Legal Enviro
Terms
undefined, object
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- Elements of a Contract
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Offer
Acceptance
Consideration
Capacity
Legality - Contracts under common law
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Real Estate
Employment - Contracts under the UCC
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Sale of goods
Merchant
Mixed - Test for mixed contracts
- Predominant test
- Types of Contracts (three vs)
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Valid
Voidable
Void - Goods are defined as
- moveable and tangible
- Promise for a promise
- Bilateral contract
- Promise for an act
- Unilateral contract
- Executed
- both parties have performed and are discharged
- Executory
- Both or one party has not yet performed
- Three COntracts that must be in writing to be enforceable
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1. Sale of land
2. Cannot be performed within one year
3. for sale of goods of value greater than $500. - Express Contract versus Implied
- Oral or written versus not
- 2 types of implied contracts
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Implied in law contracts
Implied in fact contracts - Implied in law contracts
- missing one or more elements but court will still find it to be a contract to prevent unjust enrichment
- Unjust enrichment
- Goods that you've recieved and not paid for
- Elements for an offer
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1. Language must be definite and certain
2. Must be communicated to offeree
3. Must be apparent to reasonable third party that the parties intended to enter into a K - 3 Rules for what must be contained in Contracts under UCC
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1. Rule of Quantity
2. Rule of Gap filling
3. Rule of Vague K's - Exception to rule of quantity
- Output requirement Ks
- Output Requirement Ks
- Exception to rule of quantity, says that business may substitute "amount needed" in place of exact quantity
- Events after an offer
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1. Lapse
2. Acceptance
3. Rejection
4. Termination
5. Revocation - Offers that may not be revoked
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1. Unilateral Contracts
2. Option Contracts
3. Merchant's firm offers 2-205 (for goods) - Acceptance that must match terms of offer
- Mirror IMage rule
- Which law does mirror image rule apply to
- Common Law
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What does 2-207 say about new terms to a contract for
Merchants
Non merchants -
Between merchants, new terms automatically become part of the K
Between non merchants, new terms become proposals to the contract - For which Law do modes have to match
- Common Law
- 4 Consideration Theories
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1. Bargain for Exchange
2. Detrimental Reliance
3. Implied in law
4. Public Policy - What is the Implied in Law theory
- Even if a contract is missing one or more elements, the court will find it to be a k to prevent unjust enrichment
- What are the two situations that apply to Public Policy theory
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1. Charity
2. Promise to pay after statute of limitations has run out - 3 Situations not supported by consideration
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1. Past Consideration
2. Liquidated Debt
3. Prior duty - What conditions must be met to be BFE consideration
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1. promise induced detriment
2. detriment induced promise
3. benefit to promisor or
4. detriment to promisee