Key Contracts Concepts [Part II] and Review Sheet #2 for Final Evaluation #4

All Concepts Listed Below are also MATERIAL FOR FINAL EVALUATION ON DEC. 6 

Additions to Part I -Key Concepts: 

List and define the 6 Requisites of a Valid Contract. Minors - disaffirm, ratify; Mental condition, Intoxication.

Objective theory of contracts; Terms of a contract [QTIPS] quantity, time, identity of parties, price subject matter.

Mirror Image rule; How to terminate an offer - when it expires; Revocation; Option contract; Rejection, Counteroffer, Consideration;

How is Genuine Assent Negated - explain each: duress, undue influence, fraud & mutual mistake.

Key Concepts and Review Sheet #2 for Final Evaluation #4 

 Contracts – Chapter 8                               Part II  [pages 389-409]

Pages                                    Concepts 

389                             Covenant not to Compete

390                        Effect of Contract Illegality

391-394                  Statute of Frauds:  Applies to which 5 types of Contracts? What are 3 requirements for Statute of Frauds  contracts?

395                        Third Party Beneficiary; Third Party Donee Beneficiary;  Third Party Creditor Beneficiary

                              Privity of Contract

395                         Assignment of Rights

396                         Delegation of Duties

396-399                  List and Define the 4 ways to Discharge a Contract

399-400                  List and define 5 Contract Remedies for money damages.

400                        What are equitable Contract Remedies? List, define and state the result of 6 Equitable Contract Remedies.

406-409                   What is a Warranty? What is a Merchant? What is an Express Warranty? 

                               What is an Implied Warranty? Define each of these Implied Warranties: Of Title, Of Merchantability, of Fitness for a Particular Purpose.

                               Name and explain two ways a seller may disclaim or offer a defense to Warranty violations