Offer and Acceptance
Superstore flyer advertising Cinnamon Toast Crunch for $2.99/box is an example of an:
Invitation to Treat
If someone is impaired by drugs or alcohol: 1) ________, 2) the other party must know that they are in that state, and 3) they must promptly repudiate the contract upon becoming sober.
they must be SO intoxicated that they cannot know or appreciate what they are doing
This Latin phrases stands for the idea of "buyer beware" - if they want to know about the state of a product, they must ask questions about the product.
Caveat Emptor
What are the most COMMON type of general damages awarded for breach of contract situations?
Expectation Damages
The term for ending a contract because of an unforeseen, catastrophic event which makes contractual performance impossible or prevents the contract from being performed in a manner AT ALL similar to what the parties envisioned when they entered into the contract.
Frustration
The General Rule applies to what type of communication? (Provide the name of ONE method for communication).
Phone calls, faxes, video chats - instantaneous communication.
Minors can (without qualification) repudiate contracts for which type of contracts?
Non-necessary things
This is the Latin phrase meaning "that is not my contract!".
non est Factum
A small, symbolic amount awarded if there is no general/compensatory damages awarded.
Nominal Damages
If the parties include a "time is of the essence" clause, and the contract is not completed on time, the courts will usually let the parties back out of the contract. What is the main exception to this rule?
Construction (delay is often expected in construction, and out of the control of either party)
For a unilateral contract, you must: 1) do the act with the offer in mind, and 2) ________.
Fully perform
Natalie tells Kaia that she will bring her back some special British chocolate, but Kaia does not give her anything in return. Natalie has provided a:
Gratuitous Promise
If the parties do not agree to a payment amount, the court will use this legal principle to allow for payment of a fair amount for the work done.
Quantum Meruit
If the parties contract for the amount that will be awarded if there is a breach of the contract, and include this "breach amount" in the contract itself, this type of damages is known as?
Liquidated Damages
If you order a box of red mitts, and your supplier tells you that they only have blue mitts left, and you agree to accept those instead (but have not modified your agreement to reflect this), you have completed your contract using:
accord and satisfaction
For contracts governed by Electronic Contract legislation, the offer is deemed to be accepted where?
At the recipient's place of business (or residence, if they don't have a business location).
Natalie tells Kaia that she will bring her back some special British chocolate, and in exchange, Kaia promises to cook Natalie a dozen butter tarts. Natalie and Kaia have provided:
mutual consideration
This word comes from Latin, and means "to make new, renew, or replace", and we use it in contract law when we replace a party or an obligation in a contact.
Novation (from the Latin novation or novatio)
Sue and Bob contract that Bob will pay Sue $50 next week for her creepy doll. Sue finds out that she can sell the doll on ebay for $500, so she does not sell to Bob and breaches their contract. If Bob gave sue $10 as a deposit, how much in expectation damages can he receive?
$460 (cost of difference $450 + deposit back $10)
Novation can replace three things: 1) a debtor, 2) a creditor, or 3) ______.
A new obligation between the same parties.
For contracts governed by Electronic Contract legislation, if someone does not invite people to email them, the offer is deemed to be accepted when?
When the person OPENS their email.
If the parties don't both provide consideration, they can still create an enforceable agreement if they write it down, and execute it under ____.
Seal
Latin for "utmost good faith"
Uberrima Fides
What is the type of damages that a court can award when they want to strip the wrongdoer of any benefit they are earning as a result of the breach? (Also called "account for profits").
Restitution Damages
If you have a contract with an insurance company that states that if you crash your car, they will buy you a brand new model of the same car, the insurance company buying you a car is what type of contract?
A conditional contract (with a condition PRECEDENT) - they don't need to perform UNLESS/UNTIL you crash your car