LGST Session 18 - valid o Executed vs executory o ³ormal...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
LGST 101 Session 18: Contracts Consideration REVIEW: Contracts o Private legal management of expectations o Two or more parties o A plan Common Law and UCC (Uniform Commercial Code) (goods/sales) Requirements of contract o Mutual assent o Consideration o Legality of object o Capacity Classification of contracts o Express vs implied Expressed – Orally or written declared contract Contracts are deeply embedded in cultural and social expectations o Unilateral vs bilateral Bilateral – both sides Unilateral – promise on one side, conduct on another o Valid, void, voidable, unenforceable Valid – stands on its own Void – you know cannot be enforced on its face. Could be illegality, names parties that are incapacitated, Voidable – contract that seems valid, but factual context around it forces it to be void Unenforceable – Void, voidable, or “lapsed” (contracts that used to be valid)
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: valid) o Executed vs executory o ³ormal vs informal o ALSO KNOW: Promissory estoppel, Quasi Contract Rosenthal v NYU CONSIDERATION Quid pro quo Considera±on…a formality? o Mostly, except the opposite of considera±on: the promise itself. Adam Smith o Self interest in business. Selling bread for money to beneFt self Hamer v Sidway o Uncle promised nephew 5000 if he abstained from drinking/smoking o Uncle dies before paying the money plus interest o It was in best interest to refrain from drinking anyway However, sTll had to give it up. So consideraTon Batsakis v Demotsis and Adequacy of the ConsideraTon o DemoTsis needs loan from Batsakis (huge tool). 500,000 drachma given (equal to 25 dollars). o Demotsis must pay back in dollars. Must pay 2,000 back, pulled out of the blue o ConsideraTon argument: Adequacy o...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern