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Contract Law (Remedies (Common law -> monetary damages range from…
Contract Law
Remedies
Common law -> monetary damages range from expectation damages, reliance damages, restitution, and liquidated damages
Equitable remedies include specific performance, restitution, unjust enrichment, and negative injunctive relief
Specific performance is an extraordinary remedy available only when a monetary award would be inadequate to grant relief to the aggrieved party
Third Parties
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Delegation occurs when a third party agrees to satisfy a performance obligation owed by one of the parties to a contract
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Interpretation
Gap-Filling Provisions
Warranties: express warranties, implied warranties of merchantability, and an implied warranty of fitness for a particular purpose
Parol Evidence
Whether the meaning of a document can be determined by the negotiations of the parties prior to written contract
Integration: whether the parties intended the written contract to be the final discussion as to specific terms
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Performance
Conditions can be either express, implied, or constructive
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UCC
The UCC only applies to a transaction in goods. Without a transaction in goods, common law of contracts governs.
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Contract Formation
Focuses on the existence of mutual assent, consideration, and the absence of any defense to enforcement
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Under both common law and UCC, the offeror can control the method of acceptance by stating conditions
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