Breach of Contract Flashcards

Breach of Contract Flashcards
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Repudiating party
When a breach of contract is expected, this is the party that does not intend to complete the contract.
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Innocent party
When a breach of contract is expected, this is the party that intends to complete the contract.
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Anticipatory repudiation
When a party to a contract states that he won't be able to complete the contract requirements by a deadline, it is called this.
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MY LEGS
This mnemonic is used to remember the categories covered by the statute of frauds. It stands for Marriage, Year, Land, Executor, Guarantor, and Sales.
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The statute of frauds applies to promises made by executors to pay debts associated with these.
Estates
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The statute of frauds applies to an oral contract, or promise, with this type of consideration.
Marriage
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The statute of frauds usually applies to the sale or transfer of this type of property.
Land or real property
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These two things are required for a contract to be enforceable under the statute of frauds.
Written memorandum and disputing party signature
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If a contract cannot be done within this amount of time, it is covered by the statute of frauds.
One year
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If a contract is worth more than this amount, it is covered by the statute of frauds.
$500
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Statute of Frauds
If a contract is required to be in writing and signed by both parties, it falls under this statute.
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Flashcard Content Overview

In this flashcard set, you will uncover the intricacies of the statute of frauds. Once you understand its definition and purpose, you will be prepared to understand contracts related to the mnemonic MY LEGS (Marriage, Year, Land, Executor, Guarantor, and Sales). The statute covers contracts that have marriage as consideration, involve a term of greater than a year, relate to the transfer of land, involve executors of estates, have a promise to act as a guarantor, and cover the sale of goods worth more than $500. You will also learn the ways a contract can be breached and the remedies for such a breach, including how to determine a remedy. Contract enforcement is also covered, and includes the concepts of duress and undue influence. And you will learn the defenses to contract enforcement, including unconscionability and mistakes.

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Statute of Frauds
If a contract is required to be in writing and signed by both parties, it falls under this statute.
If a contract is worth more than this amount, it is covered by the statute of frauds.
$500
If a contract cannot be done within this amount of time, it is covered by the statute of frauds.
One year
These two things are required for a contract to be enforceable under the statute of frauds.
Written memorandum and disputing party signature
The statute of frauds usually applies to the sale or transfer of this type of property.
Land or real property
The statute of frauds applies to an oral contract, or promise, with this type of consideration.
Marriage
The statute of frauds applies to promises made by executors to pay debts associated with these.
Estates
MY LEGS
This mnemonic is used to remember the categories covered by the statute of frauds. It stands for Marriage, Year, Land, Executor, Guarantor, and Sales.
Anticipatory repudiation
When a party to a contract states that he won't be able to complete the contract requirements by a deadline, it is called this.
Innocent party
When a breach of contract is expected, this is the party that intends to complete the contract.
Repudiating party
When a breach of contract is expected, this is the party that does not intend to complete the contract.
Demand for assurances
This occurs when an innocent party to a contract requests evidence that the repudiating party is going to complete his contract obligations.
Expectation damages are awarded by a court to compensate for this type of loss of income.
Estimated future
Duty to mitigate
When there is a breach of contract, the duty of an injured party to decrease his/her damages is called this.
Damages (in a legal sense)
When there is a breach of contract, this legal remedy is included as a part of the compensation needed to account for the loss.
Expectation damages
These are awarded by a court to compensate a party in an amount that puts the party where it would have been if the contract had not been broken.
Undue influence
When someone who is thought to be trustworthy pushes a person in an inferior position to agree to a contract this is occurring.
When someone normally wouldn't enter into a contract, but does because of excessive or potential force, this is the defense to the contract.
Duress
Incidental mistake
This type of mistake occurs when forming a contract, but the mistake doesn't affect the goal of the contract.
Palpable unilateral mistake
This type of mistake occurs when forming a contract because one party should have corrected a mistake, usually something that is assumed by the other party.
Mistake of law
This type of contractual mistake is made when one party understands the situation, but is wrong about the legal ramifications.
When a contract is extremely lopsided and unfair in who it benefits, the terms of the contract may be voided because of this.
Unconscionability
Legal doctrine of part performance
Exception to a statute of frauds contract that occurs when a party completes part of a contractual agreement, e.g. taking possession of property by making a down payment and permanent improvements.

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