CONTRACTS APRIL NOTES
April 1, 1999
Important dates: no class April 22
April 19 - make up class B.110 11:15-12:30
April 26 - Extra class B.110 11:15-12:30
Needs to be some writing that indicates a contract has been made (2201). Has to be signed, has to at least have the quantity in the writing
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April 6, 1999
SECTIONS TO KNOW:
Article 2
Definitions/coverage
2102, 03, 04, 05, 07
Formation
2201, [2202], 04, 05, 06, 07, 08, 09
Terms
2302, 2308, 2313-2315, 2316, 2318
Performance
Remedies
Article I
1102, 1103, 1201, 1203, 1204, 1205
Express warranties - car salesman exercise
Factors to help decide between express warranty and puffing:
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April 8, 1999
Terms
Price
Quantity
Method/time of payment
Method/time of delivery
Quality terms ---------------à Warranties: express (2313); implied
(merchantability, fitness)
express warranty by sample or model (2313(1)(c))
If a modification is made immediately after the signing of a contract, it is debatable whether it is enforceable or not. Hard to know exactly where to draw the line.
Modifications are allowable without consideration as long as they are made with good faith. The party that has to have the good faith is the one who benefits by the modification (usually the one who suggested the modification)
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April 13, 1999
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April 15, 1999
More review of assignment 12 questions
Terms:
Quantity
Quality (warranties)
Title
Place / time of delivery
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April 26, 1999
When dealing with goods rejected check to see if wrongful, then if effective or not.
Can have an effective wrongful rejection.
Ways to recover:
1.
Price
2.
Formula for recovery of damages after rejection by buyer (§2706)
KP - RP + ID - ES
Contract price - retail price + incidental damages - expenses saved
3.
Formula for recovery (§2708)
KP - MP + ID - ES
Contract price - market price + incidental damages - expenses saved
4.
lost profits
Expenses saved
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April 27, 1999
A
Desk non-conforming
No delay =
Ineffective rejection (2602(1))=
Acceptance (2606(1)(B))
Therefore seller gets price
Possibly get damages (buyer)
(2709(1)(a))
B
Desk conforms
Timely but wrongful (wrongful because desk conformed) Rejection =
No acceptance (§2606)
Therefore seller does not get price. Seller gets damages (2706, 2708)
C
Desk conforms
Arguablly timely, but wrongful revocation
Do we treat like A or B?
Sat May 8 - review session - see ERES for more details
8:30 - 10:00am Bannon 137
Responsible for material beginning IV B 4 - pre-existing duty to the present
Will post on ERES a list of UCC and Restatement sections we should know for exam. DO not need to know comments.
Will be 2 or 3 essay questions.
No drafting questions.
2708(1) - difference between market price and contract price
difference between what seller resells for and contract price
2708: contract price - market price
2706: contract price - resale price
chart to remember seller and buyer remedies:
seller remedies Buyer remedies
2703 2711(1)
2706 resale 2712 (cover - buy something else and hold seller liable for cost)
2708(1) KP - MP 2713 MP - KP
2708(2) lost profits no equivalent
2710 incidental damages 2715(1) incidental damages
2209 Price (specific performance) 2716 buyer entitled to specific performance
no equivalent 2715 (2) consequential damages