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Agreement & Consideration
Capacity & Legality
Reality of Assent
Contracts in Writing/ 3rd Party
Discharge & Remedies
100
The terms of the acceptance must mirror the terms of the offer.
What is the mirror image rule?
100
Minors, mentally incapacitated persons and intoxicated persons
Who are persons that lack contractual capacity?
100
One party has made a mistake about a material fact.
What is unilateral mistake?
100
A transfer of a contract right to a third party.
What is an assignment?
100
A particular event that must occur in order for a party’s duty to arise.
What is a condition precedent?
200
A bargained-for exchange.
What is consideration?
200
An agreement that is uneforceable because it is not in society's best interest.
What is an unconscionable agreement?
200
When one party has taken advantage of a dominant position to unduly persuade the other party.
What is undue influence?
200
Contracts for the sale of real property, contracts that cannot be performed in one year, contracts for the sale of goods valued at $500 or more, contracts for the sale of intellectual property valued at $5,000 or more, contracts to answer another’s debt, and marriage contracts.
What are contracts that must be in writing?
200
A party unjustifiably fails to substantially perform his obligations under the contract.
What is a material breach?
300
An exception to the rule requiring consideration
What is promissory estoppel?
300
A contract created by a party to an agreement that is presented to the other party on a take-it-or-leave-it basis?
What is an adhesion contract?
300
A false representation of a material fact that is consciously false and intended to mislead the other party.
What is a fraudulent misrepresentation?
300
A clause parties include in a written agreement within the statute of frauds that states that the written agreement accurately reflects the final, complete version of the agreement.
What is a merger clause?
300
Legal remedies are called _________.
What are damages?
400
Performance of an existing contractual duty is not good consideration.
What is the pre-existing duty rule?
400
The covenant protects a legitimate business interest and is reasonable in terms of time and geographic location.
What is a legal covenant not to compete?
400
When one party is forced to consent to an agreement by the wrongful act of another and there was no reasonable alternative to signing the contract.
What is duress?
400
A third party to a contract whom the contracting parties intended to benefit directly from their contract?
What is an intended beneficiary?
400
Performance is still objectively possible, but would be extraordinarily injurious or expensive to one party
What is commercial impracticability?
500
A benefit to the promissor, a detriment to the promisee, a promise to do something, a promise to refrain from doing something
What are examples of consideration?
500
By agreement one of the parties substitutes a different performance for his original duty under the contract
What is an accord and satisfaction?
500
When one party made the mistake, but the other party knew or had reason to know of it; the mistake was the result of a clerical error; or the mistake is so serious that it would be unconscionable to enforce the contract.
What are exceptions to allow recission of a contract involving a unilateral mistake?
500
Evidence to describe negotiations after the contract is signed, to explain ambiguous or incomplete writings, to show a contract contingent on an event not stated in the writing, to show a writing contains a clerical error, and to establish that a contract is voidable due to incapacity, or reality of assent.
What are exceptions to the parol evidence rule?
500
A future event that terminates the obligations of the parties when it occurs.
What is condition subsequent?