Notes

I. Firm Offer
A. 90-days or time stipulated in the offer
II. Recision
A. Right to cancel is OK if right is restricted in any way (e.g. 30-day notice)
III. Failure of a presumed condition
A. Seller excused from liability
B. Buyer must be notified
C. Rise in prices
1. Foreseeable?
2. Risk of fixed price contract
IV. Severance
A. If unconscionable or impracticable, part of the contract can be removed by the court
V. Conditions
A. If you have a duty to perform, your duty does not mature until conditions have been met, satisfied, or excused
1. Implied covenant of good faith
2. Implied condition of good faith
VI. Breach
A. Before law day --> Anticipatory repudiation
B. On law day
1. Is it material or minor?
VII. Remedies
A. Specific performance
1. Land
2. Real property
3. Unique goods/chattel
IIX. Satisfaction
A. Substantial Performance
IX. Excused
A. Waiver: only minor conditions can be waived
1. no waiver if waiver detrimentally relied upon
B. Breach
1. Prevention (not cooperating)
2. Repudiation (anticipatory)
3. Forfeiture
i. very unlikely ("the court abhors a forfeiture")