LAW 122 Study Guide - Midterm Guide: Executory Contract, Debit Card, Rescission
13 Mar 2014
School
Department
Course
Professor
Document Summary
If debit card is stolen, the cardholder is liable. If they didn"t do anything wrong, the bank is liable. If stated in the contract that they can pay in pennies than that is fine. Other than that, they can choose not to accept it. E. g. you buy a car and require it on monday. Since you didn"t have the car that was promised to you, you had to take a taxi, bus, etc. 260: arises after contract created, distinguish rescinded contract (chapter 9), consideration is required for enforcement, executory contract = where the party obliged has not fulfilled his/her expectations, executed contract = where parties have fully performed their obligations. If contract is executory on both sides, it can be discharged by rescission, which is the parties agreement to bring contract to an end. Consideration is provided (each party gives up right to other"s performance). If contract is executed difficulty with consideration.
