Term
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Definition
| jurisdiction over federal crimes, bankruptcy, antitrust, patent, and other special cases |
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Term
| Concurrent (Federal or State) |
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Definition
Federal question cases that do not involve exclusive Federal Jurisdiction
Diversity of Citizenship involving more than $75,000 |
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Term
| Requirements of a Contract |
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Definition
Mutual Assent
Consideration
Legality
Capacity
In Writing
Absence of an Invalidated Contract |
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Term
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Definition
| Detrimental Reliance - promise to do something, if promise broken then the other person is screwed |
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Term
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Definition
Requires:
- Plaintiff confers a benefit
- Defendant knows or appreciates the benefit
- Defendant's retention of the benefit is inequitable |
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Term
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Definition
Communication
Intent
Definite and Certain |
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Term
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Definition
Until Acceptance
Lapse of Reasonable Time
Revocation
Counteroffer |
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Term
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Definition
Effective moment:
- stipulated provision in the offer (must be stated)
- unauthorized means
- acceptance following prior rejection |
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Term
| 4 Things Invalidate Assent |
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Definition
Duress
Undue Influence
Fraud
Mistake |
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Term
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Definition
| A false representation of a fact that is material made with knowledge of its falsity and the intention to device and which representation is justifiably relied on |
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Term
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Definition
Detriment to the Promise
Illusory Promise
Pre-existing Obligation |
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Term
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Definition
| A promise made on account of something that the promise has already done is not enforceable |
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Term
| Violations of Public Policy |
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Definition
Contracts that Restrain Trade
Reasonable 10 miles or 3 years |
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Term
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Definition
| Neither party may recover under an illegal agreement where both parties are in equal fault |
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Term
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Definition
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Term
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Definition
| Contracts are voidable at the minor's option |
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Term
| Incompetent and Intoxicated Persons |
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Definition
Persons under guardianship
Mental Illness or defect
Intoxicated Persons |
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Term
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Definition
Suretyship Provisions - 3rd creditor/debitor
Exception - no economic benefit
One year provision |
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Term
| Compliance with the Statute of Frauds |
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Definition
Contract must:
- specify parties to the contract
- specify subject matter
- be signed by the party to be charge or her agent |
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Term
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Definition
transfer of rights to receive something under a contract
all rights assignable except:
- increase in risk or duty
- assignment of personal right
- illegal |
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Term
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Definition
Performance
Material Breach by one or both parties (Material or Substantive)
Operation of Law (Impossible, Impracticable) |
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Term
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Definition
Compensatory
Liquidated - set price on damage |
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Term
| Rules of Risk of Loss with NO Breach |
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Definition
Shipment Contract
Destination Contract |
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Term
| Implied Warranty of Merchantability |
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Definition
| The stuff a merchant sells is of good quality and fit for ordinary purposes |
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Term
| Obstacles to Warranty Action |
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Definition
Disclaimer - negation of Warranty
Strict Product Liability - anyone in chain can sue for:
- Design
- Manufacturer Defect
- Failure to Warn |
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