Term
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Definition
| Statute of Fraid requires sufficient writing |
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Term
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Definition
document that is sufficient to indicate a contract between two parties.
Identify Subject Matter and essential terms (UCC does not require all terms but does require quantity of goods)
Signed by the Party against whom enforcement is sought or by his authorized agent |
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Term
| Selected COntract within Statute of Frauds |
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Definition
Guaranty Contracts-promise to Pay debt of others
--Main Purpose Doctorine( Leading Objective Rule): exception that applies when the primary object is to provide an economic benefit to the guarantor
Contracts involving Land Interest
COntracts that cannot be performed within one year (if one party has performed, the other must as well)
Sale of Goods for $500 or more
--Exceptions-Merchant B must Accept A's agreement in 10 days from receipt or he will be held
-Specially manufactured goods-oral contract is enforceable if goods are not suitable for sale elsewhere and a substantial beginning to manufacture or commitments elsewhere
-judicial admission
-part performance-to extent that goods have been deliver (pay accepted) contract will be enforced |
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Term
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Definition
final written contract does not consider oral agreements that change it
competion of agreement can be stipulated or implied |
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Term
| Parol Evidence does not apply for.. |
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Definition
non integrated contract
Correction of a typo
showing contract is void
showing whether condition has occurred
Showing a subsequent mutual rescission or modification |
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Term
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Definition
Sample of Rules of Interpretation and Construction
Words are given their ordinary meanings.
Ambiguities are constructed against the party who drafted the contract.
Specific provisions control general provisions.
Handwritten provisions prevail over typed provisions, and typed provisions prevail over printed provisions.
Courts may rely on business customs, usages of trade and the parties’ prior dealings to give meaning to the contract language. |
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Term
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Definition
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Term
| ASK SOMEONE ABOUT what they think the 13 question is |
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Definition
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