Shared Flashcard Set

Details

Contracts-
Alexander
11
Law
Professional
12/06/2011

Additional Law Flashcards

 


 

Cards

Term
Consideration
Definition

In order for there to be consideration there must be:

Bargaining

A Choice

An exchange

 

Consideration must have a legal value- either a benefit or detriment

 

No consideration if there is a Pre-existing duty

Term
Undue Influence
Definition

Restatement 75

persuausion

 

If assent of one party is induced by improper threat by another party that leaves victim no other alternative  there is undue influence

 

Parties alternative can be dictated by the influencing party(spirtual advisor case)

Term

Duress

 

Definition

 

Only covers:

physical coercion

or

economic threat

Not one of these probably not duress

 

The threat must be especially wrong it cannot be a threat that isnt so bad like divorce or leaving

 

Term
Pre- Existing Legal Duty
Definition
Falls under consideration- it is not consideration
Term
Statute of Frauds
Definition

5 instances where K must be in writing:

Sale of land interest

Sale of good >500

K that takes longer then 1 year to complete

consideration for marriage( prenup, ring etc)

Answering for the debt of another ( cosigner etc)

Term
Infancy Doctrine ( Minority)
Definition

Minor can void a K for goods that are not essential goods

( medical supplies expenses etc)

Public Policy - unconscionable to have minor fulfill a contract

Exists to protect minors from adults and to protect them from themselves

 

Minor must return as much of consideratin still has in his possesion at time of disaffirmation

Term
Mental Incapacity
Definition

Did seller now or have reason to know of buyers mental incapacity (drugs drinking mental illness etc)

Other party must have noticed

Apply cognitve( brain ) or volitional (illness) test

 

Public Policy- if man does not have mental capacity to contract enforcing it is unconscionabl and against public policy

Term
Misrepresentation by material Fact
Definition

Misrepresentation is an asseration not in accord with the facts

 

 

Relevant untrue statemnts- party makes false statments

Relied upon - aggrevied party relies on fals information

Reasonable or justified- Partys reliance was justified

 

Ghost case and termite case

Term
Promissory Estoppel
Definition

Key Idea - used to avoid injustice when lacks consideartin but when someone relied upon the promise

- no consideration

-promissor should have reaonsably expected reliance

- promisee did rely

-Must enforce to avoid injustice

 

Read Standish and Curry

Bank approved loan/ lost out on buyout

Abington v Dayton - Union workes relied on something that wasnt a promise verbal was not promise

 

Term
Mistake of fact
Definition

Bilateral or mutual - no meeting of the minds - usually voidable - both partys thought different things

Unilateral- belief not in accord with the facts held by one party , no one has reason to know of the mistake ( 1 party mistaken)

 

Contract Bid Case- if you have notice of mistake and take no action then there is no mistake

 

merchant has duty to price things correct- merchant bears risk ( baseball card case)

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