Contract Law Final Study Guide

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Trevor engages Jean, a real estate agent, to sell his home. The agency agreement must be in writing to satisfy the ________.

Statute of Frauds

Can a landlord terminate a one-year lease if it is in writing?

Yes, and if there’s a termination clause

In a purchase and sale agreement for a vacant lot, a legal description of the property will satisfy which necessary element of the Statute of Frauds?

Contracts for the transfer of real property

What can help ensure a modification's validity?

The modification to be in writing

A release prevents the signatories from

Pursuing any legal action against each other

Courts routinely allow discharge by nonperformance due to ________

A form of impossibility, Supervening Illegality, Death, Disability of the party

When an injured party spends money to prevent further loss, he or she may be awarded?

Consequential damages

Speculative damages depend on ________.

The happening of events

Novation

discharging previous obligations of the parties and substituting a new obligation for the old agreement

When one person's legal right is measured by the same legal right as someone else's, what exists?

Privity

A personal property lease should include these things

Parties, Description of property and forum, Terms of lease, Applicable law, Disclaimer of implied warranties, Renewal clause, Transferability of rights

The two newest articles of the U.C.C. govern ________.

• Leases

• Electronic methods of payment

The first section of Article 2 covers ________.

Subject matter, general info

Tender of delivery occurs when the seller delivers conforming goods in accordance with the parties' contract or the __________.

U.C.C Article 2

When a seller surrenders goods to a common carrier for shipment, ________.

the buyer becomes the owner of the goods

A delegation of duties by a lawyer to a paralegal ________.

Drafting docs, Case management, Legal research, Admin. stuff, Client interviews

In a novation,

All parties must mutually agree to the contract

A sequence of prior conduct between two parties is a ________.

Course of dealing

Commonly accepted industry standards are the basis of ________.

Usage of trade

 What kind of transaction is held to the highest standard of dealing?

“Good faith” or Merchants are held up to a higher standard than nonmerchants