more details. IN BOTH CASES the response must be reasonable. LAST TERM heasked what elements must be proved to show PE. GET ALL 5.EXAM TIP: On an exam when you are analyzing a case, you look first for traditionalconsideration, then you look for promissory estoppel, if not then maybe moral obligationunder the right fact circumstances.EXAM TIP: Cite UCC 2-205, 2-207, and 3-311 when they specifically applyEXAM: good faith, dispute, 2 parts nothing extinguished until satisfaction occurs. If nogood faith dispute, payment on account and you can still go after remainder.Accord & Satisfaction R2nd 281 versus substitute K (BIG TIME ESSAY QUESTION.KEY IS THE INTENT OF THE PARTIES. Was their intent to get rid of old K and forma new one). If you just have accord & satisfaction and you renege on that too, b/c accordand satisfaction you can sue for either original amount $1000 or $700 accord amountSubstitute K. now I renege, now I can only sue for $700. Have to look at the intent of parties. Subclause of an essay question.
: one decision is precedent for subsequent ones, building up a body of common lawTechnically the only decisions that bind a given court are those from the highest court in that particular jurisdiction.
: differ from holding. Dicta are opinions without legal authority. Holding has theauthority of law.
: what you did in the past (statements or actions) you are barred from changingin the future if another person relied on the original position.
: binding agreement not honored by one or more of the parties by non-performance OR interference with other parties performance.
: A person not party to the lawsuit who petitions the court or is requested by thecourt to file a brief in the action because that person has a strong interest in the subject matter.
: becomes effective as soon as the customer tears the wrapping from the package.
: A court order commanding or preventing an action.
: Attempting to profit by exploiting price differences of identical or similar assets, ondifferent markets or in different forms.
: a lien against property that is granted to secure an obligation such as a debt.
: a legal right or interest that a creditor has in another’s property.
: long term interest bearing debt instrument…usually secured by a lien on the issuers property.