Bob's Contracts Outline - Sokolow, Fall 2007

Bob's Contracts Outline - Sokolow, Fall 2007 - Bob's...

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Unformatted text preview: Bob's Contracts Outline Thursday, October 18, 2007 3:44 PM Great diagram of UCC-207 available online Also, great outline of Farnsworth online done by a law professor Five Categories of Contracts: Sale of goods (governed by UCC) Real Estate Construction Employment Family Three basic issues: 1. Was there a contract at all? Does the plaintiff have any rights against the defendant at all? Consideration Offer and acceptance 2. If there was an enforceable promise or contract, was there a breach? 3. If there was a contract and a breach, what are the remedies for the disappointed plaintiff? Can the plaintiff force the defendant to deliver the promise? "Specific performance" = exception rather than the rule Or will it be monetary relief? Most often, defendant is awarded damages A contract isn't any agreement, it's only an agreement that's legally enforceable. Consideration = a bargain There has to be a bargain. Whether or not there is benefit/detriment to the two parties is immaterial. Second Restatement of Contracts Section 71 (pg 27) & Section 79 (pg 31) It is a bargain that makes a promise enforceable. Just because a claim turned out to be invalid does not necessarily invalidate a settlement of that claim between the parties (e.g., Fiege v. Boehm) It depends on whether there was any factual basis for the claim and Whether the party believed that their claim might turn out to be valid. (The law has an interest in upholding the settlement of claims. The law has an interest in preventing a flood of lawsuits.) Consideration? Yes = enforceable promise No = gratuitous promise Generally unenforceable, with these two exceptions: Writing? = If yes, then it's enforceable Reasonable reliance = if yes, then enforceable Grasping Consideration 1. Unilateral v. bilateral 2. Cases Hamer v. Sidway: can forbearance be consideration? Yes: 2R71 Fiege v. Boehm: Can forbearance from asserting an invalid claim be consideration? Yes: 2R74 Can past services be consideration? Can Illusory promises be consideration? 2RS77 Question of illusory promises also arises under the UCC Contract Formation A. Consideration 1. Bargained-for exchange/Reciprocal Conventional Inducement 2. If no consideration, alternative bases/mechanisms for recovery/remedies: a. Reliance b. Restitution B. Offer and Acceptance How do you relate "Consideration" to "Offer and Acceptance?" Consideration = bargained-for exchange Three types of remedies: Expectation - placing plaintiff in position had the contract been fully performed Reliance - restoring status quo prior to the contract Restitution - returning consideration conferred upon dependent back to plaintiff Most damages for plaintiff (usually): first expectation, then reliance, then restitution However, reliance can exceed expectation (if contract would result in some loss for the plaintiff Reasons for granting damages for broken promises to the extent of expectancy are at their strongest when the promises are made in a business context (production/distr of...
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This note was uploaded on 04/17/2008 for the course LAW 421 taught by Professor Sokolow during the Fall '07 term at University of Texas.

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Bob's Contracts Outline - Sokolow, Fall 2007 - Bob's...

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