance of a contract for the sale of goods satisfies the SoF only to the extent of the part performance. ---except; part performance of a specially manufactured item satisfied SOF

Answer 6

Performance (or Part--see special rules) | Writing

Answer 7

Not Art 2--the writing satisfies the SoF if it satisfies all material terms test--who and what. Must be signed by the defendant (person asserting the defense) Art 2--contract must indicate that there is a contract for the sale of goods and state a quantity. Must also be signed by the defendant, unless they are both merchants and there is delay in responding. Merchant to Merchant delay in responding: if you have writing between two merchants, signed by signed by P (not asserter of SoF) and the D did not respond within reasonable time--that will satisfy

Answer 8

Estoppel (reliance), and judicial admission

Answer 9

Price may be left open and if parties cant work it out by later negotiations, court will decide on a reasonable price.

Answer 10

Where one party agrees to accept a different performance than that contemplated by the contract, satisfaction is performance of modified accord.

Answer 11

Modification of valid K without consideration is OK if fair and equitable given change in circumstance

Answer 12

neccesary for authorization to be in writing when contract itself would need to be in writing.

Answer 13

If deal with alleged change would be within the SoF, then then alleged modification must be in writing. changing from a 3 year lease to a 1 year least= no writing. From 1-3 you would need a writing.

Answer 14

Common law: ignore they are not effective. UCC-effective unless waived

Answer 15

Cant enforce ilegal contract, but if purpose is illegal while subject matter is legal--it is OK as long as P did not have reason to know about ilegal purpose.

Answer 16

Courts refuse to enforce 1. non compete clauses. 2. exemptions from tort liability for intentional or reckless conduct.

Answer 17

1. statement of fact before the contract by | 2. one of parties or agent 3 that is false 4. that is fraudulent and 5 that induces the contract.

Answer 18

no duty to disclose unless there is a fiduciary relationship

Answer 19

can be physical or economic. you need an improper threat and a vulnerable person who has no reasonable alternative.

Answer 20

RARE! unfair procedural surprise--at time of agreement, and oppressive terms.

Answer 21

PICK UP HERE PAGE 33

Answer 22

Is avaiailable when 1) valid contract 2) legal remedy is inadequate (3) enforcement is feasible and 4) mutuality of remedy is present Available for Sale of goods where good is unique and replacement or money damages will not suffice

Answer 23

If promisor has made an absolute promise to pay a third party beneficiary (not a promise to pay whatever the promisee owed_ then the promisor cannot assert the promisee's defence

Answer 24

Need to be reasonably certain: I foresee that L-PRINCE is reasonably certain to recover! Expectation Damages--you get what you would have gotten if contract OK. benefit of bargain damages. Reliance Damages: if not sufficiently certain, can recover cost of performance--put plaintiff in position should would have been in if no contract had ever been formed. Consequential Damages: reflect losses over and above standard expectation damages--arise bc of non breaching party's particular circumstances, mostly lost profits. Recoverable only if breaching party knew or had reason to know of the special circumstances. Incidental Damages--Contract for Sale of Goods

Answer 25

reflect losses over and above standard expectation damages--arise bc of non breaching party's particular circumstances, mostly lost profits. Recoverable only if breaching party knew or had reason to know of the special circumstances.

Answer 26

available for buyer and seller expenses reasonably incurred by the buyer in inspection, receipt, transportation, and custody of goods rejected by seller for storing, shopping, returning, re selling

Answer 27

parties stipulate to ammount of damages, only enforced if 1. at time contract was formed, it would have been difficult to estimate or ascertain and the amount was a reasonably forecast if it is too high it seems punitive--NOT ok

Answer 28

Difference between Contract price and Market price/replacement cost PLUS incidental MINUS expenses saved as a result of breach. if market price---market price at time buyer learns of breach. if replace--reasonable replacement in good faith e.g. contract to buy Beer for 100. doesn't come, you spend 10 dollars to buy more beer for 110 dollars. damages = 110-100 (10) + 10 = 20! same facts but you buy beer for 90, spend 10 doing it. damages = (100-90) + 10 = 0

Answer 29

buyer can recover for value of goods received minus value they would have been if delivered according to contract

Answer 30

dif between market price when buyer learned of breach and contract price

Answer 31

when seller had reason to know of buyer's particular requirement and subsequent loss resulting could not be prevented by cover. (seller knows that buyer will lose profits if he knows the goods are to be used in manufacturing, or knows that buyer typically resells)

Answer 32

1. difference btwn market price and contract price (AT TIME OF DELIVERY) 2. resell goods and difference between selling and contract price. 3. lost profiits---contract price and loss to seller if seller has unlimited supply then lost profits measure should be used.

Answer 33

remember MUUMO Mutual mistake of material fact Unilateral mistake if other party new unilateral mistake if hardship by mistaken party so extreme that outweighs all else misrep. of fact/law relied upon other grounds duress, illegality undue influence tc

Answer 34

knowledge and: reliance, sue assents

Answer 35

intent to immediately and completely transfer rights recipient of rights is asignee. person doing something is obligor.

Answer 36

For Value--(consideration or for prexsiting debt) cannot be revoked gratuitous can unless: 1. obligor has performed 2. reliance something about choses. how to revoke? death of assignor. notice or revocation assignor assignor taking performance directly from the obligor. subsequent assignment of same right

Answer 37

rejection or counteroffer does not terminate. They can still accept orig offer within open period, except perhaps if oferreror has detrimentally relied.

Answer 38

A manifestation of assent to the terms of an offer.

Answer 39

Where party pays consideration to keep offer open, right to accept IS transferable. All other times,not. `

Answer 40

Construed as acceptance, and breach. But, if seller sends goods as an accommodation, it is not an acceptance. (ONLY APPLIES WHERE the SHIPMENT ITSELF IS THE ACCEPTANCE) If a contract has already been formed and accepted, an accomodation is a breach.

Answer 41

if one party, w/in reasonable time after oral contract is made, sends other party a weitten confirmation of it---this satisifes SOF if 1)had reaosn to know of cotents, 2 does not object w/in writing in 10 days

Answer 42

modification ok w/o consideration if modification due to circumstances unanticipated by parties, and it is fair and equitabl

Answer 43

There is some supervening act leading to frustration at time of K, parties did no reasonably forsee purpose has been destroyed prpose was realized by both parties wen making contract (contract for land for a tennis tournament, gets cancled)

Answer 44

to be discharged by recission, a K must be executory on BOTH sides. An executory contract is a contract made by two parties in which the terms are set to be fulfilled at a later date. The contract stipulates that both sides still have duties to perform before it becomes fully executed. The contract is often in place between a debtor or borrower and another party. Both people still have something to do

Answer 45

Can be oral even if contract says no. must be written for SOF contracts, or if contarct says it must be written

Answer 46

when you had 1. a previous valid contract, 2 agreement among all parties inlcuding new party to new contract 2. immediate extinguising of contractual duties as between the original contracting parties and 4. a new contract

Answer 47

accord must be supported by considaration. if new consideration is less than old, must be different/paid by third party etc an accord will suspend the right to enfroce the original contract. Satisfaction is performance of the accord. IT DISCHARGES THE ORIGINAL CONTRACT AND THE ACCORD.

Answer 48

If debtor (person who needs to do something) breachese---other may sue on either contract if creditor breaches accord by suing on original contract--debtor may raise accord as a defense OR wait until creditor wins on the action an then sue for breach of accord.

Answer 49

when promisor is under an absolute duty to perform, this absolute duty has not been discharged, failure to perform is a breach

Answer 50

minor breach will not relieve aggrieved party of duty to perform--just gives damages for the beach material breach--not reviece substnatial benefit of bargain--material! non breaching party may treat contract as at an end. right to all remedies including total damages.

Answer 51

recovery available for substantial performance of divisiobe party

Answer 52

failure to perform on time is not material unless K says it is of the essence, or parties intended it to be

Answer 53

UCC goods must be exact or it is a breach. right to reject is cut off by acceptance: After a reasonable opp to inspect you indicate to seller that they confirom, you fail to reject--or do anything inconsistent with seller's ownership" = accept.

Answer 54

specific performance --where legal remedy is inadequate. land or rare/unique goods covenant not to compete--where legit, reasonable in scope and duration, no public harm Defence: unclean hands laches sale to BFP