Distinctions - Contracts
Home > Flashcards > Print Preview
The flashcards below were created by user
on FreezingBlue Flashcards
. What would you like to do?
If an officer is in writing, signed by the offeror, and states that the offer is irrevocable, is the offer revocable if not supported by consideration?
No, the officer is not revocable during the times tated or for a reasonable time, even if the offer is not supported by consideration.
When can an offer in a true unilateral contract be revoked?
Until performance is completed.
How can an offer be accepted?
Absent any indication to the contrary, the offeror authorizes acceptance only by the means of communication used to communicate the offer. However, the New York modern trend follows the MS rule.
What are unsolicited goods considered in New York?
When is past consideration binding?
- The promise is in writing;
- The past consideration is expressly stated;
- The past consideration can be proven; and
- The writing is signed by the promisor.
In what situations can infants not void contracts?
- Life insurance contracts by those 14 1/2 years or older;
- Educational loans by those 16 years old or older;
- All contracts by 18-year-olds;
- Realty contracts related to the marital home; and
- Contracts involving artistic or athletic services.
Is the contract void if a party is an adjudicated incompetent?
Is a contract void if a party is an unadjudicated incompetent?
No, the contract is not voidable unless incompetent can restore other party to previous position.
What additional contracts are within the Statute of Frauds?
- A promise to pay a discharged debt;
- An assignment of an insurance policy or a promise to name a beneficiary of such a policy; and
- Contracts to pay a commission or finder's fee, unless an attorney, auctioneer, or licensed real estate broker is involved.
What is the main purpose rule?
New York requires the promisor to come under an independent duty of payment irrespective of the liability of the principal.
What is the "equal dignities rule"?
In a principal/agent relationship, when dealing with an "interest in land," the agent must be authorized in writing or the principal must ratify.
Is the Statute of Frauds applicable where there has been part performance of a lease agreement?
Is a contract providing a right to terminate within a year within the Statute of Frauds?
Although New York follows the majority rule, tehre is some authority that if the party seeking enforcement is the only one who held the right to terminate, the contract is within the state.
Is a lifetime contract within the Statute of Frauds?
Yes, because, by its terms, such a contract is not performable within a year.
Is consideration needed for a partial discharge by modification of contract?
No consideration is needed if the modification is in writing and signed by the party to be charged, or by his agent.
Is consideration needed for a discharge by release?
New York permits any claim to be released by a written instrument without consideration.
What are damages if the vendor cannot deliver good title because of a defect of which he was unaware?
Damages equal to the down payment plus reasonable expenses.
NOTE: If the vendor acts in bad faith, the MS rule applies.
Can a materially breaching party recover under quasi-contract for less than substantial performance?
Yes, unless a statutory exception applies (e.g., under the U.C.C., or a down payment under a real estate contract).
When are gratuitious assignments irrevocable?
If in writing and signed by the assignor.
Is the assignment of a construction contract or money due thereunder valid?
Not until filed.
Thus, a subsequent assignee in good faith who filed first, prevails over the party who failed to file.
What would you like to do?
Home > Flashcards > Print Preview