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approach to all contract exams
- contract made? offer acceptance consideration
- reason why not enforced? defenses to formation, indefiniteness, mistake, statute of frauds
- who has the enforceable rights? third party beneficiary, assignees, delegees
- absolute duty to perform? conditions, changed circumstances, discharge
- if broken, what remedy?
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contract formed?
need mutual assent and consideration
- Mutual assent = offer and acceptance
- consideration = the befenif recieved by a party promising to proform and the detriment of the person promised.
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consideration
- bargain.
- more then nominal
- illusory?
- honost OR reasonable of claim? ( subjective) if claimant makes mountain out of a molehill then "doubtful" but possible, but if there is no molehill to beginwith, then not consideration.MODERN RULE( the "or" versus AND)
- already obliged to do this act?
- also: reliance?( forseeable)
- waiver for a non material portion of the contract.
- promise to pay on a past or moral consideration ( promise to pay a debt barred from recovery, statute of limitations, bankruptsy?)
- promise made under seal?
- an accord?
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effective offer?
- bargaining intent
- definatentess of terms?
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acceptance?
- intent and manner
- unilateral v bilateral
- manifest assent ( communicated?)
- silence by prior agreement?
- timeleness?
- mailbox rule
- revokable offer?
- unconditional ( unconditional assent) if there are conditions ( and NOT the ucc) then works as a rejection and counter offer.
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reason not to enforce
- defenses to valid contract
- indefinatenes
- mistake
- misrepresentation, nondisclosure,duress and undue influence
- unconscionability
- lack of writing
- lack of contractual capacity ( minors, mental incompetents)
- illegality of of contractual purpose or consideration
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enforcable rights?
- third party( 597)
- status vesting
- defenses
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assignees and delegees
- rights assignable?
- effect of the assignment
- assigned to several people? priority?
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