A promise to keep an offer open that is paid for. With an option contact, the offeror is not permitted to revoke the offer because with the payment, he is bargaining away his right to revoke the offer.
contract law
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Under Article 2 of the Uniform Commercial Code, when a buyer rejects a seller's tender of goods because it is not a perfect tender, the seller may have an option to cure if the time for performance has not expired. For example, if the seller did not...
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Overview
In contract disputes, parol evidence is any agreement that is not contained within the written contract. Under the parol evidence rule, these agreements made outside of the contract are inadmissible in court unless there is evidence...
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Under Article 2 of the Uniform Commercial Code, when dealing with the sale of goods, the perfect tender rule states that a buyer is permitted to reject goods shipped or delivered to it from a seller if the seller's tender of the goods is in some way...
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A principle under contract law that states that if a party to a contract is under a pre-existing duty to perform, then no consideration is given for any modification of the contract and the modification is therefore voidable.
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Overview
Within contract law, promissory estoppel refers to the doctrine that a party may recover on the basis of a promise made when the party's reliance on that promise was reasonable, and the party attempting to recover detrimentally relied on the...
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Overview
Punitive damages are awarded in addition to actual damages in certain circumstances. Punitive damages are considered punishment and are typically awarded at the court's discretion when the defendant's behavior is found to be especially...
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A quasi contract is a legal obligation imposed by law to prevent unjust enrichment. This is also called a contract implied in law or a constructive contract. A quasi contract may be presumed by a court in the absence of a true contract, but...
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Under Article 2 of the Uniform Commercial Code, a shipment contract is one way in which buyer and seller could contract to allocate risk of loss between buyer and seller when goods or lost or damaged before the buyer obtains them from the seller and...
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Under Article 2 of the Uniform Commercial Code, when dealing with installment contracts for the sale of goods, substantial impairment is the standard used to determine if a buyer has the right to reject tender by the seller, where tender is not perfect...