Jesse Contract Outline 1

Jesse Contract Outline 1 - 1 I. Introduction A. Definition...

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1 I. Introduction A. Definition – Contracts are promises and agreements that law can enforce. 1. What does it take to make a promise enforceable? a. Autonomy Principle – Parties’ intentions are important. b. Security Principle – Parties’ future interest in performance. c. Justification Principle – reasons to involve the legal system. d. Justice Principle – overriding reasons not to keep promise, i.e. fraud. Things to look over in your own notes: Incomplete agreements/negotiations Agreement – Mutual assent on the part of two or more persons Bargain – Agreement to exchange promises (bilateral agreement) or to exchange a promise for performance (unilateral agreement). Purpose of remedies A. Expectation interest – Put forward in as good a position as if contract had been performed. B. Reliance interest – Back to BEFORE promise was made (all losses incurred). C. Restitution interest – Restore benefit conferred to other party of K. Rest 2d § 20 – Effect of Misunderstanding A. No contract if both parties have materially different meanings for term –and- 1. Neither A nor B knows or has reason to know of the other’s meaning – or- 2. Both A and B knows or has reason to know of the other’s meaning. 3. (Proportionally situated, no fault.) B. Contract formed using A’s meaning for terms if: 1. A does not know of B’s meaning and B knows of A’s meaning –or- 2. A does not have reason to know of B’s meaning and B has reason to know of A’s meaning. 3. (B is in a superior position, and is more at fault.) Mental assent of both parties not nec., if reasonable person would understand the context and words to be K, then it is K regardless of party intentions. Rest 2d § 201 – Whose Meaning Prevails A. Where A and B have attached different meanings to a promise or agreement or a term thereof, it is interpreted in accordance with the meaning attached by one of them if at the time the agreement was made 1. That party did not know of any different meaning attached by the other, and the other knew the meaning attached by the first party –or- 2. That party had no reason to know of any different meaning attached by the other, and the other had reason to know the meaning attached by the first party. B. Except as stated above, neither party is bound by the meaning attached by the other, even though the result may be a failure of mutual assent. Offer – Manifestation of willingness to enter into K. Made to justify another person in understanding that his assent to bargain is invited and will conclude it. A. Terms must be reasonably certain (but not completely) – allow for determination of what is breach and remedy. If one or more terms open then it may show that it was not intended to be offer. CAN’T have multiple acceptances. B.
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Jesse Contract Outline 1 - 1 I. Introduction A. Definition...

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