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blaw notes 2

blaw notes 2 - Promise o A promise is to do or not d...

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- Promise o A promise is to do or not d something in the future o Promisor – makes the promise o Promisee - accepts the promise - Contract o An agreement that can be enforced in court o Offeror makes the offer o Offeree accepts the offer - Definition of a contract o Agreement: offer + acceptance o Consideration o Contractual capacity – certain people cannot enter into a contract and we don’t allow those people into a contract; ie minor, mentally handicapped; drink… o Legality If one of these four things are missing than you don’t have a valid contract - Defenses to a contract o Genuineness off assent Objective theory don’t joke about making a contract because you could be bound to it if there is a third person present ie say I will sell you my $500 skies for $100 but you look and sound serious then I am expected to sell the skies for $100 o Form Some contracts to be valid must/have to be in writing IE a prenuptial agreement - Types of contracts o Bilateral contract : the exchange of mutual promises Verbal contracts are just as valid but harder to prove If we have a bilateral contract and you don’t perform than you are in breach o Unilateral contract : offer requests performance o Bilateral contract : offer revocable until accepted o Unilateral contract : offer revocable until performance has been substantially undertaken o Formal contract : require a specific form o Informal contract : do not require a specific form o Express contract : are formed by language (oral or written) o Implied-in-fact contracts : are formed by conduct Plaintiff furnished service or product Plaintiff expects to be compensated Defendant had a chance to reject and did not These two contracts are legal real binding ****
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- Contract performance o Executed contract - fully performed by both parties o Executory contract
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  • Spring '07
  • adequate consideration Contracts, promises Verbal contracts, valid contract Defenses, Unconscionable contracts Oppressive

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blaw notes 2 - Promise o A promise is to do or not d...

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