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Contracts 1 Outline

Contracts 1 Outline - -1 1 CONTRACTS OUTLINE Stephen Hunt...

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- 1 - 1 CONTRACTS OUTLINE © Stephen Hunt, Jr. Contracts-- Promise or set of promises that the law will enforce or recognize in some way. I. INTRODUCTION A. 2 Types: 1. Express --what is expected is written or expressly stated. 2. Implied --assume you are receiving something. B. 5 Elements: 1. Offer --absolute, unequivocal promise. a. lapse b. revoked by offeror (before offeree accepts) c. rejected by offeree 2. Acceptance --any indication by only the offeree that they accept the offer by using any reasonable means of acceptance. 3. Mutual Assent --both parties are agreeing to the same bargain at the same time. 4. Consideration --"quid pro quo" means this for that. a. bargain for exchange b. benefit/detriment test 5. Capable Parties --Must be competent, of age, etc. Exceptions: a. minors b. severe drunks c. mentally incompetent d. contracts against public policy C. 2 Authorities: 1. Common Law --Governs contracts of real property, construction, service, employment, etc. 2. Uniform Commercial Code --Governs all contracts for sale/lease of goods. Adopted in 1964. ***In order to determine which authority governs, look at the true intent of the contract. Was it for the sale of goods with labor or service incidental, or was it a service contract with the sale of a good incidental? D. Arbitration Method of resolving disputes outside of the judicial system. Court will not order arbitration unless the two parties previously agreed to it because it is giving up a legal right--right to a trial. II. DAMAGES FOR BREACH OF CONTRACT A. Sources of Remedies: 1. Monetary Damages - don't have to buy another -can’t use D’s gain (profits) to measure P’s loss (EXCEPTION: when D’s gain is only way to measure P’s loss) -must prove damages w/reasonable certainty; when there is uncertainty, lean to injured’s side a. Restitution damages --Actual money paid to other party b. Reliance damages --Actual money paid to third parties because of reliance on K. (out of pocket expenses) c. Expectation/Compensatory damages --No actual money paid, but party has or may suffer some sort of loss because of the contract, so they need damages to return them to their original position. When there is difficulty determining, lean to the injured's side. Put injured party in same position if they had not made contract. Generally not awarded (in promissory estoppel cases). Mental anguish Under common law, may be included if the contract was so personal in nature that both parties could reasonably foresee that mental anguish might result. © 2006 Stephen Hunt, Jr. Licensed Under the Creative Commons Attribution-Non-Commercial-ShareAlike License http://creativecommons.org/licenses/by-nc-sa/2.5/
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- 2 - Under UCC, may be included if mental anguish was equivalent to physical injury. Must be more than mere disappointment, anger, worry, resentment, or embarrassment. Must be more painful and poignant emotions, such as grief, severe disappointment, indignation, wounded pride, shame, public humiliation, despair.
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