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Offer and acceptance + Genuineness of Assent
Consideration And Capacity
Legality and Writing
Discharge of Contractual Obligations
Remedies
100
A proposal by an offeror to do something provided the offeree does or refrains from doing something in turn.
What is an offer?
100
Ability to understand that a contract is being made and its general meaning.
What is capacity?
100
Agreements contracting for an illegal act are void and unenforceable.
What is legality?
100
Most common form of discharge, when contract is done exactly as specified.
What is complete performance?
100
Restore to same financial position prior to the breach.
What is compensatory?
200
I)Comes from the person to whom the offer was made. II) Match the terms in the offer. III) Be communicated to the offeror.
What is acceptance?
200
What a person demands and receives in order to make their promise legally binding.
What is consideration?
200
Law stating that certain agreements are not enforceable in court unless they are evidenced by a signed writing.
What are Statute of Frauds?
200
Undo entire contract and both parties are placed in their original positions.
What is rescission?
200
Additional money to punish and make an example out of defendant.
What is punitive?
300
Misrepresentation perpetrated by a party that knows the statement is false.
What is fraud?
300
What each party exchanges must have.
What is legal value?
300
Illegal lotteries and charging more that the maximum interest rates set by the law are examples of this.
What is violating legality?
300
Replace old contract with a new one.
What is substitution?
300
A party intentionally and explicitly gives up a contractual right
What is a waiver?
400
Improper threat or act or obtain an expression or agreement.
What is duress
400
Refusal to be bound by previous legal commitment.
What is disaffirmance?
400
Name of parties and price are examples of these.
What are requirements often included in written contracts?
400
Release one party from the duty of performance and accept a substitute party.
What is novation?
400
State law that sets a time limit for bringing a lawsuit.
What is a statute of limitations?
500
The five factors that may cause a contract to be lacking.
What are Duress, Undue influence, mistake, Misrepresentation, and Fraud?
500
May disaffirm but remains liable for a reasonable value of the purchase.
What are necessities?
500
The sale of goods for +$500, sale of real estate, contracts requiring more than a year to complete, standing good on another’s debts, and a promise of marriage for something of value are these?
What are the 5 components of the statutes of fraud?
500
Extreme external conflict, such as a surprise war or embargo, that prevents completion of the contract.
What is impossibility of performance?
500
Grants money for foreseeable, related injuries caused by breach.
What is consequential?