Term
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Definition
| To constitute consideration, a performance or a return promise must be bargained for. |
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Term
| Consideration Substitutes |
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Definition
| Indebtedness, Bankruptcy, nonoccurence of condition, Voidable duty, Past/Moral Consideration, Options, Surety, Modified, Prom. Est., Stipulations |
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Term
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Definition
Maj: additional consideration
Min: unforeseeable circ. (no consid)
UCC: In Writing, good faith, binding without consid. |
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Term
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Definition
| In writing, signed by promisor, recites consideration |
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Term
| Option Contracts/Merch. Firm Offer |
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Definition
Writing, Signed by offeror, recites consid., reaonable time
UCC: merchant, in writing, reas. time, not to exceed 3 mo.) |
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Term
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Definition
| Conditioned gifts, Past, Moral, Pre-existing duties |
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Term
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Definition
| Not a defense unless money for money |
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Term
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Definition
| Promise, Reasonable expectation of the promisor that the promisee woudl rely, Promisee Relied, harm |
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Term
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Definition
| Not consideration, may be a consideration substitute |
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Term
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Definition
| Committment, Cummunicated, Identified Offeree, Definite Terms |
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Term
| CL terms needed for an offer: REAL ESTATE |
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Definition
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Term
| CL terms needed for an offer: Employment |
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Definition
| Term of emp. (time or task) |
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Term
| CL terms needed for an offer: Goods |
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Definition
| Quantity (Exception: Output and Requirements) |
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Term
| Acceptance of Bilateral: CL |
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Definition
| Committment, Communicated the right way, Mailbox Rule, Mirror Image, Last Shot, Before revoke/Expiration |
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Term
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Definition
| G/R - Acceptance is effective at dispatch |
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Term
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Definition
Offeror states otherwise
Acceptance of an Option K (upon rec.)
Improper dispatch
Rejection followed by Acc. - whichever first
Unauthorized method of acceptance |
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Term
| Timeliness/Termination of Offer |
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Definition
Lapse of time (offer sets time or courts deem reasonable time)
Operation of Law (death/incapacity of either party, destruction of subject matter, supervening illegality)
Acts of parties (revoked, rejected)
Public offer: same/comparable way as offer |
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Term
| Acceptance of Bilateral under UCC |
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Definition
| Committment, Communicated in the right way, Mailbox Rule, Before Termination, NO Mirror Image, NO Last Shot (see other card) |
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Term
| Additional Terms in an Acc. under UCC |
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Definition
Acceptance expressly conditioned = coutneroffer.
New Terms:
Nonmerchant parties - just proposal
All Merchants - add. terms are part of contract UNLESS rejected within reas. time, offer forbids, add. terms materially alter the deal |
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Term
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Definition
| Complete performance, Beginning perf. |
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Term
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Definition
Shipment of conforming goods
Shipment of nonconforming goods (unless as accomodation) |
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Term
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Definition
| Marriage, ONE YEAR RULE, Real Estate, Debt of Another, Goods for $500 or more |
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Term
| What must be in writing for Goods over $500? |
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Definition
| Party, signature of party being sued, Quantity |
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Term
| SoF $500: Writing Substitutes |
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Definition
Merchant's Confirm. Memo
Specially Man. Goods
Judicial Admissions
Acceptance of Payment or Goods |
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Term
| Merchant's Confirming Memo |
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Definition
Between Merchants
One merchant puts contract in writing, sends to other merchant. Other merchant can reject within 10 days of receiving. |
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Term
| SoF - Requirement of the Writing |
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Definition
1 - Reasonably identifies the Subject Matter
2 - Sufficient evidence to show that parties entered into K
3 - States with reasonable certainty the essential terms of the unperformed promise |
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Term
| SoF, Writing: Exceptions/Substitutes (CL) |
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Definition
1 - Admission under oath
2 - Complete Performance
3 - Promissory Estoppel |
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