Essential terms for SOF purposes

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DueProcessDoWheelies

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Essential terms for SOF purposes

Postby DueProcessDoWheelies » Mon Feb 20, 2017 11:22 am

So is price an essential term or not? I've literally seen sources say both yes and no. I'm so confused.

For goods, essential terms are quantity and subject matter, right?

And for land it's property description.

Please correct me

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puremorning

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Re: Essential terms for SOF purposes

Postby puremorning » Mon Feb 20, 2017 11:46 am

In an ordinary contract for the sale of goods, yes, if it is over $500. However, if it is a "merchant memorandum," then only quantity is necessary. Also, a "signature" is relatively broad and can include a letterhead or symbol used to indicate the party's intent to adopt the writing.

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BVest

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Re: Essential terms for SOF purposes

Postby BVest » Mon Feb 20, 2017 1:06 pm

DueProcessDoWheelies wrote:So is price an essential term or not? I've literally seen sources say both yes and no. I'm so confused.

For Goods, no. For most everything else, yes. Rule of thumb: Essential term = Term necessary to resolve litigation. I know that's not clear cut, but err on the side of requiring it

For goods, essential terms are quantity and subject matter, right?

Yes

And for land it's property description.

In Texas, for land:

Parties
Property
Price
Term (Lease only)
Words of Grant (Texas only) (e.g. "seller does hereby grant and convey" or “landlord leases to tenant and tenant leases from landlord")
Signatures



Ignore my Texas stuff. I thought you'd passed Texas but didn't consider you'd subject yourself to another one of these.
Last edited by BVest on Sat Jan 27, 2018 2:34 am, edited 1 time in total.

DueProcessDoWheelies

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Re: Essential terms for SOF purposes

Postby DueProcessDoWheelies » Mon Feb 20, 2017 1:16 pm

BVest wrote:
DueProcessDoWheelies wrote:So is price an essential term or not? I've literally seen sources say both yes and no. I'm so confused.

For Goods, no. For most everything else, yes. Rule of thumb: Essential term = Term necessary to resolve litigation. I know that's not clear cut, but err on the side of requiring it

For goods, essential terms are quantity and subject matter, right?

Yes

And for land it's property description.

In Texas, for land:

Parties
Property
Price
Term (Lease only)
Words of Grant (Texas only) (e.g. "seller does hereby grant and convey" or “landlord leases to tenant and tenant leases from landlord")
Signatures



Ignore my Texas stuff. I thought you'd passed Texas but didn't consider you'd subject yourself to another one of these.

Yup. Passed Texas a year ago but getting licensed in a UBE state. I'm insane.

happyhour1122

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Re: Essential terms for SOF purposes

Postby happyhour1122 » Mon Feb 20, 2017 1:47 pm

DueProcessDoWheelies wrote:So is price an essential term or not? I've literally seen sources say both yes and no. I'm so confused.

For goods, essential terms are quantity and subject matter, right?

And for land it's property description.

Please correct me


You probabaly saw an answer to a "required contract"



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