Annie's Contracts I (Alford)

Annie's Contracts I - Contracts Outline I Introduction to Contracts A B Contract is a promise or set of promises for which the law gives a remedy

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Contracts Outline I. Introduction to Contracts A. Contract – is a promise or set of promises for which the law gives a remedy, or the performance of which the law in some way recognizes a duty. (A.K.A. an enforceable promise) B. Principles of Contract Law 1. Autonomy: The ability of parties to act on their own. (This does tend to favor those with superior knowledge and skill.) General rule – the State steps back. 2. Social Justice: Occurs when both parties benefit. If one benefits from failing to keep a promise at the other party’s detriment then the first is unjustly enriched. 3. Efficiency/Utilitarianism: Where the contract is beneficial to both parties. Through this theory people are able to rely on each other. An efficient breach occurs where it is more efficient for one party to breach that to fulfill the promise. If this occurs must compensate the other party so that they are in as good a position as they would have been had you performed your end of the deal. 4. Honesty/Integrity/Trust: Historically these qualities were important. 5. Fault/Responsibility: The party who is at fault must should the cost. There are two ways in which this may be accomplished (1) monetary compensation (2) specific performance. 6. Judicial Confidence 7. Paternalism: When is the right time for the state to come in and create a more balance playing field? The law recognizes that not all parties are capable of entering contracts and further recognizes that some parties have superior bargaining power so there are state driven attempt to make thing more equitable. C. Sources of Contract Law 1. Common Law 2. Uniform Commercial Code and other statutes 3. CISG and other treaties: These are especially important in the international arena. 4. Restatement D. Types of Remedies and Available Damages 1. Remedies (a) choice among available remedies (expectancy, reliance, restitution, specific performance, liquidated damages) (b) Remedial goals/measure of damages (c) type of contract (employment, construction, land and goods) 2. Expectation Damages: This is the difference between what you got with the breach and what you were promised. Giving the person that suffered the breach everything they would have received if the breach had not occurred. Principle: U.C.C. Section 1002 “…to put the injured party is as good a position as he would have been put in by the full performance of the contract…” 3. Reliance Damages: This is the amount of money and energy you expended in reliance on the contract. (Look back as the injured party) Tries to put the party who suffered the breach back where they were prior to forming the contract. Loss actually caused by reliance. 4. Restitution Damages: How much did the breaching party receive as a result of breaking the contract? (Look back as the breaching party) Gives to the party who suffered the breach the amount of unjust enrichment of the other party. Prevent unjust enrichment of the breaching party. 5.
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This note was uploaded on 04/15/2008 for the course CONTRACTS I taught by Professor Alford during the Spring '08 term at Pepperdine.

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Annie's Contracts I - Contracts Outline I Introduction to Contracts A B Contract is a promise or set of promises for which the law gives a remedy

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