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1L Contracts

LAW-First Year Law School Contract Notes

TermDefinition
What is a contract? A contract is a promise or set of promises enforceable by law.
What is a contract comprised of? A contract is comprised of an Offer, Acceptance, Consideration
Identify the issues on a Contracts checklist? Formation, Covenant, Conditions & Excuses, 3rd Party Beneficiary, Assignments and Delegation, Breach, Remedies
What is an offer? A manifestation of of present contractual intent by the offeror communicated to the offeree with sufficient certainty of terms that an objective observer would reasonably believe assent would form a bargain.
What element must be present for an offer to be found? INTENT
What constitutes a common law acceptance? An acceptance at common law must be a mirror image of the offer.
At common law, what is required of an offeree to constitute a valid acceptance? The offeree, must agree exactly to the terms of the offer.
Defenses to formation? Fraud, Mistake, Statute of Frauds, Parol Evidence
What is consideration? Consideration is that which is being bartered for.
What is a Condition Precedent? An act or event that must occur before a promise to perform ripens into a duty.
What is a Condition Subsequent? A condition that must continue to hold after a promise ripens into a duty, and if fails, duty to perform is discharged.
Promises may also be referred to as? Covenants
When must a contract offer manifest intent? A contract offer must manifest intent to enter into a contract at the present time, not at some future time.
What are the elements required for Reasonable Certain Terms? Quantity, Time, Identity of Parties,Price, Subject Matter
How will time of performance be established if not stated in the contract? Within a reasonable time
What is the only element required of a UCC governed contract. Quantity
What statements are often impliedly incorporated into the final terms of the contract? Statements made by the parties before the offer was accepted, but not anything after the offer has been accepted.
What is a Condition Concurrent? A condition that must occur simultaneous to performance.
What is an Express Condition? A condition explicitly stated in the contract, and no duty to perform arises unless the condition is met.
What is an Implied Condition? A condition implied in fact and inferred by express conditions, and tested by reasonable person standard.
Where a failure to satisfy relieves a party to a contract of the duty to perform, and does not constitute a breach? An unmet Condition.
What is a Constructive Condition? Imposed by law to do justice, and substantial performance satisfies the condition.
Advertisements and Price quotations are not usually offers because... They do not expressly state intent to enter into a bargain.
An advertisement IS an offer if... It identifies the exact item for sale, price, time, and specific person it will be sold to.
What does the term "released" refer to in contract law? Used to mean a person no longer has to fulfill their promise.
What does the term "discharged" refer to in contract law? Used to mean a person who had a duty no longer has to fulfill it.
What does the term "excused" refer to in contract law? Used to mean a promise or duty that was subject to a condition is no longer subject to the condition.
First question to ask in Statute of Frauds issue? Is the agreement within the Statute of Frauds? If no, agreement is enforceable.
Second question to ask in Statute of Frauds issue? Is the agreement evidenced by a writing? If yes, agreement is enforceable.
Third question to ask in Statute of Frauds issue? Is there an exception? If yes, agreement is enforceable.
What types of contracts does the Statute of Frauds deal with? Oral Contracts
What are exceptions to evidenced writing under the Statute of Frauds? Reasonable Reliance, and Specifically Manufactured Goods.
When is a party not able to assert the Statute of Frauds defense? When they admit a contract was made.
Created by: TeeArnay
 

 



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