Contracts I

LAW 505-002 – Contracts I

Thursday, August 31, 2017

9:55 AM

  • Contract must have manifestation of assent and basis of enforcement.
  • Four bases of enforcement:
    1. Consideration
    2. Reliance (Permissive enforcement)
    3. … (Restitution)
    4. Restitution
  • Case names not important in Contracts (or Torts) (are in Civ Pro)
  • A promise is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made.
  • Sufficiency of consideration = bargain
  • Adequacy of consideration = balanced value
    • Courts won't consider adequacy

 

Restatement

UCC

1

2

 

71

79

81

 

 

2-102
2-105
2-106
2-314
2-315

74

76

77

2-306
2-309

82

83

 

73

89

2-209 II

 

  • Ways of new contract:
    1. Restatement 73/71 new consideration
    2. Restatement 79 exemption
    3. Contracting around

 

  •  
    1. Expectation
    2. Reliance
      • Also known as "Promissory Estoppel"
      • Must be actual and reasonable
      • Restatement 90
    3. Restitution
      • Unjust enrichment

 

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