Term
WHAT IS A QUASI-CONTRACT?
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Definition
| A QUASI CONTRACT IS AN EQUITABLE REMEDY THAT IS NOT BASED ON CONTRACT LAW. IT OICCURS WHERE ONE PARTY HAS CONFERRED A BENEFIT ON A SECOND PARTY, AND REASONABLE EXPECTS TO GET PAID, BUT UNABLE TO ENFORCE PAYMENT UNDER STRICT CONTRACT RULES. BECUSE PARTY 2 WOULD BE UNJUSTLY ENRICHED IF PARTY 1 NOT COMPENSATED, UNDER QUASI CONTRACT LAW, PARTY 1 MAY BE ABLE TO OBTAIN UP TO THE CONTRACT PRICE IN RECOVERY. |
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Term
| WHAT RULES GOVERNS CONTRACT? |
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Definition
ALL CONTRACTS ARE GOVERNED BY COMMON LAW (REINSTATEMENT 2ND) UNLESS THEY RELATE TO SALE OF GOODS., IN WHICH CASE THEY FALL UNDER ARTICLE 2 OF THE UCC.
(1) A SALE OF GOODS CONTRACT IS GOVERNED BY ARTICLE 2 OF THE UCC EVEN IF THE SALE IS A ONE-TIME SALE BY A NON-MERCHANT.
(2) GOODS INCLUDES LARGE OBJECTS THAT ARE BUILT TO ORDER, FOR EXAMPLE A CONTRACT TO BUILD A BOAT IS THE SALE OF GOODS.
(3)rEAL PROPERTY IS NOT GOVERNED BY THE UCC BECAUSE REAL PROPERTY IS NOT CONSIDERED GOODS.
(4) wHERE THE CONTRACT IS A MIX OF SALES AND SERVICE , PURCHASE OF PAINT, AND THE SERVICES OF THE PAINTER, ONE MUST DETERMINE THE PRIMARY BNEFIT OF THE CONTRACT , THE PAINTER SEV OR THE CAN OF PAINT, WHETER IT SHOULD BE GOVERN UNDER UCC (SALES OF GOOD OR RESTATMENT 2ND (SERVICES.
(5) aRTICLE 2 OF UCC GOVERNS THE LEASE OF GOODS. |
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Term
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Definition
| AN OFFER IS A MANIFESTATION OF INTENT TO ENTER INTO A CONTRACT. tHE TEST OF WHETHER WORDS CONSTITUTE AN OFFER IS USUALLY WHETHER A REASONABLE PERSON WOULD BELIEVE THAT HIS ACCEPTANCE OF THE WORDS WOULD CREATE A CONTRACT. tHE PERSON MAKING THE OFFER IS THE OFFEROR AND THE PERSON TO WHOM THE OFFER IS MADE IS THE OFFEREE. |
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Term
| wHAT ARE THE COMMON LAW AND UCC RULE REGARDING CERTAINTY OF THE OFFER |
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Definition
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Term
| WHAT IS ART. 2 OF UCC RULE FOR NOTICE OF ACCEPTANCE? |
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Definition
| iN TRANSACTION FOR SALE OF GOODS, WHERE COMMENCEMENT OF PERFORMANCE IS A REASONABLE MODE OF ACCEPTANCE, IF THE OFFEROR IS NOT NOTIFIED OF PERFORMANCE WITHIN A REASONAVLE TIME, HE MAY TREAT THE OFFER AS HAVING LAPSE PRIOR TO ACCEPTANCE. |
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Term
WHAT IS THE COMMON LAW RULE FOR NOTICE OF ACCEPTANCE BY RETURN PROMISE?
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Definition
| R2ND STATES WHERE THE OFFEREE ACCEPTS BY PROMISE, THE OFFEREE MUST EXERCISE REASONABLE MODE OF ACEPTANCE OR ENSURE THAT THE OFFEROR SEASONABLY RECEIVES THE ACCEPTANCE. |
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Term
| ACCORDIN G TO COMMONLAW, WHEN DOES AN ACCEPTANCE BECOMES EFFECTIVE? |
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Definition
IN COMMON LAW AN ACCEPTANCE BECOMES EFFECTIVE WHEN:
1. THE OFFEROR SPECIFIES WHEN THE ACCEPTANCE WILL BE EFFECTIVE.
(2) ACCEPTANCE EFFECTIVE WHEN SENT BY AUTHORIZED MEDIUM, PROPER ADDRESS AND POSTAGE.
3. IF AN ACCEPTANCE IS SENT BY MEANS NIT APPROPRIATE, ACCEPTANCE WILL BE EFFECTIVE UPON WHEN SENT,
4. OPTION CONTRACT, ACCEPTANCE IS NOT OPERATIVE UNTIL RECEIVED BY OFFEROR
5. CISG RULE IS, IF ACCEPTANCE IS DELAY IN TRANSMISSION THAT IS APPARENT IN THE CIRCUMSTANCE, THEN A CONTRACT IS FORMED UNLESS OFEROR INFORMS THE OFEREE THAT THE ACCEPTANCE IS TOO LATE. |
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Term
| WHAT ARE THE TERMS OF ACCEPTANCE FOR NON-GOODS CONTRACT? |
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Definition
uNDER THE MIRROR IMAGE RULES, APPLIED IN COMMON LAW TRANSACTIONS, AN ACCEPTANCE MUST CONFORM TO THE TERMS OF THE OFFER. NO CONTRACT IS FORMED IF THE ACCEPTANCE CONTAINS TERMS THAT ARE DIFFERENT FROM OR ADDITIONAL TO THOSE SET IN THE OFFER. SUCH COMMUNICATION CONSTITUTE A COUNTER OFFER.
SOME COURT MAY UPHOLD CONTRACT IF THE ADDITIONAL TERMS DOES NOT MATERIALLY ALTERS THE CONTRACT. |
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Term
| wHAT IS THE UCC RULE FOR TERMS OF ACCEPTANCE FOR THE SALES OF GOODS? |
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Definition
THE UCC REJECTS THE MIRROR IMAGE RULES. IT GIVES EFFECT TO A DEFINITE AND SEASONABLE EXPRESSION OF ACCEPTANCE EVEN THOUGH IT CONTAINS ADDITIONAL OR DIFFERENT TERMS FROM THOSE OFERED, UNLESS THE OFFREE EXPRESSLY MAKES THE ACCEPTANCE CONDITIONAL ON THE OFEROR'S ASSENT TO DIFFERENT OR ADDITIONAL TERMS.
A. ELECTRONIC AGENT: WHERE AN OFFER IS COMMUNICATED BY AN ELECTRONIC PROGRAM AND THE OFFEREE HAS REASON TO K NOW THAT HE IS DEALING WITH AN ELECTRONIC SGENT THAT IS NOT PROGRAMMED TO RESPOND TO ADDITIONAL TERMS OR QUERIES, ANY ADDITIONAL OR DIFFERENT TERMS STATED IN THE ACCEPTANCE ARE INEFFECTIVE.
(D) REQUIREMENT CONTRACTS: A REQUIREMENT CONTRACT IS ONE IN WHICH THE TERM OF QUANITY TO BE DELIVERED IS MEASURED BY THE NEED OF THE BUYER. IN SUCH CONTRACT, THE BUYER IS NOT PERMITTED TO BUY FROM THIRD PARTY SUPPLIER, THE SELLER MUST DELIVER THE REQUIRED AMOUNT OF PRODUCT TO THE BUYER BUT ANY EXCESS PRODUCED MAY BE SOLD TO THIRD PARTIES.
OUTPUT CONTRACTS:
AN OUTPUT CONTRACT MEASURES THE CONTRACT QUANTITY BY THE OUTPUT OF THE SELLER. THE SELLER IS NOT PERMITTED TO SELL ANY OF HIS PRODUCTS TO A THIRD PARTY; THE BUYER MUST PURCHASE ALL OF THE SELLER'S OUTPUT BUT MAY PURCHASE FROM THIRD PARTY SUPPLIERS ANY EXCESS IT NEEDS BEYOND THE SELLER'S OUTPUT.
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