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:
- Consideration
- Reliance (Permissive enforcement)
- … (Restitution)
- 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 |
74 76 77 | 2-306 |
82 83 |
|
73 89 | 2-209 II |
- Ways of new contract:
- Restatement 73/71 new consideration
- Restatement 79 exemption
- Contracting around
- Expectation
- Reliance
- Also known as "Promissory Estoppel"
- Must be actual and reasonable
- Restatement 90
- Restitution
- Unjust enrichment
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