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| Contracts analysis | show 🗑
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| show | In order to accept an offer, must know of offer to begin with (before the fact)
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| show | In order to perform a unilateral contract, you MUST perform
Reward offers (most common)
An offer of reward to public is an offer to enter into a unilateral contact
Cannot accept reward, unless know of the reward before
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| show | 1. Revocation by offeror prior to acceptance,
2. Offeree rejects the offer,
3. Offeree makes a counter-offer (counter-offer = new offer),
4. Lapse of times with service Ks and stock options
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| Mailbox Rule | show 🗑
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| Revocation | show 🗑
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| show | Common law- valid option must be supported by consideration
UCC 2205- Offer by merchant in assigned writing which by its terms gives assurance it will be held open is irrevocable during time stated (if time not stated, period may not exceed 90 days)
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| show | Quantity must be present in sale of goods contract
Exception: No quantity required when-
1. Requirements contract- Quantity measured by buyers good faith needs
2. Outputs contract- Seller agrees to sell its output
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| show | Promise to keep offer open for a period of time
Two options-
1. Common law,
2. UCC 2205
For acceptance to occur with an option, in order to validly accept an offer the acceptance must be in offeror's hands within the option period
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| show | Bargain for exchange
Common law- Past consideration/moral obligation is NOT consideration
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| Defenses to formation- Statute of Frauds | show 🗑
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| Illusory contracts | show 🗑
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| show | Contract with minor has the power to affirm the contract
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| Battle of the Forms- UCC 2207 | show 🗑
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| Common law acceptance | show 🗑
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| Battle of the Forms- UCC 2207 continued... | show 🗑
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| Material change v. Non-material change | show 🗑
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| show | Substitute for consideration
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| show | Parties are mistaken about terms of contract
Two types-
1. Mutual, and
2. Unilateral mistake
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| Defense of formation- Mistake Mutual | show 🗑
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| Defense of formation- Mistake Unilateral | show 🗑
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| show | In order to have valid modification it must be supported by new consideration
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| show | Good faith modifications are allowed regardless of consideration
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| show | Both parties must be merchants
If one party within a reasonable time, after an oral agreement has been reached sends a written confirmation to other party it binds the sender
If recipient does not object within 10 days the recipient is bound to cont
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| Perfect tender rule | show 🗑
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| show | When seller violates, buyer has options-
1. Accept the goods and pay contract price,
2. Timely reject goods and sue for damages,
3. Accept any commercial units and reject the rest
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| show | If non-confirming goods are sent with notice of accommodation by seller, it is counter-offer
Buyer can accept or reject, but CANNOT file suit
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| show | Non-breaching party must mitigate damages
Substitute goods for another buyer
Recover damages between contract price and cover price
Cover price - contract price = buyers standard remedy
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| show | Issue: Have the third parties beneficiary rights vested?
If vested, cannot cancel or modify unless third party consents to cancel or modify
A third party cannot assert a claim to a contract they are not a party to
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| show | 1. When third party learns of contract and assent to it,
2. When third party learns of contract and reasonably relies on it,
3. When third party sues to enforce the deal
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| show | Prevent introduction of evidence to contracts that explains a contract is completely and totally integrated
Exceptions-
1. Condition precedent to contract: Evidence that contract subject to condition precedent is always allowed to explain that contrac
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| Anticipatory repudiation (breach)of contract | show 🗑
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| Adequate assurances | show 🗑
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| Excuses to performance | show 🗑
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| Assignments and delegations | show 🗑
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| Novation | show 🗑
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| show | Non-breaching party suing and recovering foreseeable and compensatory damages
Breaching party who sues is entitled to reasonable value of services provided, minus the non-breaching parties damages
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| Remedy for non-breaching party | show 🗑
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| UCC- Seller standard of remedy | show 🗑
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| show | Only applies to volume sellers (unlimited amount in stock or readily available items in stock)
Determine what profit would be minus amount paid upfront, goes back to seller
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Created by:
dmoore147
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