Term
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Definition
| Consists of the passing of title to goods from a seller to a buyer for a price |
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Term
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Definition
| Is any type of property other than an interest in real property (land) |
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Definition
| Land and anything attached to it, including buildings |
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Term
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Definition
| A manifests station of the intention to act or refrain from acting a certain way |
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Definition
| is a binding agreement that the courts will enforce |
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Definition
| a failure to perform properly |
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Term
| Requirements of a Contract |
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Definition
1) Mutual Assent
2)Consideration
3)Legality of Object
4)Capacity |
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Term
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Definition
| parties have manifested their agreement by oral or written language, or both |
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Term
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Definition
| contract that is inferred from the parties conduct, not from spoken or written words. |
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Term
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Definition
| When only party agrees to contract |
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Term
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Definition
| Is one that meets all of the requirements of a building contract |
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Term
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Definition
| An agreement that does not meet all of the requirements of a binding contract |
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Term
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Definition
| Is on for the breach of which law provides no remedy |
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Term
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Definition
| A contract that is fully performed by all parties |
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Term
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Definition
| Unperformed contract that is incomplete by one or more parties |
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Term
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Definition
| depends upon a particular form, or mode of expression, for its legal existence. |
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Term
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Definition
| whether oral or written... they are simple and do not depend upon formality for their legality validity |
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Term
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Definition
| Quasi contract, is an obligation imosed by law to avoid injustice |
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Term
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Definition
1)Communication
2)Intent
3)Definiteness |
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Term
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Definition
| oferee must have knowledge of the offer and the offer must be made by the offeror to the offeree |
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Term
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Definition
| determined by a objective standard of what a reasonable offeree would be believed |
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Term
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Definition
| offer's terms must be clear enough to provide a court with a basis for giving an appropriate remedy |
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Term
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Definition
| Lapse of time, Revocation, Rejection, Counter offer, Death or Incompetency, Destruction of Subject Matter, Subsequent Illegality |
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Term
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Definition
| offer remains open for the time period specified or, if no time is stated, for a reasonable period of time |
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Term
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Definition
| generally, an offer may be terminated at any time before it is accepted subject to the following exceptions |
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Term
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Definition
| contract that binds offeror to keep an offer open for a specified time |
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Term
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Definition
| a merchant's irrevocable offer to sell or buy goods in a signed writing ensures that the offer will not be terminated for up to three months |
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Term
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Definition
| offer made irrevocable by statute |
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Term
| Irrevocable Offer of Unilateral Contract |
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Definition
| a unilateral offer may not be revoked for a reasonable time after performance is begun |
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Term
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Definition
| noncontractual promise that binds the promiser because she should reasonably expect that the promise will induce the promisee to take action in reliance on it |
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Term
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Definition
| refusal to accept an offer terminates the power of acceptance |
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Term
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Definition
| counterproposal to an offer that generally terminates the original offer |
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Term
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Definition
| of either the offeror or the offeree terminates the offer |
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Term
| Destruction of Subject Matter |
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Definition
| of an offer terminates the offer |
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Term
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Definition
| of the purpose or subject matter of the offer terminates the offer |
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Term
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Definition
| positive an unequivocal expression of a willingness to enter into a contract on the terms of the offer |
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Term
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Definition
| except as modified by the code, an acceptence cannot deviate from the terms of the offer |
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Term
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Definition
| acceptence effective upon dispatch unless the offer specifically provides otherwise or the offeree uses an unauthorized means of communication |
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Term
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Definition
| the communication of acceptance must conform to the specification in the offer |
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Term
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Definition
| the Restatements and the Code provide that unless the offer provides otherwise, acceptance is authorized to be in any reasonable manner |
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Term
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Definition
| acceptance effective when received, provided that it is received within the time within which the authorizated means would have arrived |
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Term
| Acceptance Following a Prior Rejection |
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Definition
| first communication received by the offeror is effective |
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Term
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Definition
| does not create a contract but serves as a new offer |
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Term
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Definition
| wrongful or unlawful act or threat that overcomes the free will of a party |
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Term
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Definition
| coercion involving physical force renders the agreement void |
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Term
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Definition
| improper threats or acts, including economic and social coercion, render the contract voidable |
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Term
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Definition
| taking unfair advantage of a person by reason of a dominant position based on a condfidential relationship |
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Term
| Effect of Undue Influence |
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Definition
| renders a contract voidable |
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Term
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Definition
| a misenterpretation that devices the other party to the nature of a document evidencing the contract renders the agreement voidable |
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Term
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Definition
| positive statement or conduct that misleads |
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Term
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Definition
| an event that occurred or thing that exists |
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Term
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Definition
| of substantial importance |
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Term
| Knowledge of Falsity and Intention to Deceive |
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Definition
| called scienter and includes (1) actual |
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Term
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Definition
| the inducement to enter into a contract |
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Term
| Elements of Consideration |
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Definition
| legal sufficiency and bargained-for exchange |
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Term
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Definition
| consists of either a benefit to the promisor or a detriment to the promisee |
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Term
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Definition
| obtaining something to which on had no prior legal right |
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Term
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Definition
| doing an act one is not legally obligated to do or not doing an act that one has a legal right to do |
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Term
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Definition
| not required where the parties have freely agreed to the exchange |
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Term
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Definition
| promise that imposes no obligation on the promisor; the following promises are not illusory |
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Term
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Definition
| agreement to sell all of one's production to a single buyer |
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Term
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Definition
| agreement to buy all of one's needs from a single producer |
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Term
| Exclusive Dealing Contract |
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Definition
| grant to a franchisee or licensee by a manufacturer of the sole right to sell goods in a defined market |
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Term
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Definition
| a contract in which the obligations are contingent upon the occurrence of a state event |
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Term
| Preexisting Public Obligations |
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Definition
| public duties such as those imposed by tort or criminal law are neither a legal detriment nor a legal benefit |
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Term
| Preexisting Contractual Obligations |
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Definition
| performance of a preexisting contractual duty is not consideration |
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Term
| Modification of a Preexisting Contract |
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Definition
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