Consideration
Valid forms of consideration.
What is money, action, forbearance, performance?
Under 2-205, the maximum time a firm offer can be held open without consideration.
What is three months?
Whether reliance was “reasonably foreseeable” is judged from this perspective at the time the promise was made.
What is the promisor's perspective?
The Parol Evidence Rule applies only to this type of evidence.
What is prior or contemporaneous evidence (written or oral)?
Under the UCC, modifications of items over $500 are require this or are unenforceable.
What is a signed writing?
Invalid forms of consideration.
What are gifts, past consideration, illusory promise, preexisting legal duties, moral obligation?
The “between merchants” confirmation rule gives the receiving party this many days to object.
What is ten days?
Courts often limit damages in promissory estoppel cases to this measure.
What are reliance damages, not full expectation damages?
Under the UCC, even fully integrated agreements may be explained or supplemented by this
What are course of performance, course of dealing, and usage of trade?
Under Common Law, an agreement that cannot possibly be performed within this time frame must be in writing.
What is one year?
A promise is supported by consideration if the promisee incurs this type of change in legal rights.
What is legal detriment?
If both parties are merchants and their forms contain conflicting terms, a rule used to exclude and replace conflicting terms.
What is "Knock Out Rule" (2-207)?
The four elements of a quasi-contract.
What is unofficiously conferred benefit, knowledge of benefit, acceptance/retention of benefit, and unjust retention.
Parol evidence may be used to establish this oral agreement that postpones performance until a condition is satisfied.
What is a condition precedent?
Under partial performance, a contract is removed from the statute of frauds when these have occurred.
What is when the buyer has received, accepted, or paid for the goods.
Courts generally inquire on the adequacy of consideration.
What is false?
Under 2-201(3)(a), an oral contract is enforceable when goods are not suitable for sale to others.
What is specially manufactured goods?
The exception to restitution when a person confers unsolicited benefits without having legal duty or obligation.
What is the intermeddler rule?
This exception allows extrinsic evidence to prove that the agreement was never truly formed, even if integrated.
What is fraud, illegality, mistake, or lack of capacity?
Party to be charged/party enforcement is sought meaning.
What is the person being sued/the defendant.
Past consideration becomes enforceable under the material benefit rule when these two elements met.
Under the UCC, consistent additional terms are allowed unless the court finds the writing was intended as this.
What is complete and exclusive statement of terms?
This is when restitution does not apply for another person.
What is suretyship? (the promisor must be the person who received the benefit)
Courts may admit parol evidence even when the writing appears complete on its face, in order to determine this issue.
What is whether the contract is actually integrated?
Name the three UCC exceptions that enforce an oral contract even without a signed writing.
What are (1) specially manufactured goods, (2) admission in court, and (3) part performance/acceptance of goods?