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Bar prep: Contracts Flashcards

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1
Q

You purchase a tiger from a tiger breeder. UCC or CL?

A

UCC: Sale of goods under Art 2. (Moveable things)

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2
Q

K Between Chris and Lowes to repair the unit in his fridge?

A

CL: Services (non-moveable things)

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3
Q

Construction K to build porch on home. UCC or CL?

A

CL

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4
Q

What is an Offer? Definitionally speaking.

A

Manifesting commitment to do something.

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5
Q

Offer or no:
1) I’ll take your top of the line mower.
2) Is that the best price for that mower?
3) Customer walks in, sits down, orders meal.
4) Homeowner tells gardener he needs work done, but will not pay more than $50.

A

(1) Yes. He has manifested commitment to do something, like buying the mower.
(2) No. No commitment to do something.
(3) Yes. He has manifested commitment to buy food.
(4) No. Inviting gardener to make offer.

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6
Q

Offer to sell my hunting cabin for reasonable price. What essential term is missing?

A

Sale of land requires description + price. Price is missing here.

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7
Q

Offer to buy wooden pallets from someone for $10 each. What essential term is missing?

A

Offer to buy goods requires quantity as the essential term.

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8
Q

T/F) Output offers (all i can make) or requirement offers (all you need) for a good does not need definite quantity.

A

True! Subject to GF quantity tho. (Sky is not the limit)

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9
Q

K offer for services require what?

A

Description of the service

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10
Q

K formation: Requires what?

A

O + A + C

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11
Q

Law applied to Ks? J or subject matter?

A

Depends on the subject matter of transaction.

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12
Q

Type of law?
Goods =
Everything else =

A

Art 2
CL

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13
Q

What if K is mix of goods + services or land?

A

PPT

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14
Q

At CL, a valid offer must what?
At UCC, offers do what?

A

CL = Offer manifest committment to do something / I2BB.

UCC = Invites acceptance by any means / medium reasonable, per 2-206. Liberal construction in UCC.

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15
Q

ADS in a paper. Valid offer?

A

Usually no, unless it is limited to one person. IE: First come first serve, limited to first ten persons, etc.

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16
Q

ADS are not generally offers b/c objectively, they are….

A

Invitations to make a offer.

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17
Q

Rewards. Valid offers? IE: $500 to person who finds and returns my wolf.

A

yes

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18
Q

Statements made in jest. Valid offers?

A

It depends. If a reasonable objective person interprets as valid offer, then maybe yes.

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19
Q

Essential terms:
1. Article 2 Goods =
2. Land =
3. Services =

A
  1. Quantity
  2. Description + Price
  3. Description of service
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20
Q

T/F) The language “all” is sufficient to establish quantity with regard to output or requirement offers.

A

True.

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21
Q

Offer w/o quantity for a good is not valid. Exceptions?

A
  1. Subsequent comms establishes quantity
  2. Output / requirement Ks
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22
Q

T/F) A general offer can be revoked anytime before acceptance.

A

True

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23
Q

Two ways offers are revoked?

A
  1. Direct
  2. Indirect (Reliable 3rd party informs offeree the offer is off the table)
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24
Q

When does an offer become Irrevocable?
1.
2.
3.
4.

A
  1. Option K
  2. Merchant firm offer
  3. Party detrimentally relies on it
  4. Performance startes in Unilateral K
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25
Performance K. When irrevocable?
When performance starts.
26
DR K. When irrevocable?
When offeror made a promise in the offer and should expect the offeror to rely on that to his detriment. Irrevocable for a reasonable time.
27
Who is a merchant?
Commercial seller or someone who deals in the goods of that kind
28
Merchant firm offer. When irrevocable?
1. Merchant 2. Promise to keep open 3. Signed Irrevocable for 3 months only No consideration needed
29
Is consideration needed for merchant firm offer?
No
30
How long is merchant firm offer irrevocable?
Not to exceed three months
31
Is consideration needed for option K to be irrevocable?
Yes
32
Option K elements?
Agreed to keep open for time + consideration
33
Do counter offers kill the original offer? If counter offer rejected, can you then accept the original offer?
Yes No. The C/O kills original offer.
34
Does an inquiry (Will you accept lower?) terminate the original offer?
No. Inquiries do not terminate the original offer.
35
Can you accept original offer after you submit an inquiry?
Yes
36
Rejection by conditional acceptance. "I accept so long as..." Valid acceptance? Assume CL.
No. This is C/O killing original offer. At CL, MIR dictates that acceptance mirror terms of offer.
37
Can acceptance be different from terms of offer for Art 2 K?
Yes! MIR only applies toCL.
38
T/F) Offeree must accept offer as stipulated by terms of offer timeline wise. If not stipulated?
Reasonable time
39
When might K be terminated by law?
1. Death / incapacity 2. Subject of K becomes illegal 3. Subject of K destroyed
40
Death of Offerror cuts off offer. Except when?
Irrevocable offers (Option K for example)
41
Who can accept an offer?
Only person or persons to whom directed.
42
Reward. Person returns cat without knowledge of reward. Bound by K?
Nope. Only a person who knows of the offer may accept.
43
Silence is never acceptance. Excpet when?
Offeree is receiving a service he knows compensation will be expected for. OR parties agree silence OK or silence is their custom
44
ART 2) Shipment of non-conforming goods is two things.
Acceptance AND Breach.
45
ART 2) Shipment of non-conforming goods is acceptance and breach. Unless?
Unless notified non-conforming to offeree. Then it is ACCOMODATION.
46
ART 2 does not require acceptance to follow MIR. So what if diff terms?
BOF. Conflicting terms are eliminated and UCC inserts new terms.
47
BOF) Parties not merchants
Terms of offer govern
48
BOF) Parties merchants. New terms permitted to come in unless?
1. Materially alter 2. Accept was expressly limited to original offer 3. Offeror already objected.
49
K for sale of goods, donuts. Seller of donuts says 10$ each dozen. Store buyer accepts, says bring by before COB tomm. K? What if store said, I accept but only if they are grain free.
Yes, we have K with additional term of delivery tomm which comes in under ART 2 unless it: 1. Materially alters 2. Accept. was limited to original terms 3. Objection by party Then no acceptance (grain free). This made acceptance on new conditional term, which seller could reject.
50
Employment offer sent. Person says i accept but will not work weekends. Valid acceptance?
No. This is CL and MIR applies here. Acceptance must mirror the offer exactly.
51
"I will buy a motorcycle if i feel like it." Illusory or no?
Illusory!
52
"I will buy your house if my employer moves my job to your town." Illusory?
No. Conditional promise which is enforceable unless it was made entirely under promisor control.
53
"I will buy a puppy from your dogs next litter if it is cute." Illusory?
No. Satisfaction clause is not illusory if it is done in GF.
54
Shipment of non-conforming goods?
Both acceptance & breach... unless notified its a accomodation. If so, this is C/O which buyer may reject.
55
At CL, terms of acceptance must match offer exactly. (MIR) What about Art 2?
Nope. We use BOF / UCC gap fillers.
56
For merchants in UCC with conflicting terms?
Add. terms come in, unless: 1. Materially alter 2. Acceptance was expressly limited to original terms 3. Offeror already objected to new terms
57
Rejections effective when? Acceptance effective when?
R = On reciept A = On dispatch
58
T/F) The mailbox rule will not apply if the parties opt out of this rule by saying "effective on receipt."
True
59
Does the MB rule apply to option Ks?
No! Effective on receipt ONLY
60
MB rule: 2 Scenarios 1) Acceptance mailed, then rejection sent. 2) Rejection sent, then Acceptance mailed.
1) Accepted on dispatch 2) Whichever one received first
61
What if rejection received b4 acceptance and person changes position in reliance of that rejection?
Offeree will be estopped from attempting to enforce.
62
______ consideration: Something thats not intended to serve as consideration.
Sham
63
_____ consideration: Something that was done, usually an act, that would have been C if it were bargained for CURRENTLY.
Past C = Not C
64
This rule says that "a promise to do something a party is already legally obligated to do is NOT C."
PEDR // Unless promising to do something NEW
65
If K is modified due to unforseen circumstances, when do not need new C. (T/F)
True
66
Does PEDR apply to Art 2?
Nope. A K can be modified w/o new C as long as done in GF.
67
T/F) In UCC, K can be modified w/o new C.
True, so long as done in GF.
68
_______ promise: Empty promise manifesting NO committment. "I promise to buy your truck... if i like it."
Illusory
69
Exception to rule against illusory promises?
Satisfaction clause. Can get out of K with this if done in GF.
70
A K within the SOF is not enforceable unless endorsed by ______ & ______ by the party to be bound.
1) Writing 2) Signed by party to be bound
71
SOF categories
Marriage Years (more than 1) Land Executor (paying debt of estate) Goods (More than 500) Surety (Answering for debt of another)
72
ART 2 SOF Exceptions?
1. Specially manf. goods 2. Written confirmation from the M 3. Admissions to having a K 4. Part performance (Enforceable to extend performed)
73
SOF: Land If you get 2/3 of these, SOF no longer applies to K for sale of land. What are they?
1. Payment 2. Possession 3. Valueable improvements to the land
74
SOF: "Give him the goods and if he doesnt' pay, I will."
Surety
75
SOF: Applies when paying down debt of the estate.
Executorship
76
SOF: K when C is the marriage itself.
Marriage
77
____ mistake is the only valid defense to enforcing a K.
Mutual mistake
78
T/F) A party who assumed the risk cannot use "mistake" as a defense to K enforcement.
True!
79
When is a party presumed to assume the risk? (Cant use Mistake as ∆)
1. When they know they dont know 2. Other party in superior position
80
K for minor... Voidable by who? Exceptions?
1. Minor can void. Exceptions: 1. Necessities 2. Doesn't disaffirm b4 18
81
K is voidable if persons mental capacity so deficient they can not understand nature of agreement. (T/F)
True, Lack of Capacity.
82
Voluntary intoxication. When voidable?
If the other person had reason to know of the intoxication. If not, we still have K.
83
Involuntary intoxication?
Treated like lack of capacity. Voidable and not dependent on other party knowledge.
84
2 types of duress?
Physical Economic
85
When is economic duress a defense?
1. Seriously threatens other party prop / finances AND 2. Other party has no other means to prevent the loss.
86
Undue influence elements?
1. Other party susceptible to UI 2. UI exerted over other party
87
Physical duress is always void. (T/F)
True
88
2 types of unconsionability?
Substantive Procedural
89
Art 2: Shipment of non-conforming goods. Breach?
Yes, unless seller notifies it is accomodation. It is then a C/O which buyer may reject.
90
T/F) In Art 2, terms of acceptance must match exact manner of acceptance stipulated in the offer.
False, that is the CL rule. MIR does not apply to Art 2.
91
Does MIR apply at CL or Art 2?
Cl only
92
Additional terms, both parties Ms. Comes in unless... What if we now have conflicting terms?
1. Materially alters 2. Acceptance expressly limited to terms of offer 3. Objection to addition Conflicting terms K/O. UCC gap fills.
93
1. When are rejections effective? 2. Acceptance?
1. When received. 2. When mailed
94
Send acceptance then email rejection...
Acceptance valid as mailed first.
95
What is rejection sent via email then you mail acceptance?
Whichever received first.
96
Can parties opt out of MB rule? How?
Yes. Say "effective on reciept only."
97
Does MBR apply to option Ks?
No.
98
If offeree sends Rejection via email, then mails acceptance??
Whichever arrives first.
99
What if rejection sent first, then mail acceptance BUT offeror changes position in reliance on rejection?
Offeree will be estopped from enforceing.
100
________ Bargained 4 exchange for something of legal value. Benefit to Promisor Detriment to promisee
Consideration
101
Can past consideration serve as valid consideration?
No!
102
_____ rule: A promise to do / perform something a party is already legally obligated to do. This is not C!!
Pre-existing duty rule
103
If new K mod is needed b/c of "unforseen circumstances," can this justify a modification and be enforceable?
Yes, if fair and equitable. Note: If the "unanticipated circumstances" could have been forseen... then no!
104
T/F) UCC and CL follow the PEDR.
False, only CL.
105
Whats the rule for modifying contracts in the UCC?
Fine, so long as done in GF. ***New C not needed***
106
Normally, illusory promises are not binding.... except when?
Satisfaction clause: If done in GF, this rule provides way out of K if you are not satisfied in the good / service.
107
Satisfaction clauses to get out of a K / justifying illusory promises... what is required?
This must be done in GF.
108
CL SOF categories?
Marriage Years (If over 1 year) Land Executor Goods (UCC: Over $500) Surety
109
Exceptions to the SOF in the UCC?
1. Specially Manf. Goods 2. Part performance (pay / deliver) 3. Judicial admission 4. MMRTMR
110
3 exceptions to Land SOF:
1. Improvements 2. Possession 3. Payment 2/3 of these takes out of SOF
111
Mutual vs Unilateral mistake. Which is valid defense to enforcement of K?
Mutual mistake only
112
When does a party "assume the risk?"
1. Other party in superior position 2. When they know they don't know
113
1. Party mails acceptance, then emails rejection. 2. Party emails rejection, mails acceptance after.
1. Accepted 2. Its a race!
114
In the UCC, contract MODS are permissive so long as... Is new consideration required?
Done in GF. No.
115
When does (timeline) trigger Year SOF?
If cannot be performed inside one year.
116
2/3 of these categories exempts you from Land SOF.
1. Possession 2. Improvements 3. Payment
117
A contract made by person under age of majority. 1. Voidable by who? 2. What if K for neccessities? 3. When disafirm?
1. The minor 2. Cannot be voided unless minor pays for value of those 3. B4 18 or reasonable time after
118
1. Voluntary intoxication. When is this voidable? 2. What about involuntary?
1. Only when other party knows about it and acts on it. 2. Voidable without other party knowledge.
119
1. Physical duress? 2. Economic duress?
1. VOID 2. Only defense when it seriously threatens property or finances + no means to prevent the loss
120
Undue influence elements? 1. 2. This = what?
1. Person sucesptible to it 2. Other party exerts it = Unfair K
121
UNC elements? Determined when?
1. Proc + Sub (need not be 50/50) 2. Formation **Matter of law
122
UCC v CL: How can you accept?
CL = Mirror Image rule (must mirror the offer) UCC = Any manner sufficient to show agreement (any reasonable manner)
123
UCC v CL: Option Ks?
UCC = No consideration (Merchant firm offer) CL = Need consideration
124
UCC v CL: K modification?
UCC = No consideration needed. Fine unless NOM or SOF trigger. Must be in GF. CL = Consideration will be required to MOD.
125
UCC v CL: Sub perf. v Tender?
UCC = Perfect tender required for payment. CL = Substantial performance by one party will trigger performance by other.
126
Acceptance is valid when?
Upon dispatch
127
Normally, silence will not constitute acceptance. Except when?
1. When the parties so agree; or 2. COD has demonstrated silence is acceptable manner (Reasonable expectation that silence may indicate acceptance)
128
A ______ contract exists when offeror makes acceptance possible only by performing a stipulated act... A _____ contract exists when there is an exchange of promises.
1. Unilateral contract 2. Bi-lateral contract
129
Generally speaking, when are we dealing with a irrevocable offer? Both UCC and CL.
1. Option K 2. M firm offer 3. Party detrimentally relied on offer 4. Beginning performance under a unilateral contract
130
For merchant firm offer rules to apply at UCC, what must the "merchant" be doing?
Acting in his mercantile capacity. Selling hobby items unrelated to his business does not count!
131
T/F) If offeror stipulates that acceptance is valid on receipt, then MBR does not apply.
True. If above is case, then acceptance only valid upon receipt.
132
To satisfy SOF, contract for sale of land needs what?
1. Description of property 2. Price **Signed by party to be charged
133
For specially manf. goods to apply, what must be true?
Writing not required + enforecable when: 1. Specially manf. goods 2. not suitable for resale 3. Seller started manf.
134
For specially manf. goods when party breaches after manf. started, is non-breaching party entitled to protion of work done or full K amount?
Full K amount
135
Contracts entered into by minors are voidable at their election but they may be liable for value of ____________ such as food / shelter.
Necessities
136
Minors must affirm / disaffirm a contract when?
Upon reaching age of majority (must affirm / disaffirm as a whole, can't do parts)
137
When happens if a minor does not disaffirm contract shortly after reaching age of majority?
It is considered affirmed.
138
Offeror may revoke offer by communicating revocation to offeree... But how to revoke prior publications / ADs?
Offer made by publication can be revoked only by publication through comparable means (Another publication)
139
Under the UCC, the seller of goods must make (partial performance / perfect tender)
Perfect tender!
140
T/F) In the UCC, if one party fails to conform exactly to what was promised in contract, other party may accept, reject, take part, etc.
True, entitled to perfect tender!
141
Does the defense of unilateral mistake prevent enforcement of the original contract?
Not usually. There must be a mistake about a basic assumption on which the contract was made; and: 1) The mistake has a material effect on the agreed exchange, and 2) Enforcement would be unconscionable. **Mere negligence by one party not enough**
142
T/F) The PEDR can apply in the UCC, depending on the contract and possible modifications.
False. Promise to modify in UCC is enforceable even without consideration.
143
UCC does not require consideration to modify, therefore, PEDR not applicable. What is?
Good faith: 1. Honesty in fact 2. Observance of reasonable comm standards & fair dealing
144
What is the purpose of contract damages?
To put non-breaching party in position it would have been in, had the breaching party fully performed.
145
Liquidated damages clauses are enforceable only if.... 1. 2.
1. Damages difficult to estimate when K formed. 2. AND amount agreed is reasonable forecast of damages that would result. **Must be reasonable forecast!!**
146
____________ damages are secondary costs incurred as a result of the other party’s breach — expenses reasonably incurred in dealing with the breach. *paperwork *office costs *packing costs, etc.
Incidental damages
147
An offer calling for shipment of goods may be accepted how?
1. Promise to ship 2. Prompt shipment Either forms a binding K
148
When a buyer breaches when seller is performing, seller can recover what?
1. Diff of K price & mrkt price or 2. Diff of K price & resale price + incidental damages
149
___ ___ seller means the seller can reobtain as many new goods as they sell. Seller therefore loses out on additional sales when K is breached and is entitled to profits from that lost sale.
Lost volume seller
150
T/F) In the UCC, in a K between merchants, parties may cancel anytime if within reasonable time.
No such rule. False
151
In the UCC, what if seller is able to get cover (same price) after party breaches on K?
He can still get incidental damages
152
When does an offer for performance (unilateral K) become irrevocable?
After performance starts, in the manner requested. Note: Offeree is not bound though and may stop performance anytime.
153
Detrimental reliance: When offeror could reasonably expect offeree to rely to her detriment, offeree does, the offer will be held irrevocable as ______ K for a reasonable length of time.
Option K
154
MMRTMR: Generally, when is this binding on the parties? 1. 2.
1. Recipient has reason to know of the letter's contents 2. No objection (in writing) inside 10 days
155
T/F) Between Ms in the UCC, an acceptance with additional terms is a counteroffer.
False, this is valid acceptance with additional terms unless it materially alters it, etc.
156
In scenarios where shipper sends conforming + non-conforming goods, can receiving party accept some and reject others?
No, this is a counter offer which receiving party may WHOLLY accept or WHOLLY reject.
157
In UCC, offer to buy goods for prompt shipment invites acceptance by.... 1. 2.
1. Promise to ship 2. Prompt shipment
158
In a service K where service provider breaches, at CL, is non-B party entitled to total cost to finish the job or diff in what paid / what should have cost?
Difference
159
Provisions such as Liquidated damages clauses are permissive (generally), so long as what?
So long as they are not a "penalty" clause but rather, a reasonable estimate of damages 4 breach.
160
T/F) Penalty clauses may be enforced so long as reasonable.
False, we do not allow penalty clauses, only LD clauses so long as not UR.
161
When is "Specific performance" available as a remedy?
Only when monetary damages are inadequate.
162
What is Doctrine of Latches?
An equitable defense that bars a claim when: The plaintiff unreasonably delayed in bringing the claim, and The delay prejudiced the defendant.
163
While mistake is usually only a valid ∆ to k enforcement if both parties are aware of mistake... when else might it be unenforceable?
The other party should have known, or been alerted to the existance of the mistake. IE: 60K sub-K bid when average bid is 160K.
164
T/F) Parties claiming mistake can get out of K without other party knowledge if they can show that a intermediary is responsible for the mistake, not them.
False. Must show, if both parties not aware... that other party knew or should have known. of the mistake.
165
An affirmation of fact made by seller to buyer creates ___ ___ if the statement is a part of the basis of the bargain. IE: Sale of dog with papers suggesting high pedigree
Express Warranty
166
Is reformation of a K a valid option for party breach?
No, courts will not force parties to rebargain. At best, we have recission and / or damages as remedies.
167
Parties agree via phone to purchase of 2 Pokemon for $575 each. Pokemon 1, a Raichu, was delivered and accpetanced. B4 delivery of Pokemon 2, a Poliwhirl, buyer breaches. Remedy?
$575 for the delivered Raichu. This is SOF Q and parties oral agreement makes this unenforceable unless: 1. Spec. Manf. 2. Part performance 3. Judicial Admission Here, we have part performance of Raichu.
168
Under SOF, to be enforceable, a K for sale of land must be evidenced by what and include what?
1. Writing signed by party against whom enforcement sought 2. Description of land 3. Price
169
Mutual assent = Standard?
Offer + Acceptance both of which manifest the intent to be bound. This is a ...... Objective standard: "Did words / conduct manifest intent to be bound?"
170
What standard do we determine mutual assent?
Objective standard "Did words / conduct manifest intent to be bound?"
171
For formation of K, we need what?
1. Mutual assent + 2. Consideration
172
For a communication to be an offer, it must create what?
It must create "reasonable expectation" in offeree that offeror is willing to enter into a K / has demonstrated I2BB.
173
For a communication to be an offer, it must contain:
1. Promise 2. Undertaking 3. Committment
174
When may an offer be revoked indirectly?
Correct info from a reliable 3rd party of the acts of offeror
175
Can an offer be accepted after termination? When is revocation effective?
No. On receipt.
176
An offer made by publication may be revoked how?
By publication through comparable means
177
Express rejection of offer by offeree. How does this effect original offer?
Terminates entirely
178
What's the diff. between counter offers and mere inquiries?
Inquiries do not terminate original offer
179
An offer for true unilateral K becomes irrevocable when?
Once performance has begun. However, irrevocable ONLY IF performances in manner requested.
180
For Unilateral Ks, offeror must give offeree how long to perform as requested?
A reasonable time to perform
181
T/F) In Unilateral Ks, offeree is not bound to complete performance.
True. No acceptance until performance is complete.
182
T/F) Once performance starts in Uni-K, offer is now irrevocable BUT offeree does not have to finish performance.
True!! No true acceptance until performance completed.
183
When is offer irrevocable due to DR Doctrine?
When offeror could reasonably expect offeree reliance. Offeree does rely. If so, then irrevocable option K.
184
Merchant firm offers may not exceed what?
3 months
185
Under Article 2, what are requirements for M firm offer?
1. M 2. Offer to sell in writing 3. Writing gives assurances to stay open **No consideration needed
186
T/F) SOF requires a writing only for the sale of a K and not for revocation of one.
True!
187
Is SOF applicable for borrowing of money over 500?
Nope
188
3 exceptions when Ks are enforceable without writing against SOF?
1. Sp. Manf. Goods 2. Admissions in court 3. Payment / delivery of goods (Performance)
189
For specially manufactured goods to be enforceable against SOF, one of the following must be true: 1. 2.
1. Substantial beginning in manf. 2. Buyer made committments for purchase b4 repudiation received
190
For specially manufactured goods to be enforceable against SOF, one of the following must be true: 1. 2.
1. Substantial beginning in manf. 2. Begging of procurment **Not suitable for resale to others UCC 2-201
191
Admissions in Pleadings in court is enforceable without a writing. But not enforceable beyond what?
Beyond the Quantity admitted
192
Ks that cannot be completed inside 1 year subject to SOF. What about lifetime Ks?
No. Exempt from SOF
193
In the UCC, under 2-206, If offer does not stipulate, it therefore invites acceptance how?
By any reasonable manner under the circumstances
194
Offer to buy goods 4 current or prompt shipment invites acceptance how?
1. Promise to ship 2. Prompt shipment
195
At (CL or UCC) any diff. or additional terms in acceptance make it a rejection and counteroffer.
CL bruh
196
Article 2 does not follow Sub performance doctrine, it follows?
Perfect tender. If no comply, free to reject or accept
197
When does buyer officially accept in Art 2? 1. 2. 3.
1. After reasonable opp. to inspect, indicates they they conform or she will keep even if fail to conform 2. Fails to reject in reasoanble time 3. Does any act inconsistent with seller ownership
198
Is buyer required to accept accomodation? What if he does?
No. If accept, shipper not in breach
199
What is a "material breach?"
Offeree does not receive "substantial beneift of the bargain"
200
What rights if materail breach?
1. No perform 2. Remedies
201
What if construction K breached by owner?
Builder gets profits which would have resulted + costs expended
202
Construction K breached after construction completed?
Full K price + interest
203
Const. K breached by builder?
Owner gets cost of completion +reasonable delay comp. If only late performance, damges for lateness.
204
Revocation is effective on receipt. Does that require knowledge or possession of the revocation?
Revocation requires receipt (Possession) only.
205
Can "all the stuff in my house" qualify as valid Quantity in UCC?
Yes. Although ambiguous, courts can use EE and party intent to determine what that means.
206
Under UCC _______, no new consideration is needed to modify a contract. What is needed?
2-209 // Good faith
207
Claims of unilateral or mutual mistake must exist when?
Formation of contract, not after
208
Team leader says he will pay $2000 to car salesmen who, at end of month, makes the most Durango sales. What is this?
Offer for unilateral contract which may be accepted by performing.
209
T/F) Communication of revocation need not be read by offeree to be effective.
True, need only be in his possession.
210
When buyer accepts goods which turn out to be defective, what may he recover, at most??
Warranty (actual vs expected value) Incidental damages Consequential damages (P.I., prop., etc.)
211
Incidental damages include what?
Stuff like transportation or storage costs, printing costs, etc.
212
Consquential damages include what?
Defective camera destroyed my jacket and burned my face. You pay both.
213
T/F) Even in the UCC, which is liberally construed, two idential offers (I'll buy & I'll sale for 150K) crossing in the mail does not = valid contract.
True!
214
When is specific performance available as a remedy?
Only when monetary damages are inadequate.
215
Typically, unilateral mistake no ∆ to contract. Except when?
When nonmistaken party is or had reason to be aware of the mistake made by other party.
216
Affirmations of fact by seller to buyer, if apart of basis of bargain, creates what?
Express warranty in that product
217
Power to revoke is limited by these contracts: 1. 2. 3.
1. Option K 2. Merchant FO 3. Unilateral: Perf started
218
T/F) At CL, if a period of acceptance is stated in the offer, the offeree must accept within the specified period to create a binding K.
True!
219
Under the SOF, a contract for the sale of land is unenforcable unless....
Memorandum / writing: 1. Price 2. Description of prop. Signed
220
Ks entered into by minors are voidable at their election, although minors may be liable for ________ for "necessaries."
Restitution for necessaries (Food, housing, shelter)
221
SC BAR
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