Term
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Definition
| mistake, fraud, duress, undue influence. |
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Term
| genuineness of assent (def) |
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Definition
| requirement that parties assent to a contract be genuine |
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Term
| genuiness of assent is an issue in the areas of |
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Definition
| mistake, misrepresentation, duress, and undue influence. |
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Term
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Definition
| one party is mistaken about the material fact regaurding subject matter of contract. |
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Term
| 3 situations where unilateral mistake may not be enforced |
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Definition
| one party makes unilateral mistake of fact and other party knows or should have known, due to mathmatical error that is not result of gross negligence, mistake is so serious that enforcing contract would be unconscionable |
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Term
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Definition
| one party threatens to do some wrongful act unlesss the other person enters into the contract. |
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Term
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Definition
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Term
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Definition
| requires certain types of contracts to be in writing. |
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Term
| contracts that must be in writing |
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Definition
| mortgages, lease, interest in land, easement (servitude or right of way), takes longer than a year, collateral promise (cosign), $500 or more. |
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Term
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Definition
| sale of goods costing $500 or more must be in writing. |
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Term
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Definition
| agents contracts to sell property covered by statute of frauds must be in writing to be enforcable. |
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Term
| promissory estoppel or equitable estoppel |
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Definition
| permits enforcement of oral contracts that should have been in writing to prevent injustice |
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Term
| 3 conditions to make an oral promise enforcable under promissory estopppel |
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Definition
| promises induces action by another, reliance on the oral promise was forseeable, injustice can only be avoided by enforcing oral promise. |
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Term
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Definition
| unconditional promise to perform |
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Term
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Definition
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Term
| condition precedent (def) |
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Definition
| requires occurence of an event before a party is obligated to perform a duty. |
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Term
| condition subsequent (def) |
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Definition
| a condition, if it occurs, that automaticallyexcuses the performance of an existing duty to perform. |
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Term
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Definition
| an agreement that substitutes a new party for one of the original parties. |
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Term
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Definition
| parties afree to accept something different in satisfaction of the original contract. |
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Term
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Definition
| performance of an accord. |
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Term
| Commercial impractibility |
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Definition
| excused nonperformance due to extreme or eunexpected development or expene that makes it impractical for promisor to perform. |
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Term
| 3 types of performance contracts |
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Definition
| complete performance, substantial performance (minor breach), inferior performance (material breach) |
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Term
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Definition
| compensate non breaching party for loss of bargain (extra 1000 dollars a month) |
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Term
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Definition
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Term
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Definition
| agreeement in advance as to how much is payable if contract is breached. |
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Term
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Definition
| damages awarded to punish the defendant. |
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Term
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Definition
| non breaching party must avoid or reduce damages caused by breach of contract. |
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Term
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Definition
| action to undo a contract |
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Term
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Definition
| return goods recieved in order to rescind a contract. |
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Term
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Definition
| courts may deny enforcement of unfair or oppressive contracts. |
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Term
| must be proven to show that a contract is unconscionable... |
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Definition
| severely unequal bargaining power, domanant party used that power to obtain unfair contract terms, adhering party had no reasonable alternative. |
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Term
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Definition
| awarded by judge where there has been a breach of contract and legal remedy is not adequate or judge wants to prevent unjust enrichment. |
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Term
| most common equitable remedies |
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Definition
| specific performance, reformation, quasi contract, injunction. |
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Term
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Definition
| court rewrites contract to express the parties true intentions |
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Term
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Definition
| permits recovery of resonable compensation even though no enforcable contract exhists. |
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Term
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Definition
| court order that prohibits person from doing a certain act. |
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