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ACCT 324: Exam 1
Liquidated Damages
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Damages agreed upon before breach occurs
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Executory
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One or more parties have not acted
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Executed
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One or more parties has not acted
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Informal
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Outside the scope of the statute of frauds, writing is NOT required
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Formal |
Within the scope of the statute of frauds, writing is required
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Writing Required for:
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-Real Estate
-Impossible to be performed in 1 year
-Contract for the sale of goods>=$500
-Guaranty
-Any promise given in consideration of marriage |
What you need for a written contract
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-Date
-2 Signatures
-What was Exchanged |
Express
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Words (not necessarily written down)
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Implied-In-Fact
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Contract is determined by conduct (Barber Shop)
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Implied-In-Law (4 Elements)
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1. Service was provided
2. Expectation of payment
3. Opportunity to reject
4. Quantum Meruit FMV |
Objective Theory of Contracts
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In an objective observer could tell that a contract exists, then it does
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An Offer Has To Be:
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1. Serious
2. Definite
3. Communicated |
Serious means not:
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in anger, estimate, preliminary negotiations, advertisements
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Definite |
definite enough that a court of competent jurisdiction can have a reasonably certain basis for an appropriate remedy. Quantity is a must.
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Communicated |
An offer must be communicated in order to be properly accepted
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Offer is Terminated after...
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A lapse of a reasonable amount of time
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Revocation of a Unilateral Offer
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Before substantial performance
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Revocation of a Bilateral Offer
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Before return promise given
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Irrevocable offers
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May be purchased (Options)
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Operation of Law
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A court strikes it down
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4 Ways an Offer Can Die
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-Lapse
-Revocation
-Rejection
-Operation of Law |
Acceptance of a Bilateral Offer
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Return of a promise, "Mirror Image Rule"
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Mailbox Rule
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If nothing else is set, an offer is valid when it is put in a mailbox
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Consideration
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Consideration
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Pre-existing Legal Duty
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If you're already under contract, you can't cash in on a reward
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Disputed Debt
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May be settled. If you cash the check, theres no debt. Accord and Satisfaction.
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Undisputed Debt
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Cash the check and the contract is still on
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Novation
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1. original contract
2. tear up original
3. new contract |
Promissory Estoppel
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A promise someone gave you without consideration made you change your course of action. Disney case
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3 Types of Ratification
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-Expressly
-Implied
-Failure to Disaffirm |
Ratification
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Approve/ Validate
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Fiduciary Relationship
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Relationship with trust and confidence, usually a dominated/dominator relationship
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Unilateral Mistake
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typo or misplaced decimal point egregious error then voidable
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Bilateral Mistake
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Failure to have a meeting of the minds
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Fraud |
Tricking someone in to signing something
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Fraud In the Inducement
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Misrepresentation of a material fact
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Scienter
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Ill will, evil motive
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Justifiable Reliance
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Whether the other party should have relied on the misrepresentation
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4 Elements of Fraud
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Misrepresentation
Scienter
Justifiable Reliance
Damages |
Illegality Based On
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Consideration,Violates Statute, Licensing
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Form |
Within the scope of the statute of frauds`
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Four Corners Rule
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If the contract is in writing, you don't go outside of the page to interpret
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Parol Evidence Rule
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Any prior statements will not be allowed to alter the terms of a contract except if delivered in like new condition
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Justifiable Reliance
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Somebody makes a financial decision based on your wrong statement
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Quantum Meruit
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You get reasonable value of services
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Quasi Contract
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Contract based on what one has earned
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Accord and Satisfaction
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Accepting a lower figure to relinquish a debt
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