Summary
Law 1101 Final Review Summary
- Course
- LAW 1101
- Institution
- Baruch College
This is a comprehensive and detailed final review summary for Law 1101. *Essential Study Material!! *For you, at a price that's fair enough!!
[Show more]
Content preview
***** ALL RULES MUST BE FULLY EXPLAINEDCONTRACT LAW
4 Elements of Contract
Agreement. Consideration. Legal Capacity. Legality
Whether we have a valid contract
Defenses to Enforceability
Voluntary (Mutual) Consent (1/ Mistake and 2/ Fraudulent Misrepresentation)
Form (MY LEGS - Statute of Frauds)
Whether we have an enforceable contract
Offer:
I - Intention
D - Definiteveness
C - Communication (Must be communicated to offeree)
Termination of an Offer:
1. By the Offeror (must be communicated) or through Express Repudiation/conduct
Effective when offeree receives it
2. By the Offeree
Rejection or Counteroffer
Effective when Received
3. Termination by Law
Lapse of Time, Destruction of Subject of Contract
Offers are generally revocable unless:
1. Merchant’s Firm Offer - UCC 2-205 Two Merchants, signed by Offeror, written, open and
irrevocable for 3 months, THEN OPEN AND REVOCABLE AFTER 3 MONTHS
2. NY Exception - NY GOL 5-1109 If an offer is written and states that it is irrevocable, it will
remain irrevocable as long as it is signed. Applies to All, NO TIME LIMIT
Acceptance:
Effective Moment - Mailbox Rule
Acceptance is effective when sent.
Termination is effective when received (Think about Offers on Reverb)
Common Law:
Mirror Image Rule - Offer and Acceptance must match one another. If not, there is a counteroffer.
, UCC:
Non Merchants: Additional Terms do not become part of the contract.
Merchants: Additional Terms become part of contract unless offer expressly limited acceptance to its
terms, additional terms materially alter the contract, or the offeror objects within reasonable time.
Consideration:
1) Legally Sufficient Value + Bargain for Exchange
2) Adequacy of Consideration
3) Agreements that lack consideration
1. Pre-existing Duty (Exception: Unforeseen Difficulties, rescission, new contract)
2. Past Consideration (Unless it is written)
3. Illusory Promises
*********************EXCEPTION FOR CONSIDERATION:
Enforceable if in writing and signed by the party against whom enforcement is sought
NY GOL 5-1103: Written Agreement for Modification or Discharge (Must be written, signed by party
you are trying to sue in attempt to modify the agreement)
NY GOL 5-1105: Written Promise Expressing Past Consideration
Accord and Satisfaction
******Unliquidated Debt Only!
Accord and Satisfaction
- Parties do not fully perform duties under contract and a dispute arises about who breached.
- The parties enter into a new agreement to settle the dispute
- If the parties enter into accord and satisfaction - no further claims under the old agreement
*********************NY EXCEPTION: If a creditor accepts payment but adds “without prejudice”
or “under protest” - no settlement.
Legal Capacity
- Minors
- Intoxicated Person
- Disabled Person
Legality
1. Contract contrary to a statute (crime)
2. Contracts contrary to public policy, contracts in restraint of trade
3. Unconscionable contracts or clauses
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller anyiamgeorge19. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80364 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now