Term
| Statue of frauds (5 points) |
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Definition
-certain contracts have to be in writing in order to be enforceable
-executory contracts only (still in progress
-interest in land
-one year rule (contract can be completed in less than a year)
-cosigning rule |
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| no formality is required. But authentic act helps to prove contract in court |
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| must have 2 witnesses and signature from notary public |
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prevents application of statue of frauds
-promise causes actions
-promise was foreseeable
-oral promise can prevent injustice |
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| both parties agree to rescind contract |
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| some act must happen in order for one party to force the other to finish contract (fix fender) |
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| obligation is extinguished if some act occurs before completion of contract |
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| release contract of one party and substitutes another party (selling a good to another to take over notes) |
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| -settlement of disputed contract (second contract to settle first contract) |
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| Discharge by impossibility |
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| death or incapacity to perform (can not complete contract, must be severe... i.e. dancer cannot continue the lesson that were already paid for and gets his money back) |
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| Commercial of Impracticability |
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| impracticable to perform (only allowed in California) |
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| Act of God (hurricane, flood, tornadoes, earthquakes) |
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| almost completed contract but came up slightly short |
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| major short coming (may rescind contract and if contract is completed offended party is returned to status quo) |
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| party indicates before hand that the promise will not be completed |
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| restores offended party to condition as if contract had been completed (offended party must mitigate damages) |
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| between non-breaching party and another party (outside direct connection of parties) |
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| damages are agreed upon in advance and written in the contract |
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| non-breaching party must minimize damages at any chance |
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| both parties must be returned to status quo (back to original positions before contract) |
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| in extreme cases, one party uses strong bargaining power to gain favorable contract terms (circuit city) |
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| equitable remedy (non monetary) court orders breaching party to fulfill promise in unusual or unique cases (Mona Lisa) |
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| corrects a fault or error in the contract (land - correction deed) |
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| to prevent unjust enrichment (painting the house) |
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| court order to stop an action (oil company drilling on wrong land) |
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