Flashcards
Contracts
Cards in this deck (12)
- 1Statute of Frauds1. executory contracts
2. suretytship contracts
3. transfer/sale of land
4. sales for goods of $500 or more (UCC)
5. contracts that cannot be performed within a year
6. contracts made in consideration of marriage - 2Essential TermsQ - quantity
T - time
P - parties
P - place
P - price
S - subject matter - 3Special Offer Rules1. advertisements
2. price-quotes
3. requests for bids
4. letters of intent - 4Termination of Power to Accept1. death
2. incapacity
3. lapse
4. counteroffer
5. revocation
6. rejection
7. non-occurrence of condition - 5Non-Consideration1. pre-existing duty
2. past/moral consideration
3. bad faith forbearance
4. like kind exchanges
5. nominal
6. settlement of invalid claims
7. illusory promise - 6Defenses1. deception
2. undue influence
3. incapacity
4. illegality
5. statute of frauds
6. duress
7. unconscionability
8. mistake - 7Types of Deception1. Misrepresentation
2. Non-disclosure
3. Concealment - 8Types of Misrepresentation1. innocent
2. negligent
4. intentional - 9Types of Incapacity1. minority
2. mental disease
3. intoxication - 10Types of Duress1. traditional
2. economic - 11Limitations on Damages1. forseeability
2. certainty
3. avoidability - 12Measures of Damages1. general
2. special (reliance & consequential)
3. costs/losses avoided