Applicable Law
ITEMS which are movable and identifiable at the time of a transaction.
What are GOODS
An agreement to do or not do a certain thing, a promise the law will enforce: formed through a process of offer, acceptance and must be supported by consideration.
What is a CONTRACT
A person incurs only voidable contractual obligations if, by reason of mental illness or defect, they are unable to act in a reasonable manner in relation to the transaction and the other party has reason to know of this condition.
What is "CAPACITY"
This rule bars evidence of prior or contemporaneous agreements that contradict a final written contract
What is the Parol Evidence Rule
A manifestation of an intent not to accept the offer
what is "Rejection"
Contracts for services and all other areas that are NOT goods.
What is Common Law
Three elements of a Contract
What is Offer, Acceptance, and Consideration
Certain contracts must be evidenced by a writing signed by the party to be charged in order to be enforceable.
What is the "Statute of Frauds"
offering a check "paid in full" when a contract was not properly fulfilled to terms deducting a reasonable amount
What is "Accord & Satisfaction"
This action can be done by the offeror at any time prior to acceptance, can be express or implied
What is "Revocation"
Governs contracts for GOODS
What is UCC Article 2
Rule Statement of an OFFER
What is: a manifestation of willingness to enter into a bargain that creates in the offered the power of acceptance.
If one party reasonable relies on the promise of the other to their detriment. A consideration substitute.
What is Promissory Estoppel
A rule that is merely doing that which one is already obligated to do
What is the Pre-existing Duty Rule
An enforceable promise to keep an offer open for a stated period. Usually needs separate consideration
What is "Option Contract"
Merchants Firm Offer Rule Section Code
What is UCC ยง2-205: (There is an offer, by a Merchant, Signed in writing, gives assurance its held open)
Rule statement of Acceptance
what is: a manifestation of willingness to be bound by the terms made in the manner invited or required by the offer.
One exception to the Statute of Frauds. This doctrine allows enforcement if the party seeking to enforce the contract took possession of the property or made significant improvements
What is "Partial Performance"
This term is also known as a "Meeting of the Minds"
What is Mutual Assent
Acronym and explanation of each for SOF
what is "MYLEGS" Marriage, more than 1 year, Land, executor of will, Goods over $500, Suretyship, & not to be performed within the lifetime of Promisor
Section code that Abolishes the Mirror Image Rule between merchants
What is UCC 2-207: (additional terms may count as acceptance unless they materially alter the offer)
Rule Statement for Consideration
what is: Any act or forbearance which is of benefit to the promisor or detriment to the promisee which arises in a bargained for exchange. The promise must induce the detriment and the detriment must induce the promise.
Name the Acronym for the defenses and list the definitions of each
What is: Some, Men, In, Iceland, Use, Furs: SOF, Mistake/Ambiguity, Illegality, Incapacity, Unconscionable, Fraud/Duress
If only one of the parties or none of the parties is a merchant, these become mere proposals and do not become part of the contract unless acceptance is made conditional upon agreement to them
What are "Additional Terms"
Final required component of every essay: easy points!
what is a "Conclusion"