CONTRACT LAW, SALES, AND SECURED TRANSACTIONS
CONTRACT LAW, SALES, AND SECURED TRANSACTIONS BLAW 495
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This 1 page Class Notes was uploaded by Gustave Grady on Saturday September 26, 2015. The Class Notes belongs to BLAW 495 at James Madison University taught by Arthur Hamilton in Fall. Since its upload, it has received 94 views. For similar materials see /class/214064/blaw-495-james-madison-university in Business Law at James Madison University.
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Date Created: 09/26/15
TEST 2 Terms BLAW 495 Ch 15 N 5 V39 0 Ch 16 gt1 509 0 Ch 17 D ID ID I LAND i 4 UI Ch 18 HHHH ooogcx NN o Parol Evidence any evidence whether oral or in writing which is outside the written contract and not incorporated into it either directly or by reference Main purpose if primary object is to provide an economic bene t to the surety then the promise is not within the state Collateral promise promisor must be secondarily not primarily liable Statute of frauds contracts within the statute of frauds must be evidenced by a writing to be enforceable Parol evidence rulewhen parties express a contract in a writing that they intend to be the complete and final expression of their rights and duties evidence of their prior oral or written negotiations or of their oral that vary or change the written contract are not admissable Suretya promisor mother cosign for son Creditor beneficiary a third person intended to receive a benefit from the agreement to satisfy a legal duty owed to her Delectus personae the right of one to choose a person to perform duties Thirdparty beneficiary contract a contract in which a party promisor promises to render a certain performance not to the other party promise but to a third person beneficiary Implied warranty an obligation imposed by law upon the transfer of property or contract rights Nonmaterial breach a nonsubstantial failure to perform a contract Condition precedent an event that must occur before performance under a contract is due Statute of limitations after it has run the debt is not discharged but the creditor cannot maintain an action against the debtor Material breach nonperformance that significantly impairs the injured party s rights under the contract and discharges the injured party from any further duty Frustration of purpose doctrineprincipal purpose of a contract cannot be fulfilled because of a subsequent event Penalty a sum of money with no relationship to the value of performance Fraud allow parties to recover out of pocket some allow for benefit of the bargain rule Uniqueness special goods or something that there is only one of Specific Performance court decree ordering breaching party to render promised performance Injunction court order prohibiting a party from doing a specific act Mitigation injured party may not recover damages for the loss he could have avoided by reasonable effort
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