Valid K Requirements (ACDS)
The mutual (A)ssent elements
(1)meeting of the minds; (2) valid offer and acceptance;
Big question/topic 1
'has an enforceable K been formed (ACDS)?"
K's that are void
'K's that never had legal effect'
A K is...
"promise or set of promises enforced by law"?
The (c)onsideration elements?
'bargain-for exchange of legal values between the parties?"
Big question/topic 2
"has enforceable K been performed or performance been excused (PCWE)?"
K's that are voidable
"k's where one or both may elect to void the K"?
Common Law K's (universe 1)
"services and real estate k's"?
The (D)efense components?
'no defenses to formation exists that would invalidate the k'?
Big question/topic 3
"what are the remedies for breach?"
K's that are unenforceable
"K's that are otherwise valid but unenforcable because a defense applies (e.g. incapacity, SOF)
Article 1 & 2 of the UCC K's (universe 2)
'sales of goods K's?'
The (S)tatute of fraud component
does K fall within the statute of frauds?
Common-Law K essential terms (4 essential elements)
(1) parties; (2) subject matter; (3) Price; (4) quantity
A K with a person who lacks capacity or infancy is found to be?
voidable (k is voidable)
Offeror
"one who makes an offer?"
Big Question/Topic 1
has enforceable K been created?
UCC K essential terms
'only essential term is quantity (ucc willing to fill the gaps)
If a valid defense to K formation or enforcement exist, then a K may become
(1) void; or (2) voidable; or (3) unenforceable
Offeree
"one who accepts an offer?"