contline - TableofContents COMPETENCY AND OTHER LIMITS.2...

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Table of Contents COMPETENCY AND OTHER LIMITS ................................................................................................ 2 C ONTRACTS ENTERED INTO BY M INORS ................................................................................... 3 M ENTAL I NCAPACITY ......................................................................................................... 3 U NDUE I NFLUENCE .......................................................................................................... 3 THE EFFECTS OF ADOPTING A WRITING ...................................................................................... 4 P AROL E VIDENCE R ULE ..................................................................................................... 4 RST 2d Parol Evidence Rule(s) ........................................................................................................... 4 PER CASES .............................................................................................................. 6 MISTAKE MISREPRESENTATION AND WARRANTY ................................................................... 9 M ISTAKE ...................................................................................................................... 9 U NILATERAL M ISTAKE ..................................................................................................... 10 W ARRANTY ................................................................................................................. 11 UCC Warranties ............................................................................................................................... 11 N ON DISCLOSURE AND CONCEALMENT .................................................................................. 13 CHANGED CIRCUMSTANCES JUSTIFYING NON-PERFORMANCE, 527-65 ........................... 14 I MPOSSIBILITY ............................................................................................................... 15 I MPRACTICABILITY .......................................................................................................... 17 F RUSTRATION ............................................................................................................... 18 DURESS AND COERCIVE RENEGOTIATION ................................................................................. 19 Legal Duty Rule ................................................................................................................................ 19 Economic Duress (more likely to be found when the parties are both businesses) ........................... 20 RST 2d sec. 89 ................................................................................................................................. 21 UNCONSCIONABILITY, STANDARDIZED TERMS AND GOOD FAITH ................................... 21 S TANDARDIZED T ERMS .................................................................................................... 21 UCC 2-302 ........................................................................................................................................ 21 THE INTERDEPENDENCE OF PROMISES ...................................................................................... 24 Concurrent Condtions ....................................................................................................................... 25 Divisible Contracts ........................................................................................................................... 25 INTERPRETING CONDITIONS, 757-764; 771-796 ............................................................................ 26 Language to show a condition .......................................................................................................... 28 W AIVER OF CONDITIONS .................................................................................................. 28 Words or conduct that may constitute waiver or estoppel ................................................................. 29 CONDITIONS OF SATISFACTION, 801-813 ..................................................................................... 30 Conditions of Satisfaction ................................................................................................................. 31 PROTECTING THE EXCHANGE ON BREACH, 813-827 ................................................................ 31 RST 235 ............................................................................................................................................ 31 When performance of a duty is due under a contract any non performance constitutes a breach .... 31 RST 225 & 237 ................................................................................................................................. 31 Substantial Breach RST2d. 241 ........................................................................................................ 31 Right to seek assurances under the UCC .......................................................................................... 33 § 2-609. Right to Adequate Assurance of Performance. ................................................................... 33 (1) A contract for sale imposes an obligation on each party that the other's expectation of receiving
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due performance will not be impaired. When reasonable grounds for insecurity arise with respect to the performance of either party the other may in writing demand adequate assurance of due performance and until he receives such assurance may if commercially reasonable suspend any performance for which he has not already received the agreed return. ............................................ 33 (2) Between merchants the reasonableness of grounds for insecurity and the adequacy of any assurance offered shall be determined according to commercial standards. .................................... 33 (3) Acceptance of any improper delivery or payment does not prejudice the aggrieved party's right to demand adequate assurance of future performance. ..................................................................... 33 (4) After receipt of a justified demand failure to provide within a reasonable time not exceeding thirty days such assurance of due performance as is adequate under the circumstances of the particular case is a repudiation of the contract. ............................................................................... 33 Perfect tender rule (UCC 2-601) ...................................................................................................... 34 RIGHTS AND DUTIES OF THIRD PARTIES .................................................................................... 35 ASSIGNMENT ....................................................................................................................................... 37 TORTIOUS INTERFERENCE WITH THE CONTRACT ................................................................. 40 Competency and other limits 2
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Contracts entered into by Minors o Generally voidable at the option of the minor but enforceable against the adult; however, a minor, and usually their guardian, is always liable for the value of necessities. Still must return any consideration the minor still has in his possession to the seller but if no consideration remains then minor doesn’t have to make any restitution for non necessities and can recover all the consideration they gave o Halbman v. Lemke: Minor breaks a car he hasn’t finished paying
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