11-9-10_notes

11-9-10_notes - 11/9/10 BLAW 3391 Test Thursday Preamble...

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11/9/10 BLAW 3391 Test Thursday Preamble – Who and where the contract was made Recitals – Tells you more about the parties of the contract * Magic words * - Everything following these words is the agreement Now, Therefore Covenants – An unconditional promise to perform You are in breach if you don’t perform Conditional Covenants o Precedent – If/Then If you deliver, I have to perform o Satisfaction – Objective If I were to order a car, I would want my personal options o Satisfaction – Subjective Potential buyer doesn’t like it, they don’t have to buy it I go down to the top of the line suit store and ask them to make me a custom suit. You tell him if you like it you’ll buy it. You don’t have to buy it if you don’t like it o Subsequent After you have done the deed, you try to get out of the deed. (Ex: Taking something back to the store. ) o Concurrent You deliver, I will pay. A mutual obligation to perform. Consideration
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11-9-10_notes - 11/9/10 BLAW 3391 Test Thursday Preamble...

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