Term
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Definition
| An offer is the present outward maifestation of intent to be bound by contractual agreement requiring definite and certain terms communicated to offeree |
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Term
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Definition
| A rejection is an unqualified repudiation by the offeree of the terms of an offer communicated to the offeror |
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Term
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Definition
| Indirect revocation occurs when the offeree acquires reliable information that the offeror cannot perform. It requires acts inconsitent with the contract. |
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Term
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Definition
| If an offeree changes his position in reasonable reliance on an offfer to his detriment and the offeror has reason to foresee this reliance, the offeror is estopped from revoking the offer for a reasonable time. |
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Term
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Definition
| Acceptance is the unequivocal assent to the terms of the offer. |
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Term
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Definition
| Wors which a reasonable person would understand as a rejection of the offer is a counter offer. |
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Term
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Definition
| Consideration is that which is bargained for and given in exchange for a return promise requiring benefit or detriment |
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Term
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Definition
| A modification is a change in the terms of the original offer requiring mutual assent and consideration |
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Term
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Definition
| A promise which the promisor should reasonably expect to induce action or forebearance on the part of the promisee/ third party which does induce such action/forebearance is binding if injustice can be avoided on by enforcement of the promise. |
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Term
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Definition
| A third party beneficiary contract is one wherein performance by the promisor will benefit a third party. His status arises at the formation stage of the contract. |
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Term
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Definition
| Privity of contract is the interest or relationship which exists between two or more contracting parties. |
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Term
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Definition
| Intent to benefit is defined as the promisee's intent to extract a promise from the promisor to benefit a third party. |
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Term
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Definition
| The restatement second states that the rights of any intended beneficiary vest when he has notice of and assents to the promise or brings suit to enforce the promise or materially changes position in justifiable reliance thereon. |
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Term
| DEFENSES TO FORMATION OF CONTRACTS |
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Definition
Fraud
Mistake
Statute Of Frauds
Parol Evidence |
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Term
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Definition
| A condition is an act or event that must occur in order for the other side's performance under the contract to become due. |
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Term
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Definition
Express Conditions( Stated in the terms of the contract)
Implied In Law Conditions
Implied In Fact Conditions ( work like mannner, cooperation or good faith) |
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Term
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Definition
Substantial Performance
Impossibility
Impracticability
Fustration Of Purpose
Fraud
Duress |
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Term
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Definition
State Law
State Statute
Judicial Opinions
U.C.C Article 2 ( govern goods; things that are movable)
All states have adopted the U.C.C except Louisiana |
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Term
| CONTRACTS : MAIN ISSUE SPOTTING CHECKLIST |
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Definition
- Formation Of The Contract
- Convenant, Conditions & Excuses
- Third Party Beneficiary
- Assignments & Delegations
- Breach
- Remedies
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Term
| 1. FORMATION OF THE CONTRACT |
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Definition
UCC
Merchants
Preliminary Negotiations
Offer |
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Term
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Definition
Counter Offer
Lapse Of Time
Death or Destruction
Rejection
Revocation
Acceptance
Consideration |
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Term
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Definition
Fraud
Ambiquity
Parole Evidence Rule
Mistake
Modification
Unconscionable |
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Term
| Defenses- Statute Of Frauds |
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Definition
Realty & Exceptions
Employment & Exceptions
Debt Of Another & Exceptions
Sale Of Goods & Exceptions
One Year & Exceptions
Marriage & Exceptions
Illegality
Capacity
Duress |
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Term
2. CONVENANT, CONDITIONS & EXCUSES
TYPE OF CONDITIONS |
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Definition
Express
Implied By Law
Implied By Fact
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Term
| EXCUSE FOR NONPERFORMANCE ( I SWIM FOR DAVE W.) |
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Definition
Impracticability
Substantial Performance
Waiver
Impossibility
Modification
Frustration Of Purpose
Occurrence Of Condition Subsequent
Recission
Divisibility
Anticipatory Repudiation
Voluntary Disablement
Estoppel
Wrongful Prevention |
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Term
| 3. THIRD PARTY BENEFICIARY ( DO PRISONERS IN CELLS VISIT SILENTLY) |
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Definition
Define
Privity
Intent To Benefit
Classify
Did The Right Vest?
Step Inside Shoes
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Term
| 4. ASSIGNMENTS & DELEGATIONS ( DO PLAYERS IN VEGAS EARN DOLLARS) |
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Definition
Define
Privity
Is right Assignable?
Valid Present Assignment
Effect of Assignment?
Defenses
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Term
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Definition
Define
Is Duty Delegable
Assumption Of Duty
Novation
Effect of Delegation |
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Term
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Definition
Major
Minor
Anticipatory Repudiation |
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Term
| 6. REMEDIES: ( DICK RECITES RIP ROARING STORIES) |
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Definition
Damages
Restitution
Recission
Reformation
Specific Performance ( Congnac Is For Major Drinkers)
Create The Contract
Inadequancy Of The Legal Remedy
Feasibility
Mutuality Of Remedy
Defenses |
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Term
DISSECTION CHECKLIST
1. FORMATION OF THE CONTRACT |
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Definition
Testable Issues: Unless Mom Provides Only Two Apples, Call Dad
UCC
Merchants
Preliminary Negotiations
Offer
Termination Of Offer
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Term
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Definition
Transaction In Goods: Identifiable at the formation of the contract
or
Transaction In Goods and Services
Predominant Factor: Predominance of The Contract.
Graven Test: What caused the Injury / Complaint? |
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Term
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Definition
| Deal in goods of the kind in the contract or have special knowledge or skill. |
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Term
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Definition
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Term
| TERMINATIONS OF OFFER ( OLD RR) |
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Definition
Counter Offer
Lapse Of Time
Death or Destruction
Rejection
Revocation |
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Term
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Definition
| Rejection of original offer and creation of new offer |
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Term
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Definition
| Offer open for a reasonable time for acceptance by offeree |
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Term
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Definition
| Where either party dies before acceptance, or subject matter is destroyed. |
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Term
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Definition
| Statement by offeree showing intent not to accept can be either expressed, by conduct or by a counter offer. |
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Term
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Definition
| Statement by offeree prior to acceptance |
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Term
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Definition
Offereen learns from a reliable souce offerror cannot perform.
offeror cannot revoke: Option Contracts. Unilateral Contracts, Contracts where party detrimentally relies on the offer. |
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