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Contract Law - Coggle Diagram
Contract Law
Step 2: Formation
Offer
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Counteroffer
Under the UCC, a change of terms is not a counteroffer and can constitute acceptance unless stated otherwise in one of the forms
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Acceptance
Under both the common law and UCC, the offeror can control the method of acceptance by stating the conditions
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Step 4: Performance
A duty to perform is discharged by performance, by tender of performance, and by a completed condition subsequent
Performance is also discharged if performance is illegal, impossible, impractical, frustrated, or rescinded
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Third Parties
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delegation of obligation
occurs when a third party agrees to satisfy a performance obligation owed by one of the parties to a contract
A novation occurs when the obligee agrees to release the delegator in return for the liability of the delagatee
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Step 5: Remedies
Under UCC, the seller's remedies depend of whether the goods have been delivered
Under common law, monetary damages range from expectation damages, reliance damages, restitution, and liquidated damages
Step 3: Interpretation
Contracts are construed as a whole with a preference given to written or typed provisions using the ordinary meanings of words, and construed against the drafter if there is ambiguity.
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