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Contract Law (2. Formation (Acceptance (Defenses to Acceptance (Statute of…
Contract Law
2. Formation
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Acceptance
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Mirror Image Rule: If terms of acceptance differ in any way to initial offer, this serves as a rejection.
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Defenses to Acceptance
Illegality, misrepresentation, duress, unconscionability.
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Lack of capacity (including intoxication, minors, etc)
Consideration
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C/L: preexisting agreement or obligation cannot serve as consideration for new promise. New consideration is required
UCC: Sale of goods contract can be amended without new consideration. Standard is 'good faith effort'.
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3. Interpretation
Clear and unambiguous language in K will be upheld by court
If not, Parole Evidence Rule may apply
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5. Remedies
Damages
C/L
Restitution, Expectation, Liquidated Damages, and Reliance
UCC
If goods were delivered: damages, unjust enrichment, specific performance if monetary damages would be insufficient