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1. Social Science
2. Law
3. Civil Law
Themis Contracts Law - Missed Issues
Terms in this set (98)
Original
When does intoxication cause a lack of capacity?
A person lacks the capacity to enter into a contract if (1) that person was too intoxicated to
reasonably understand the nature or consequences of the contract and (2) the other party had reason
to know of the intoxication. Here, the friend had no reason to know that the owner was intoxicated
because the offer was made in an email, so the owner cannot avoid the contract on this basis.
When can the court reform a writing after a party misrepresents the contests or effect of a writing?
If:
- the misrepresentation was fraudulent—ie, made knowingly or recklessly, with intent to induce the
other party's assent
- the misrepresentation induced assent to the writing and
- the adversely affected party justifiably relied on the misrepresentation.
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How can a debtor settle a debt that is disputed in good faith?
When a debt is disputed in good faith, the debtor can attempt to settle the debt by giving the creditor
a check conspicuously marked, "Payment in full." The creditor can then: deposit the check - in which
case the debtor's duty to pay is discharged or reject the check - in which case the debtor's duty to pay
is not discharged.
How do you calculate damages when an implied warranty of merchantability is breached?
The difference between the value of the goods as accepted and the value of the goods as warranted.
Usually this is determined by repair costs, but if the repairs fail to restore the goods to their value as
warranted, the buyer can recover the repair costs plus the difference between the value of the goods
as warranted and the value of the goods after the repairs.
When is unilateral mistake grounds to avoid the contract?
Only if the mistake would make enforcement of the contract unconscionable (eg, due to a substantial
difference between contract price and actual value) or the nonmistaken party (ie, the farmer) caused,
or knew or had reason to know of, the mistake. When a party's own estimation of the cost of the work
and similar costs from other companies are much higher than the cost provided by the mistaken
party, the party has reason to know of the mistake.
What happens when an offeree begins performance in response to a unilateral contract?
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Although the offeree can only accept the contract by complete performance under a unilateral
contract, once the offeree begins performance, the offer is irrevocable for a reasonable time to allow
for complete performance (unless there is a manifestation of a contrary intent). Note, however, that
merely preparing for performance (e.g., purchasing materials) is not enough.
What can a party to a contract do when it has reasonable grounds for insecurity about the other
party's ability or willingness to perform?
Under the UCC, which governs contracts for the sale of goods (e.g., paper bags), a demand for
assurances must be made in writing—and a reasonable time within which to give adequate
assurances is limited to 30 days. Once a proper demand for assurances is given, the insecure party
may suspend performance until adequate assurances are received.
When is an accord agreement in which the new consideration is worth less than what was originally
promised valid?
Only if (1) there is a good-faith dispute as to the amount owed or (2) it is of a different type than what
was originally owed (e.g., goods in lieu of cash).
Is an option contained within another contract valid?
Yes, if an option is contained within another contract, then the consideration that supports the other
contract is sufficient to support the option contract as well.
What does an option contract require?
All essential terms - i.e., under common-law, parties, price, subject matter, quantity. Otherwise, it will
be deemed too indefinite.
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When can a contract be rescinded on the basis of misrepresentation?
- the misrepresentation was fraudulent (i.e., made knowingly or recklessly with intent to induce the
other party's assent to the contract) OR material (i.e., likely to induce a reasonable person's assent)
- the misrepresentation induced assent to the contract and
- the adversely affected party justifiably relied on the misrepresentation.
When can a party retract a waiver?
If the party gives reasonable notification AND the other party has not materially changed position in
reliance on the waiver such that retraction would be unjust.
What is the assumption when a contract is silent as to assignments?
Assignments are assumed to be permitted unless there is an express prohibition.
When can an assignor revoke the assignment of contractual rights?
Never if the assignment was for value but if the assignment was gratuitous, assignment is revocable
unless:
written & signed assignment delivered
document symbolizing assigned right (eg, stock certificate) delivered
assignee has obtained performance or satisfaction
assignee has obtained judgment against obligor
assignee has entered new contract with obligor or
promissory estoppel applies
How can an assignor revoke the assignment of contractual rights?
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