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;
46 Cards in this Set
- Front
- Back
Contracts Within The Statute Of frauds
|
1. Promises to answer for the duty of another.
2. Promises of an execture or administrator to answer personally for a duty of the decedent whose funds he is administering. 3. Agreements upon consideration of marriage. 4. Agreements for the transfer of an interest in land. 5. Agrements not to be performed with in one year. |
|
Explain Writing necessary under Statue of frauds.
|
Most states require that contracts be evidenced by writing. Ex: Wills, sale of securities, contracts for sale of all other personal property for more than $5000.
|
|
Suretyship Provision
|
Promise to pay debts of another.
|
|
Surety
|
person who promises to pay debt of another.
|
|
Principal Debtor
|
Person whose debt is being supported.
|
|
Collateral Promise
|
Undertaking to be secondarily liable (liable if principal debtor does not perform).
|
|
Original Promise
|
Promise to become primarily liable.
|
|
Main Purpose
|
Object of promisor is to provide an economic benefit
|
|
General Contract Provisions
|
The writings must specify the parties to the contract.
Specify the subject matter and essential terms. Be signed by the party to be charged or by her agent. |
|
Sale of Goods Writings Must...
|
Be sufficient to indicate that a contract has been made between the parties.
Be signed by the party against whom enforcement is sought. Specify the quantity of goods to be sold. |
|
Written Confirmation
|
A confirmation sufficient against the sender is sufficient against the recipient unless the recipient gives written notice with in 10 days.
|
|
Definition of Assignment
|
Voluntary transfer to a third party of the rights arising froma contract so that the assignor's right to performance is extinguished.
|
|
Assignor
|
Party making an assignment
|
|
Assignee
|
Party to whom contract rights are assigned
|
|
Obligor
|
Party Owing a duty to the assignor under the original contract.
|
|
Obligee
|
Party to whom a duty of performance is owed under a contract.
|
|
requirements of an Assignment
|
Intent but not consideration.
|
|
revocability of assignment
|
when assignee gives consideration, the assignor may not revoke the assignment without the assingee's consent
|
|
Partial Assignment
|
Transfer of a portion of contractual rights to one or more assignees.
|
|
Most Contracts are Assignable Except?
|
Assignments that materially increase the duty, risk, or burden upon the obligor.
Assignments of personal rights. Assignments expressly forbidden by the contract. Assignments prohibited by law. |
|
Intended Beneficiaries
|
Third parties inteded by the two contracting parties to recieve a benefit from their contract.
|
|
Donee Beneficiary
|
A third party intended to receive a benefit from the contract as a gift.
|
|
Creditor Beneficiary
|
third person intended to recieve a benefit from the contract to satisfy a legal duty owed to him.
|
|
Incidental beneficiary
|
third party whom the two parties to the contract have no intention of benefiting by their contract and who acquires no rights under the contract.
|
|
Delegation of Duties Under Contract
|
Transfer of a contractual obligation to a third party.
|
|
Delegator, delagatee, obligee.
|
Main guy, (he's A and sells car to B and C delivers it.) B is Obligee and C is Delagatee.
|
|
Novation
|
Contract to which the promisee is a party, substituting a new promisor, who is consequently no longer liable on the original contract and is not liable as a delegator.
|
|
Express Condition
|
Contingency explicitly set forth in language.
|
|
Satisfaction
|
Express condition making performance contingent on one partys approval of the others performance.
|
|
Subjective Satisfaction
|
Approval based on a party's hoonestly held opinion.
|
|
Objective Satisfaction
|
Approval based on whether a reasonable person would be satisfied.
|
|
Concurrent Conditions
|
conditions take place at the same time. (during deal)
|
|
Conditions Precedent
|
An event that must or must not occur before performance is due. (before deal)
|
|
Condition Subsequent
|
An event that terminates a duty of performance. (after deal)
|
|
Implied In fact Condition
|
Contingency understood by the parties to be part of the agreement though not expressed.
|
|
Implied In Law condition
|
contingency not contained in the language of the contract but imposed by law; also called a constructive condition.
|
|
Substantial Performace
|
Its been mostly done, 6 inch of paint not done. Only breach of contract if its purple paint and not white.
|
|
Antisipatory breach
|
Breaching fast because you know you can't do what you said you could.
|
|
Compensatory Damages
|
Contract damages placing the injuted party in a position as good as the one he would have held had the other party performed. = Loss of value - loss avoided by injured party + incidental damages + consequential damages.
|
|
Punitive Damages
|
Generally not recoverable for breach of contract
|
|
Nominal damages
|
A small sum awarded where a contract has been breached but the loss is negligible or unproved.
|
|
Liquidated Damages
|
reasonable damages agreed to in advance by the parties to a contract.
|
|
Incidental damages
|
Damages arising directly out of breach of contract
|
|
Consequential damages
|
damages not arising directly out of a breach but arising as a forseaable result of the breach.
|
|
Out of Pocket DMG
|
value given - value recieved.
|
|
Benefit of the bargain damages
|
diffrence between the value of the fraudulent party's performance as represented and the value the defrauded party recieved.
|