Blaw Finale

Card Set Information

Blaw Finale
2011-12-21 19:38:38
Blaw Finale

Blaw Finale
Show Answers:

  1. Unilateral Mistakes
    • One side of deal is making the mistake
    • Usually not allowed to void these
  2. General Rule of Unilateral Mistakes
    You are stuck with it. Should have been more careful with your deal
  3. Exception to Unilateral Mistakes
    • The non-mistake party knew or was sort of takking advantage of the victim.
    • Ex. Bids for house are all high but one person obviousely made a mistake and you know that but choose their bid anyways
  4. Mutual Mistake of Material Fact
    Both parties mistake about some factual aspect that a reasonable person would take into account when making decision
  5. Mutual Mistake and Ignorance
    • This is not a mistake of fact
    • Gamble on ignorance
    • Ex. Sell somthing not knowing what it is and later find out what is was and say you want it back. Can't do that
  6. Mutual Mistake and Mistake of value
    • Not a mistake of fact
    • If you sell something for less than it is worth, you can not come back and get more money because it is a question of how valuable it is, not a question of face
  7. Fraud
    • Torts, crime, and allow contract to be voidable
    • One party decieving other when making contract and other relys on it and later what they get is not what they thought they were getting
  8. Inorder to be fraud
    • Show 3 things
    • 1) There was a false statment or fact
    • 2) The statement was fraudulent or material
    • 3) The injured person justifiably relied on the statement
  9. Elements of Fraud
    • Misrepresntation of Material fact
    • Knowledge of falsity
    • Intent to deceive
    • Reasonable reliance
    • Damages
  10. Misrepresentation of Material fact
    • Fact: something that is not of value or questionable. It is a fact the house had termites or not
    • Must be material fact: Has to be somthing that would change decision of buyer
    • Opinions, Expert opinions, and predictions are not facts
  11. Fraudulent fact
    If the maker inteded to induce the other party to contract either knowing that her words were fase or uncertain that they were true
  12. Material
    If the amker expected the other party to rely on her words ijn reaching an agreement
  13. Silence and Misrepresntation
    • Generally not misrepresentaion
    • If you don't ask then you seller has no obligation to tell you
  14. Exceptions of Silence as Misrepresentaion
    • 1) One party knows facts and knows that if other party knew it would seriously affect the second party's decision to enter the contract
    • 2) Fiduciary relationship: law imposes upon you a higher standar of care for looking out for person like doctor or priest
    • 3) Active concealment: no false statement but actively and physically covered up statements they may want to know
    • 4) Statements which create a false impression: If they learn new info that makes their statement false, they must tell buyer
  15. Knowledge of Falsity: Three ways to prove it
    • 1) Actually knew the statement was false
    • 2) Should have know the statement was false because things were not right with what bad guy was selling
    • 3) Reckless diregard for truth or falsity where you really know nothing bout the thing but lie and say it's great even though you dont know that for sure
  16. Intent to Deceive
    Victim needs to show inteded to decieve not that they intended to hurt them but just they they intended to have them believe what they are saying
  17. Reasonable reliance
    • Victim must show that they reasonably relied on what he said
    • Duty to verify: as a buyer it is your job to varify what a reasonable person would be able to see if is is easy or cheep to do so ( milage is easy to see so if they state wrong then thats easy)
  18. Damages
    • Damage is not what you thought you were making becuse you didn't know you were being decieved
    • You can get out of contract or sue for damages
  19. Innocent/negligent misrepresentaion
    • Fraud without knowledge of falsity and intente to decieve
    • It can affect legal status of contract
  20. Undue Influence
    • 1 party dominet over other wearker party who is dependent of other or is a feduciary relationship
    • Takes advantage of sick person becaue they need your help
  21. Duress
    • Wrongful coercion which overcomes the free will of the other
    • Bad guy making a threat to somthing that is unlawful
    • 1) threats of ciminal prosecution: can be implied or expressed and free will must be overcome by the threat.
    • 2) Economic duress: a wronfgul act taht puts the other in economic harship so that he has no real coice at the time but to make the contract
  22. Adhesion contracts/Unconscionability
    • 1) Disparate bargains powere between parties, one side holds all cards
    • 2) Person with power is dictiating grossly unfiar terms
    • Ex: the concert tickets
  23. The Statute of Frauds
    Basic Premise: some contracts must be in writing, or they are unenforcable
  24. Contracts withing the statute (must be in writing)
    • 1) A promise to pay the debt of another
    • 2) A promise given in consieration of marriage
    • 3) Can't be perfomred within 1 year
    • 4) sales of good more than 500
    • 5) Contract with interest in real estate
  25. A Promis to pay debt of another
    • Aka secondary promise or guaranty
    • Exceptions:
    • Oral if says he doesnn't then I will, it is enforceable anways
    • Admissions: if person admits in court or under oath that ther is a contract then enforceable
    • If promisor's motive if to benefit them then it makes sense and it is an oral contract
  26. A promise given in consideration of marrage
    • If anything oferd then must right it down
    • Exceptions: Admissions same as other
  27. Can't be performed within one year
    • When contract accepted, takes affect
    • Exept: Admissions
    • Part performance: If you got fired you get paid what you worked, but not the 5 years the contract is in
  28. Sales of goods with $500 or more
    • Services not included in this
    • Excepttion: Admissions
    • Part perfomance: If delivers part of something then pay for that recieved
    • Specially manufactured goods
    • Confiming memo
  29. Confrimimg Memo
    If one pary having made an oral contract, then sends the other am emorandum sufficietn in terms, both merchants and other doesn't reject in 10 dyas then outside
  30. Specifically manufactured goods
    If not able to sell to normal cusotomer and sell has either made a substanctial part on their manufactore or made commitment to produce the goods then fully enforceable
  31. Contract creating an interest in real estate
    • Includes sales, express easments, mortages
    • Exceptions: Admissions
    • Part performance: If buyer has paid a substantial portion of the purchace price and either
    • a) taken posession of the land or
    • b) made valuable imporvments in property then outside
  32. Requirments of the writing
    • Identification of the parties
    • Subject matter
    • Material terms
    • Signature of the party to be charged
  33. Parol Evidence Rule
    • When a contract is written it is finale. You can't add anything else to it.
    • Any other expressions written or oral made prior to or contemporaneously with do not count towards anything
  34. Purpose of Rule
    • Carry out apparent intent of parties
    • Facilitate judicial interpretation
  35. Exceptions of Rule (where other evidence is admissible)
    • 1) Attacking the validity of contract because of formation defects such as fraud, duress. etc (gun ot head)
    • 2) Shwoing a conditions precedent was not fullfilled: turned down house mortage, cant buy house
    • 3) Interpreting ambiguous terms: both aloud to bring in eveidence to determine meaning
    • 4) Consideration never changed hands: didn't happen or performed
    • 5) Reformation becasue of mistake in integration: can't show how shoudl be
    • 6) Collateral aggreements: something that wouldn't have been in original anyway
    • 7) subsequent modificaitons
  36. Assignments
    Transfer of the right to recieve benefits under a contract
  37. Terms of Assignemnts
    • Assignor: one of the origianl contracting parties who is now transerring rights
    • Assignee: person recieving the right who is not entitled to reieve the benefits unerd the contract
    • Obligor: person who must now perform for the assignee
    • Obligee: person now entitled to recieve performance
  38. Contracts not assignable
    • Those which the obligation (burden) of the obligor would be changed
    • Unless it really changes what obligor has to do
  39. Basic Characteristics of Assignments
    • 1) Assignee dispalaces assignor with regard to rights under contract
    • 2) Any defenses the obligor could assert against the assignor are good against the assignee. If a material breach then he gets the assignee not assignor
    • 3) Notiec: obligor performs for assignor becase obligor did not know of the assignment, obligor is dishcareged form liablitlity
    • 4) Dual assignemnts: English rule is who notifies first
  40. Warrenties form assignor to assignee
    • 1) Right assigned exists
    • 2) Right assigned is not subject to any undisclosed defects or limitaions
    • 3) Assignor will not impair the value of assignement
    • 4) Any documents are genuine
  41. Delegations
    Transfer of a duty
  42. Terms of Delegations
    • Delegor: person delegating job
    • Delagee: person doing it
    • Obligee: person getting thing performed for
  43. Major difference with assignments
    • Delegor is not leagally displaced by delagee
    • Delegor stays liable even if delegee messes up
  44. Non-delegable duties
    • Involve reliance on personal qualities of would be delagor
    • Can't delegate it if has to do with the persons ability, individual style
  45. Delagee and consideration
    • Delagee normally not liable unless there was consieration
    • If delegor pays delagee then there is consideration and delegor can sue delagee
  46. Simulaneous assignments and Delegations
    • 1) Automatic consideration to delagee
    • 2) Obligee can sue delagor
    • 3) Delagor can sue delagee
    • 4) Spelit of authority on wheather obligee can sue delagee
  47. UCC rule on this stuff
    • Assignment is also an implied delegaton of unperfomred duties unless stated oterwise
    • Delagee is liable to obligee
  48. Third Party beneficiaries
    Contract made for benefit of someone other than the contracting parties
  49. Intended beneficiarry
    • Donee beneficiarry: someone getting benefit as a gift like flowers. they can sue
    • Creditor beneficiary: getting benefit because it is leagally due to them. ex premium, life insurance and can sue
  50. Incidental beneficiary
    It was not intended to benefit someone but it does so therefore they have no rights
  51. Contracts with benefit to public
    Incidental beneficiaries tso have no right to sue
  52. Condition Precedent
    • Duty dishcarged if specifiec event doesn not occur
    • Ex: buying a house depending upon mortage
    • Must happen inorder to be inforced
    • Must be written in contract
  53. Condition Subsequent:
    • Duty dishcared if even does occur
    • Must be written in there
    • Pay rent unless dischared
  54. Concurrent conditions
    • To sue, plaintiff must have indicated he as ready, willing, and able to perform at the time the other breached.
    • If not then other dischared since other was nto ready, willing and able to perform
  55. Condition of satisfaction: not implied
    • Subjective standard: tastse or comfort. Paint picture and doens't have to take if don't like
    • Objective standard: waht a reasonable person does
  56. Discharge by performance
    • Complete performance: all done so discharges
    • Doctrine of substantial performance: if a party in good faith substanitailly performs the contract, he may collet the contract price minus cost of acutaly damage fromt he breach
  57. Timing of the performance
    • Time is of the essence: any lateness as al is a material breach and is discharged
    • Comercially reasoanable: late performace is acceptagble with a reasonable time
  58. Discharged by breach
    • Actual: one side breached so other discharged
    • Anticipatory (not to debts): they tell you they are going to breach
  59. Personal serviees and death
    Terminate with death of either party
  60. Destruction of the subject matter
    If subject of ontract gets destroyed, then dishcarged
  61. Impossibliity
    • Must be objective
    • Impossible that no one can do this now
    • Corn, my corn crop
  62. Commercially impractability
    • could be possible but it is beyond impractiable
    • Rip-rap across river
  63. Frustration
    • Still possible but the even has frustreated the purpose of enven
    • transporting horse that dies
  64. Illegality
    Can't be force to do illegal things
  65. Dishcharged by new agreement
    • Recissions: agree to not to it al all
    • Novation: relae and look to someone else to complete it (sublease)
    • Accord and satisfaction: both agree to change consideration to somehting else (ipod)
    • Waiver: aggre to give up right on contract- realeas form some obligation
  66. Discharged by operation of law
    • bankruptcy: eliminate some debt
    • statue of limitations: time period for sueing runs out
    • alteration of legal document: like forgery, if you change it then give up right for it
  67. Remedies for damage
    • Compensatory: most common economic loss you have because other breached the contract
    • Puntitive: fine against defendent so plaintiff gets money
    • Liquidated: amount spelled out in advance in a contract
    • Nominal: small amount awarded when plaintiff proven but haven't sufferd loss
  68. Preequisties to getting money
    • a) forseeability: needto astablish at the time making contract that defendent needs to see that you could breach..see that could happen
    • b) certainty
    • c) causation: really was other person breach that caused you the harm
    • d) Mitigation: reasonable steps/effors to minimize harm would suffer from breach
  69. Specifiec performance
    • Make him go thorugh with it
    • only can when contract is unique
  70. Injuctinons
    • Positive: court order telling person have to do somthing
    • Negaitve: telling to stop doing somtihng
  71. Recission
    Getting rid of the contract
  72. Restitution
    Court is orgering what is nessisary to put you back in position before made contract