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Cards In This Set
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Bilateral Contract
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Promise given in exchange for another promise
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Unilateral contract
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Promise given in exchange for an action or refraining from acting
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Requirements for valid consideration
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Bargained for; legal sufficiency; mutuality
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Illusory promises
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Imposes no contractual obligation on promisor and, therefore, there would be no binding contract; includes "option-to-cancel" and "best efforts"
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Modification of an existing contract (common law)
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New consideration is required to support modification; except in WI
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Modification of an existing contract (UCC)
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No consideration required, but modification must be requested in good faith and not coercion; if price is over $500 then it must be written
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Restatement of contracts
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Modification is binding without consideration if it is fair and equitable in light of facts that could not be reasonably anticipated by the parties;
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Accord and satisfaction
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An offer of settlement for a portion of a disputed debt; if partial payment is accepted knowingly that an accord and satisfaction has be completed
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Elements needed to discharge debt
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Genuine dispute; partial payment clearly offered as payment in full; payment accepted by the creditor
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Payment by check exceptions under UCC
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If an organization offers full repayment of a cashed check within 90 days there is no accord and satisfaction
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Promissory estoppel
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Enforceable agreement w/o consideration; if a promise is made and one party relies on that promise; other party must perform
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Elements of promissory estoppel
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Promise made; reliance by promisee; economic detriment to promisee resulting in reliance; injustice occurs w/o relief
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Statutes of frauds
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Requires that certain contracts be in writing; performance longer than 1 year; guarantees; real estate transactions (over 1 year)
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Main purpose doctrine
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Exception to the statute of frauds; contract does not have to be written if the guarantor is the intended benefactor of the contract
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Required elements of written contracts
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Identification of parties; identification of consideration; signatures; other "essential" terms
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