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Contracts

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luzomemi's version from 2016-11-26 22:56

Section 1

Question Answer
TACONecessary elements for all contracts
TTerms must be sufficiently clear and definite
AAcceptance
CConsideration
OOffered
memorize

Section 2

Question Answer
IAMMFDWays to void a contract
IIncapacity / intoxication
AAge
MMistake
MMisrepresentation
FFraud
DDuress
memorize

Section 3

Question Answer
SIMIRElements of fraud
SScienter - knowledge of misrepresentation
IIntent to misrepresent the facts
MMisrepresentation must be material
IThe plaintiff must have suffered economic injury
RThe plaintiff must have justifiably relied on the misrepresentation
memorize

Section 4

Question Answer
MYLEGSContracts which require signed writing evidencing contract
MMarriage
YContracts that cannot be completed within a year
LLand
EExecutory - inheritance agreements
GSale of goods exceeding $500
SSurety contracts - contacts substituting a debtor for another
memorize

Section 5

Question Answer
MAPPSExcuses for avoiding statute of frauds
MMerchant confirmation rule
AAcknowledging of a contract by defendant
PPartial performance
PPromissory estoppel
SSpecially manufactured goods are evidence of a contract
memorize