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 Concepts389 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