K LAW
Terms
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- K
- K
- K ANALYSIS: THREE QUESTIONS
- 1. Does UCC Apply? 2. Does SOF Apply? 3. Does PE Apply?
- EIGHT CASE ELEMENTS
- 1. Offer 2. Acceptance 3. Consideration 4. Defenses To Formation 5. 3rd Party Rights & Duties 6. Performance 7. Breach 8. Remedies
- PRELIMINARY CONSIDERATIONS (CAMS MY LEGS PAWS)
- ï‚· Contract ï‚· Applicable Law ï‚· Merchant ï‚· SOF ï‚· Marriage ï‚· Year ï‚· Land ï‚· Executor ï‚· Guarantor ï‚· Sales Of Goods + $500 ï‚· Performance ï‚· Admission In Court ï‚· Written Confirmation B/W Merchants ï‚· Specialty Goods
- MINIMAL ESSENTIAL TERMS – PPQST
- ï‚· Parties ï‚· Price ï‚· Quantity ï‚· Subject Matter ï‚· Time & Place Of Performance
- M-M-M-Nd-CR-F-UI-D
- a. MISTAKE, b. MISUNDERSTANDING, c. MISREPRESENTATION, d. NONDISCLOSURE, e. CONFIDENTIAL RELATIONSHIP, f. FRAUD, g. UNDUE INFLUENCE h. DURESS
- “BATTLE OF THE FORMSâ€
- UCC 2-207
- THIRD PARTY RIGHTS (BAD)
- ï‚· Beneficiary: Intended Third Party ï‚· Assignment Of Rights ï‚· Delegation Of Duties
- MODERN SUBSTITUTES FOR BARGAIN:
- 1. MORAL OBLIGATION 2. DETRIMENTAL RELIANCE 3. STATUTORY SUBSTITUTES
- PAROL EVIDENCE RULE & EXCEPTIONS (PER MAD FILO)
- ï‚· Parol ï‚· Evidence ï‚· Rule ï‚· Mutual Mistake ï‚· Ambiguity ï‚· Duress ï‚· Fraud ï‚· Illegal Purpose ï‚· Lack Of Consideration ï‚· Oral Condition Precedent
- SUSPENSION OR EXCUSE OF CONDITIONS
- 1. WAIVER 2. ELECTION 3. ESTOPPEL
- BREACH AND REMEDIES (BLERRS MICA)
- ï‚· Breach ï‚· Liquidated Damages ï‚· Expectation Damages ï‚· Reliance Damages ï‚· Restitution ï‚· Specific Performance ï‚· Market Value Or Cover Price ï‚· Incidental Damages ï‚· Consequential Damages ï‚· Avoided Costs / Avoided Losses
- EQUITABLE REMEDIES
- 1. SPECIFIC PERFORMANCE 2. INJUNCTION AGAINST BREACH 3. DECLARATORY JUDGEMENT
- CONSEQUENTIAL DAMAGES:
- 1. CAUSATION 2. CERTAINTY 3. FORSEEABILITY
- RECOVERIES
- RESTITUTIONARY & RELIANCE
- DEFENSES TO K FORMATION: REAL DEFENSES (FILL IS MUD)
- ï‚· Fraud ï‚· Illegality ï‚· Lack Of Intent ï‚· Lack Of Consideration ï‚· Incapacity ï‚· SOF ï‚· Mutual Mistake ï‚· Unconscionability ï‚· Duress
- PERSONAL DEFENSES: DISCHARGE OF K OBLIGATIONS (IF IAN WAS)
- ï‚· Impossibility ï‚· Frustration Of Purpose ï‚· Impracticability ï‚· Anticipatory Repudiation ï‚· Novation ï‚· Waiver ï‚· Accord And Satisfaction ï‚· Substantial Performance
- CONDITIONS
- A. EXPRESS B. CONSTRUCTIVE 1. Conditions of Exchange: Excuse or Suspension by Material Breach 2. Immaterial Breach and Substantial Performance 3. Independent Covenants 4. Constructive Conditions of Non-Prevention, Non-Hindrance and Affirmative Cooperation
- Defenses to K Formation:
- AIDS FLU Ambiguity/Mutual Mistake Incapacity Duress Statute of Frauds Fraud Legality Unconscionability
- specific performance (contract): Cha Cha Is My Favorite Dance
- â—‹ Contract is valid â—‹ Conditions of P are satisfied â—‹ Inadequate legal remedy â—‹ Mutuality of remedy â—‹ Mnemonics â—‹ Feasibility of enforcement â—‹ Defenses not available
- Defenses to formation for a K "CCAMMPS DUL" - just think of how dull camp was when you were a kid.
- â—‹ lack of CONSIDERATION â—‹ lack of CAPACITY â—‹ AMBIGUIUTY in words â—‹ MISREPRESENTATION â—‹ MISTAKE â—‹ PUBLIC policy â—‹ STATUTE of frauds â—‹ DURRESS â—‹ UNCONSCIONABILITY â—‹ not LEGAL
- U Can Introduce Rule "Violators" (exceptions to parol evidence rule)
- â—‹ UCC consistent terms â—‹ Consideration paid â—‹ Interpretation â—‹ Reformation Validity (includes formation defects & conditions precedent)
- Veal Cutlet Is My Favorite Dinner!
- â—‹ Valid K â—‹ Conditions of P satisfied/excused â—‹ Inadequate legal remedy â—‹ Mutuality of remedy available â—‹ Feasibility of enforcement â—‹ Defenses
- Inadequate Legal Remedy (for Injunction or Specific Performance):
- ○ "If Someone Unknowingly Ignites Money" § I - Insolvent § S - speculative § U - unique § I - irreparable injury § M - multiplicity of suits
- Inadequate Legal Remedy (for Injunction or Specific Performance): â—‹ "If Someone Unknowingly Ignites Money"
- ○ "If Someone Unknowingly Ignites Money" § I - Insolvent § S - speculative § U - unique § I - irreparable injury § M - multiplicity of suits
- Agency: "Rude Employees Are Idiots"
- â—‹ Principal is liable for agent's contracts if: â—‹ R = ratification â—‹ E = express authority â—‹ A = apparent authority â—‹ I = implied authority
- Discharge: INFIRM ASS
- § Impracticability § Novation § Frust of Purpose § Impossibility § Rescission § Mod § Accord § Satisfaction § Subseq. Law/Reg
- Excuse of Non Perf: IMPAIR FAMIN
- â—‹ Inability to perform â—‹ Mat. Breach â—‹ Perf. cond. failure â—‹ Anticip. Repud. â—‹ Imposs. â—‹ Impract. â—‹ Rescission â—‹ Frust. of purpose â—‹ Accord and Sat. â—‹ Mod. â—‹ Impract. â—‹ Novation (scratch the first listing of Impracticability. That'd make it IMPAIIR)
- DAMP CSI MUC â—‹ 9 reasons not to enforce
- § F= no K formed § E= defenses to enforcement § Duress (F) § Ambiguity (F) § Misrepresentation (F) § Public Policy (E) § Consideration lacking (F) § Statute of Frauds (E) § Illegality (F) § Mistake of Fact (F) § Unconscionability (E) § Capacity (F)
- MY LEGS â—‹ Statute of Frauds writings required.
- â—‹ Statute of Frauds writings required. â—‹ K to induce Marriage (M) â—‹ service K's that require more than one Year to complete (Y) â—‹ sale of Land (L) â—‹ Executor or administartor of an estate who promises to pay debts of dead (E) sale of Goods more than 500.00 (G) â—‹ Surety (S)
- • For Contracts Questions: ○ Until Fall, Test Pressure, Exhaustion, Both Threaten Romance
- ○ Until Fall, Test Pressure, Exhaustion, Both Threaten Romance § U: UCC or CL § F: Formation § T: Terms of K § P: Performance § E: Excuses § B: Breach § T: Third Party Issues § R: Remedies
- Ordinarily one owes no duty to another unless SCRAP:
- â—‹ Statutory â—‹ Contract â—‹ Relationship (special like spousal, parent child...) â—‹ Assumption of duty â—‹ Peril (if one causes it)
- SOF :O RGASM
- â—‹ One year â—‹ Real estate â—‹ Goods $500 â—‹ Administraor/Executor/Agency â—‹ Surety â—‹ Marriage
- Until Fall, Test Pressure, Exhaustion, Both Threaten Romance
- â—‹ U: UCC or CL â—‹ F: Formation â—‹ T: Terms of K â—‹ P: Performance â—‹ E: Excuses â—‹ B: Breach â—‹ T: Third Party Issues â—‹ R: Remedies
- For Collateral Estoppel: â—‹ PIANO
- â—‹ For Collateral Estoppel: â—‹ PIANO â—‹ Party in prior lawsuit â—‹ Identical issue â—‹ Actually litigated and determined â—‹ Necessarily determined â—‹ Opportunity to litigate (full and fair)
- Exceptions to the Parol Evidence Rule (in Contracts) -- "DAM FOIL" (Evidence of)
- â—‹ Duress â—‹ Ambiguity â—‹ Mistake (Raffles v. Wichelhaus) â—‹ Fraud â—‹ Oral condition precedent â—‹ Illegality (Remember: "Contracts illegality" can mean, "Contrary to Public Policy.") Lack of consideration.
- DAMAGES IN CONTRACTS: â—‹ Naomi Licks the Puny Cons for Compensation
- § Naomi= Nominal § Licks= Liquidated (in the contract; not excessive/"unreasonable.") § Puny= Punitive § Cons= Consequential, a' la "Hadley v. Baxendale" § Compensation= Compensatory
- when a third party beneficiary's rights in a K vest, think "kevLAR vest"
- â—‹ K â—‹ vest â—‹ Lawsuit- 3PB brings a Lawsuit to enforce K â—‹ Assent - 3PB gives Assent to the benefit Reliance - 3PB detrimentally Relies after knowledge of the benefit
- Defenses of Contract I Die for My Mom's Sweet & Unconditional Love
- â—‹ I Incapacity â—‹ D Duress â—‹ M Mistake â—‹ M Misrepresentation, fraud â—‹ S statute od fraud â—‹ U Unconscionablity â—‹ L (il)ligality