Contracts I-By Jeff Amato

Contracts I-By Jeff Amato - Contracts I By Jeff Amato Prof....

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By Jeff Amato Prof. Weiskopf I. Types of Contracts / Definitions A. Distinction Between Unilateral and Bilateral 1. Unilateral – bargain for a performance, if the performance is not likely, or if it is risky, it probably is a unilateral contract. Not necessary to hold the other party to a breech. Public offers and offers that can only be accepted by performance. 2. Bilateral – bargaining for a promise, what is the promisor bargaining for? Commercial context usually indicates bilateral. Always objective standard. 3. Test : Are there two rights and two duties Bilateral Is there one right and one duty Unilateral B. Executory Contracts – Contracts not performed C. Void / Avoidable – Void contracts are invalid from the beginning while avoidable contracts are legal but can be avoided by one or both of the parties D. Unenforceable – Otherwise legal contract but for a defense E. Good Faith – Requirement to act in good faith under contract, subjective or objective depending. II. Consideration – Something sought for a promise and something given in exchange for a promise. Something bargained for and given in exchange for. BARGAIN IS NECESSARY, or else no mutuality of obligations A. Types of Consideration in a Unilateral Contract 1. Act 2. Forbearance – Hammer v. Sidway (Uncle bargains for forbearance of nephew), Fiege v. Bohem (Defendant surrenders right to assert a valid claim which proves to be invalid is good consideration as long as it was made in good faith) 3. The creation, modification or destruction of a legal right. B. Types of Consideration in a Bilateral Contract -- Any promise bargained for in exchange for another promise. C. Adequacy of Consideration; Mutuality of obligations – If the requirement of consideration is met, there is no additional requirement of equivalence in the values exchanged. D. Invalid Consideration 1. Past Consideration Feinberg v. Pfeiffer (employment cannot be sufficient) Mills v. Wyman (Taking care of son, and subsequent promise by father to compensate held unenforceable… nomoral obligation) a. Exceptions - A promise made in recognition of a benefit previously received by the promisor as a gift is enforceable to the extent necessary to prevent injustice. Webb v. Mcgowan (saving life by not dropping weight with subsequent permanent injuries) b. If the promise intended to be a gift it is not consideration ie. Webbs action was not a gift to McGowan c. The promisors promise is not disproportional from promisees benefit. . The value ($30) was not disproportionate from the value McGowan recieved d. New York Law—Does not recognize moral obligation but does recognize promises in writing signed that would be consideration had it not been for the time it was given or performed. e.
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This note was uploaded on 02/15/2008 for the course LAW 1090 taught by Professor Gegan during the Fall '03 term at St. Johns Duplicate.

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Contracts I-By Jeff Amato - Contracts I By Jeff Amato Prof....

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