What the merchant doing?
When both parties are NOT merchants, the addition of a new term to the contract constitutes this?
What is a counteroffer/proposal?
Under the common law, this is required to make a contract modification
what is consideration?
The UCC presumes all contracts are this
What is partially integrated
What are expectation damages?
This is the unfair persuasion of a party to assent to a contract
What is undue influence?
You have this many days to object to a responsive memo to not be subject to the statute of frauds
What are 10 days?
A statement by a contracting party that essentially pledges nothing because it is vague or because the promisor can choose whether to honor it.
What is an illusory promise
This is evidence of complete integration, and it usually states, “This contract is the final and complete expression of the parties’ agreement and supersedes all prior contracts, agreements, understandings, negotiations, assurances, guarantees, or statements."
What is a merger clause
This restores a plaintiff to the benefit conferred on the other party so a defendant is not unjustly enriched
What is restitution?
This also constitutes a misrepresentation, even when there is no fraudulent statement!
What is nondisclosure?
What is the warranty of merchantability
Under this agreement, a party to a contract agrees to accept a performance from the other party that differs from the performance promised in the existing contract.
What is an accord?
Under the common law, this is the approach taken to determine the intent of the parties
What is the four-corners approach
What is a penalty?
When a writing fails to express the agreement because of a mistake of both parties, the court may, at a party’s request, do this to the express the agreement
What is reform the agreement?
This requires you be a merchant, assurance it will remain open, and is in writing
What is the UCC firm offer rule
This is required for contract modification under the UCC
What is good faith?
This is a sequence of conduct concerning previous transactions between the parties that can reasonably establish a common basis to interpret their conduct
What is a course of dealing
This is granted by courts for breached contracts for real property or rare and unique goods.
What is specific performance?
What is impracticability?
Out of fear that a merchant my anticipatorily repudiate, what should the assurances be based on?
In this type of contract the buyer agrees to buy all that the buyer will require of a product from the other party
What is a requirements contract?
This is any practice or method of dealing in the particular business or industry that is used with such regularity as to justify an expectation that it will be used in the instant case.
What is trade usage?
If I get expectation damages, I cannot also get this
What are reliance damages?
If an individual is adjudicated mentally incompetent, a purported contract made by the individual is this
What is void?