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Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
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Contract - Defined
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A legally enforceable agreement
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Express K - Defined
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K created by oral or written words
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Implied K - Defined
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K created by conduct
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Quasi K - Defined
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Equitable Remedy applied when K law yields unfair result
example: unjust enrichment, promissory estoppel |
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K Formation - Elements
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Offer
Acceptance Consideration |
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Offer - Defined
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Manifestation of Intent to be Bound by words or conduct
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Are Advertisements Offers?
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Generally no b/c no quantity terms and too many can accept to assume the advertiser intended to be bound by all who could accept
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Offer - Elements
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Quantity Terms
Price Terms NOTE: Key is Definiteness of Terms |
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Requirements K - Defined
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K where quantity is measured by buyer's requirements
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Termination of Offer - Methods
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1. Lapse
2. Revocation 3. Rejection 4. Death |
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Lapse - Defined
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Termination of offer after a stated term or after a reasoanble time if not stated term
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Revocation - Methods
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Direct Revocation
Indirect Revocation |
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Direct Revocation Defined
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Offeror's unambiguous indication to offeree he no longer intends to be bound
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Indirect Revocation Defined
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Offeror conduct indicating he no longer intends to be bound
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Revocation - Timing Rule
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Offer may be revoked any time before acceptance
Revocation is effective upon receipt |
