Ambiguity
either/or, vagueness, latent
What are types of ambiguity?
the only type of combination with new terms that doesn't make a contract
What is new terms + assent required + no assent?
Two requirements for the S/ F
What is writing and signiture?
"four corners"
What is a textualist approach?
once communicated, this creates a legally binding contract
What is acceptance?
if the contract was written to be the entire agreement between parties or not; three levels
What is integration? (complete, partial, none)
new terms are automatically THIS unless between WHOM
What is a proposal and merchants?
the signature must be from THIS party
What is the defendant?
an agreement to hold a contract open for a period of time
What is an option contract?
a clear proposal made by one party to another with the intent to create a legally binding agreement
What is an offer?
under common law, extrinsic evidence may be used to do this, but never contradict
What is supplement?
surprise or hardship that says new terms are not proposals between certain parties
What is materially alter?
the minimum requirement for goods to be under the statute of frauds
What is $500?
contract which both parties enter into but one or both of the parties can choose not to perform their obligation
What is illusory promise/contract?
when what's in my head matches what's in your head
What is a meeting of the minds?
explain/interpreting the contract, prove a later, agreement, show contract was invalid, show a right to an equitable remedy
What are exceptions to the parol evidence rule?
standard language used repeatedly by a person/corporation without change
What is boilerplate language?
to agree to take over someone's debt
What is suretyship?
the legal enforcement of an otherwise unenforceable contract due to a party's detrimental reliance on the contract
What is promissory estoppel?
when your actions belay your answer
What is implied acceptance/acceptance by conduct?
prevents the use of extrinsic evdience for contracts that are meant to embody the entire agreement of the parties; it will allow course of dealing, trade usage, or course of performance but only when the contract was never designed to be the entire contract
What is the parol evidence rule?
says that the conduct of the parties can be used as assent
What is section 2 201(3) of the UCC?
the MY in MYLEGS
What is marriage (with money) and year (meaning it takes more than one)?
looks at the parties' conduct and the writing to determine the intent of the parties
What is the contextualist approach?
something of value is exchanged for something else of value
What is consideration?