Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
19 Cards in this Set
- Front
- Back
Mistakes
|
-Must be mistake of Fact
-Bilateral (mutual): Rescinded by either party -Unilateral: Cannot rescind unless other party "should have know" |
|
Misrepresentation (elements)
|
-Voidable by innocent party
Elements: --Misrepresent material fact --Intent to Deceive --Reliance on Misrep. --Injury to Innocent party |
|
Statute of Frauds (what Types of Contracts must be in writing)
|
Interest in Land
One-Year rule Secondary Contract Sale of goods > $500 Promises in consideration of marriage |
|
Assignment
|
-Rights given to another person
-Gives up their rights -3rd party can demand performance |
|
Delegation
|
-Gives responsibility to another person
-Original Delegator still responsible |
|
Third-Party Intended beneficiary & Incidental beneficiary
|
-Intended: contract made for sole purpose of promisor giving a gift to 3rd party
--3rd party can sue promisor directly -Incidental: 3rd party benefit from contract is unintentional --can NOT sue to enforce |
|
Discharge
|
Can be discharged from contract when:
--Condition occurred/not occurred --Full Performance or breach --Agreement of parties --Operation of Law |
|
Performance (way's to discharge) (7)
|
-Tender: ready, willing, able
-Complete performance: parties do exactly as agreed -Substantial Perfromance: in good faith performs substantially all the terms, Damages can be awarded -Performance to Satisfaction -Material Breach: Not substantial and is excused from performance -Anticipatory Repudiation: refusal to perform before deadline -Novation: agree to substitute 3rd part for original party |
|
Accord and Satisfaction
|
Accord: contract to perform existing duty not yet discharged
Satisfaction: performance of the accord |
|
Damages (types) (4)
|
Compensatory
Consequential Punitive Nominal |
|
Compensatory
|
-Pay nonbreaching party for loss of bargain
-Out-of-pocket costs arising from breach |
|
Consequential
|
-Breaching party is aware of injury caused before breaching
-Pay foreseeable losses |
|
Liquidated Damages
|
Specific amount agreed to be paid in event of breach
|
|
Remedies (types) (4)
|
Reciscission
Restitution Specific Performance Reformation |
|
Rescission
|
Contract is cancelled and parties go back to previous state before transaction
|
|
Restitution
|
both parties return goods, property, or money
|
|
Specific Performance
|
requires performance of act promised in contract
|
|
Reformation
|
Allows contract to be modified to fit parties true intentions
|
|
Novation
|
Replacing party in contract with a different party.
|