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OUTLINE short Jodi Lucena-Pichardo

OUTLINE short Jodi Lucena-Pichardo - 1 2 3 4 5 Requirements...

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1) Requirements of a Valid Contract 2) Precontractual Liability and Reliance 3) Statute of Frauds 4) Limiting the Enforcement of Contracts/Preventing Unfairness 5) Remedies for Breach of Contract 1) Requirements of a Valid Contract: a) Consideration : There is consideration when there is a bargained-for (sought-after) exchange in which each party receives something that is either a benefit to that party or a detriment to the other party. i) Bargain: (1) No gratuitous promises, moral obligations (unless statutes), conditional gifts, token consideration, forging doctrine ii) Lack of Mutuality of Obligation/Illusion of a Promise: a promise that reserves full discretion to the promisor as to whether to perform ; an illusion of a promise, not really a promise at all; choice is one sided If less than 100% discretion to perform (even if remote), no longer an illusory promise iii) Substitutions for Consideration (1) Reliance/Promissory Estoppel: substitute for consideration basis of enforcement that bars defense that promise is unenforceable for lack of consideration (a) Requirements : (i) A promise was made by one party to another; never reasonable to rely on an offer (ii) The recipient of the promise (promisee) relied on the promise to his detriment (iii)The promisor could reasonably foresee a possibility of reliance (iv)The reliance itself must be reasonable (v) Injustice can be avoided only by giving some relief iv) Restitution /Quasi Contract: unjust enrichment as a substitute for consideration (2) Requirements : (a) D received a benefit (b) at the expense of the P (c) Unjust to allow D to retain the benefit (a) The benefit was not intended as a gift b) Mutual Assent : actual intent of parties to enter into a valid contract based on objective standard ; Mental assent not requisite if words or other acts of one of the parties have but one reasonable meaning (offer and acceptance) undisclosed intention is immaterial except when unreasonable intention is known to the other party; look through eyes of reasonable promisee: would a reasonable promisee think that she received an offer regardless of offeror’s subjective unexpressed intent i) Offer : a statement that would lead a reasonable person to believe that he or she had been given the power to bind the parties by assenting ; (1) Excludes : invitations to deal, preliminary negotiations, acts evidently done in jest or without intent to create legal obligations; estimates, price quotes and advertisements (reasonable recipient should not assume that there is an unlimited supply or enough to accommodate everybody; e.g. Supermarket: consumer makes the offer to buy, not the other way around) (2) Is the offeror seeking a promise or performance? (a) Bilateral Contract: promise; binding upon receipt of promise (b) Unilateral Contract: performance; binding upon completed performance 1
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(3) Counteroffers: If offeree changes any term of the offer or manifest less than 100% intention to be bound it is a rejection of the original offer and regarded as a counteroffer (same as new offer) (4) Advertisement Exception:
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OUTLINE short Jodi Lucena-Pichardo - 1 2 3 4 5 Requirements...

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