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Contracts
Kaplan PMBR
27
Law
Post-Graduate
05/30/2012

Additional Law Flashcards

 


 

Cards

Term
When does UCC apply?
Definition

"sale of goods"

 

Sale: transactions in which seller transfers title (no leases or bailments).

 

Goods: any moveable item.

 

Term
UCC Examples of Goods
Definition

growing crops

unborn animals

identified things attached to realty (uncut tobacco or timber)

Term

Choice of law: Goods and Services: Rules and Considerations

 

Definition

Majority Rule: choice depends on whether goods or services dominate the K. Consider words of K, nature of supplier's business, relative value of goods v. services. 

 

Minority Rule: partitioning the K to apply UCC to goods and common law to services.

Term
Choice of Law: Computer Software
Definition

Majority of courts treat computer software and other electronic infor as gods under UCC.

 

MD and VA apply Uniform Computer Information Transactions Act.

Term
Interplay between UCC and Common Law
Definition
Where UCC does not displace common law, the common law rules supplement the UCC and fill gaps.
Term
Categories of Contractual Obligations:
Definition

(1) Express Contractual Obligations: parties make oral or written expressions of their commitments

(2) Implied-in-Fact Obligations: Consensual agreements that fail to express agreement of the parties by entirity.

(3) Implied-in-Law Obligations: equitable imposition of a would-be K. prevents unjust enrichment that arises in situations where one party bestoes a benefit on the other. Quasi-Contractual obligation.

Term
Quantum Meruit
Definition
A means of enforcing both implied-in-fact and implied-in-law obligations.
Term
Offer: Requirements
Definition

(1) Outward manifestation

(2) signal that accceptance will conclude the deal

Term
Offer: Has Power of Acceptance been Created?
Definition
Consider whether the party making the communication expressed a willingness to commit without further assent.
Term
Offer: Multiple Offerees: Types:
Definition

(1) Commercial Advertisements

(2) Reward Offers

(3) Auctions

Term
Offer: Multiple Offerees: Commercial Advertisements:
Definition

Advertisements are generally treated as invitations for offers rather than offers to avoid problem of demand exceeding supply.

 

Exception: language in the advertisement identifying the means by which goods or services will be allocated. E.g., "first-come, first-serve," "first 10 customers," etc . . . .

Term
Offers: Multiple Offerees: Reward Offers:
Definition

General offers that name a price for a service but do not specify an offeree.  

 

e.g., bounties

Term
Offer: Multiple Offerees: Reward Offers: Types:
Definition

Self-Limiting Rewards: Offer indicates that the task to be awarded can only be performed once. They can only be accepted by the first person to render the requested performance in accordance with the terms of the offer.

 

Open-Field Rewards: reward offers that indicate that the task to be performed can potentially be performed by multiple parties.

Term
Offer: Multiple Offerees: Auctions
Definition

Auctioneer is inviting offers unless the auction is without reserve.

 

Term
Offer: Ways to Terminate Power of Acceptance:
Definition

(1) Lapse of Time

(2) Death or Incapacity of Either Party

(3) Recovation by Offeror

(4) Rejection by Offeree

Term
Offer: Ways to Terminate Power of Acceptance: Lapse of Time
Definition

Offeree's power of acceptance terminates at the time stated in the offer or within rex time if not specified.

 

Rex time is determined by subject matter, relevant market conditions, and how the offeror made the offer.

Term
Offer: Ways to Terminate Power of Acceptance: Lapse of Time: Face-to-Face Conversation Rule:
Definition
An offer made in a face-to-face conversation is ordinarily deemed to remain open only until the close of the conversation.
Term
Offer: Ways to Terminate Power of Acceptance: Revocation by Offeror: General Rule:
Definition

Offeror is free to revoke at any time as long as:

(1) The revocation is before acceptance; and

(2) the revocation is effectively communicated to the offeree(s).

Term
Offer: Ways to Terminate Power of Acceptance: Revocation by Offeror: Indirect Revocation:
Definition

Offeree can learn of offeror's termination through a 3d party. The revocation is sufficient iff:

(1) Offeror has taken definite action inconsistent with intention to enter proposed contract; and

(2) offeree acquires reliable information of offeror's inconsistent action from a reliable source.

Term
Offer: Ways to Terminate Power of Acceptance: Revocation by Offeror: Revocation of Offer made to Multiple Offerees:
Definition

Functional Equivalents Rule: Offeror can revoke using the same method used to communicate the offer unless there is a better way.

 

Offeree loses the power of acceptance even if he is unaware of the revocation.

Term
Offer: Ways to Terminate Power of Acceptance: Revocation by Offeror: Option Ks: General Rule
Definition
Offeror can revoke even if he has promised to keep the offer open.
Term
Offer: Ways to Terminate Power of Acceptance: Revocation by Offeror: Option Ks/Firm Offers: Ways to Keep Open:
Definition

Requirements:

(1) Offer

(2) Subsidiary promise to keep offer open; and

(3) Consideration--i.e., money for the value of keeping option open or promised performance (like seeking financing). 

Term
Offer: Ways to Terminate Power of Acceptance: Revocation by Offeror: Option Ks/Firm Offers: Ways to Keep Open: Minority:
Definition
Revocation can be revented where the offer is in wirting, signed by offeror, and recites pruported consideration (even if false) for keeping the offer open.
Term
Offer: Ways to Terminate Power of Acceptance: Revocation by Offeror: Option Ks/Firm Offers: Ways to Keep Open: Equitable Remedy:
Definition
Promissory estoppel where the offeree has relied to his detriment.
Term
Offer: Ways to Terminate Power of Acceptance: Revocation by Offeror: Option Ks/Firm Offers: Ways to Keep Open: Construction Contracts
Definition
Where a general contractor uses a particular subcontractor's bid, an iplied option contract is created via promissory estoppel.
Term
Offer: Ways to Terminate Power of Acceptance: Revocation by Offeror: Option Ks/Firm Offers: Ways to Keep Open: UCC Firm Offer Rule:
Definition

Merchant can make a firm offer to buy or sell without consideration iff:

(1) Offer is made by a merchant;

(2) Offer is made in writing, signed by merchang; and

(3) Offer expressly states that it will be held open.

 

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