BLAW Exam 3 Review In Class 50 questions 10 T F Chapter 9 18 Common law contract law 35 questions 19 20 23 UCC 12 15 questions Most heavily tested chapters are 10 and 19 Chapter 9Unilateral Express Executory Informal oral or otherwise If someone says they will be there it changes from unilateral to bilateral Valid void voidable enforceable Chapter 10 18 void and voidable 5 questions on these terms Express vs implied in fact and implied in law Know quasi for exam Unjust enrichment Mutual agreement Consideration Legality Chapter 10Mutual agreement Offer acceptance contract 3 requirements for an offer 2 requirements for acceptance Questions on effective moment and the mailbox rule Memorize the mailbox requirements Author s revocation and rejections are effective when received mailbox rule Acceptances are rejected when You have a contract as long as you have consideration competence and legality Classifieds in the paper are an invitation general advertisement Classifieds on the television are an offer 10 12 questions from this chapter Chapter 11 and 12 3 questions Duress Fraud Undue influence Mistake Physical duress void Mental or emotional financial voidable Undue influence voidable Fraud Inducement voidable and Execution void Mistake valid if it s unilateral unless Mutual mistake is voidable Legal benefit and a legal detriment Bargain for exchange this for that promise for a promise or a promise for performance constitutes for consideration Legal sufficiency legal quality only problem when you have preexisting duty or past consideration do something and a promise is later made in consideration of that past action not enforceable Legal adequacyChapter 13 2 questions Void Exculpatory Chapter 14 3 4 questions Mental incompetence minor 17 an under also voidable Necessaries riles apply unless its for a necessary then it s a valid contract RestorationDisaffirm or Reaffirm Drunks and incompetents contract may be valid void or voidable prove you were drunk enough to not make the contract voidable depending on the degree of incompetence or intoxication Chapter 15 Statute of frauds if you have a contract that is supposed to be in writing and its not it s not void its just unenforceable Anything dealing with real estate Promises to pay for something for a dead person Promises made in consideration of marriage Any contract that cannot be performed in under a year or less Chapter 17 4 questions 8 ways to terminate the offer and memorize ways to terminate contract Rejection terminates offer not contract Revocation terminates offer not contract Lapse of time terminates offer not contract Subsequent illegality terminates offer and contract Destruction of the subject matter terminates offer not contract Death or incompetence terminates offer doesn t terminate contract Terminates a contract Full performance Breach Substantial performance Breaching party is required to the contract price less the cost of performance 2 questions on conditions precedent and subsequent occurrence or nonincurrence can either impose an obligation to perform or suspend an obligation to perform Chapter 18 Not entitle to punitive or punishment damages only entitled to the loss of the benefit of your bargain Specific performance court compels to do something Incidental damages Chapter 19 8 10 questions Deals only with the sale of goods body of contract law that deals with the sale of goods Intent contract Court or law looks at the intent of the parties under the UCC 3 part definition of merchant is on the test Good faith and fair dealing no taking advantage of anybody imposes fairness and gets rid of unconscionable contracts You could be missing price or quantity and still have a contract under the UCC If you miss quantity and price in a common law contract then there is no contract but under the UCC the quantity and price will be determined by the UCC UCC allows firm offers common law doesn t Silence constitutes acceptance or can constitute acceptance under the UCC Communication or notification is important under the UCC if you want to protect your rights because they say there is no reason to not communicate Contract formation new additional or different terms become a part of the contract unless three things exist Under common law when you wanted to modify a contract you needed additional consideration the ex husband could have said ill pay you a year in advance and another 10k but then I m done arguably is that sufficient consideration under common law you have to give additional consideration to modify a common law contract otherwise you have problems Under UCC you don t have to give additional consideration if it s in writing Be careful because there is a question on this Chapter 20 Notification or communication is effective whether accepting or rejecting goods Seller must make perfect tender and deliver goods according to the contract Must know cure for the exam If not a perfect tender buyer can accept all reject all accept some and reject some Cover is a remedy you will see on the exam Consequential damages loss profit Buyer must inspect and accept pay for the goods it gets 2 terms acceptance and rejection and it s different than when used in common law Acceptance manifestation or showing of willingness to become owner of the goods Rejection same except switch willingness with unwillingness Chapter 23 4 5 questions Terminology Cover Incidental Consequential Seller also gets incidental damages but not consequential Know that there is a liberal application of remedies Have to know in advance what happens to breach of contract If you see a good in the question than you use the UCC rules