NY Contract Law Principles Flashcards
6 cards from real NYLE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 NY Contract Law Principles flashcards as text
Under New York law, what is required for a valid contract modification?
Answer: A signed writing, if the original contract is within the statute of frauds or contains a clause barring oral modification
Under GOL § 15-301(1), a written agreement containing a clause that it cannot be changed orally cannot be changed by an executory oral agreement, and under GOL § 5-701 a contract required to be in writing generally cannot be modified orally. Under GOL § 5-1103 a signed written modification needs no new consideration.
Under New York's Statute of Frauds (GOL § 5-701), which of the following contracts MUST be in writing to be enforceable?
Answer: A contract that by its terms cannot be performed within one year from its making
GOL § 5-701(a)(1) requires a writing for agreements that by their terms cannot be performed within one year from the date of making.
Under New York law, which remedy is generally NOT available for breach of contract?
Answer: Punitive damages
Punitive damages are generally not available in breach of contract actions under New York law unless the breach also constitutes an independent tort.
Under New York law, what is the parol evidence rule?
Answer: Extrinsic evidence may not be used to contradict or vary the terms of a fully integrated written agreement
The parol evidence rule in New York bars extrinsic evidence that would contradict, vary, or add to the terms of a fully integrated written contract.
Under GOL § 5-1103, New York eliminated the requirement of consideration for which type of agreement?
Answer: Written modifications and discharges of existing contracts
GOL § 5-1103 provides that a written agreement that modifies or discharges an existing obligation is not invalid for lack of consideration.
Under New York law, what is the standard for determining whether a contract term is unconscionable?
Answer: Both procedural unconscionability (unfair bargaining process) and substantive unconscionability (unreasonably one-sided terms) must be present
New York courts require a showing of both procedural unconscionability (absence of meaningful choice) and substantive unconscionability (unreasonably favorable terms) to void a contract provision.