Contracts 1 - Corey Acri Contracts I Professor Gegan Fall...

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Corey Acri Contracts I Fall 2003 Professor Gegan NOTE: Things highlighted in RED haven’t been double checked for accuracy 1. TYPES OF CONTRACTS a. UNILATERAL i. Promise made in return for a performance b. BILATERAL i. Promise made in return for a promise 2. TYPES OF ENFORCEMENT a. Specific Performance : Where money would not be made an adequate remedy i. A court order, under contempt of court K must be carried out as stated 1. If the K is not carried out jail time ii. Used in exceptional cases b. Expectation Damages : As if the K had been carried out i. DAMAGES = ii. GAINS PREVENTED – (minus) 1. Gaines prevented: market value of what promised to do 2. When gains prevented becomes speculative expectation damages is not an effective remedy iii. COSTS AVOIDED 1. Costs avoided: what the Π would have paid if the K was carried out c. Reliance Damages: put the Π in his previous position i. Out of pocket remedy ii. Damages: reimburse Π for his act of reliance d. Restitution Damages reimburse Π for money that went into s Pockets i. Unjust Enrichment remedy ii. Most limited remedy of the 3 e. Nominal Damages declaration of Π s rights i. Π proves breach of K but fails to prove damages f. In order of importance for the Π i. Expectation ii. Reliance iii. Restitution Last printed 12/7/2003 09:22:00 PM 1
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Corey Acri Contracts I Fall 2003 Professor Gegan 3. ENFORCEABILITY – ways the K can be enforceable a. CONSIDERATION i. The price the promisee pays for the promise ii. Bargained for Exchange where each party receives something that is either 1. a benefit to it OR 2. a detriment to the other party iii. Restatement § 71 (what constitutes consideration) 1. Performance OR a. Performance i. An act other than a promise, OR ii. A forbearance, OR iii. Creation, Modification or destruction of a legal relation 2. Return promise AND 3. Bargained for a. Sought by the promisor in return for his promise AND b. Given by the promisee in exchange for that promise iv. MY TEST in order for this to be good consideration there must be a: 1. Bargained for Exchange AND a. Must be bargained for i. Old lady Lucy retirement case, her retirement was not bargained for, she was free to come and go as she pleased 2. Detriment to the promisee OR a. Return promise b. Performance c. Forbearance d. Loss 3. Benefit to the promisor AND a. Receipt of return promise b. Receipt of some right c. Receipt of some interest 4. Promise must induce the detriment OR a. Sought by the promisor in exchange for his promise b. The promisor’s motive in making the promise must be that he wishes to exchange his promise for the promisee’s detriment 5. Detriment must induce the promise a. Given by the promisee in exchange for his promise b. Promisee must suffer his detriment because of the promise v. Lacking Consideration (look at it in conjunction with following section) 1. The promisor DID NOT seek to induce the action taken by the promisee because: a. The promisee had already taken the action at the time the promise was
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Contracts 1 - Corey Acri Contracts I Professor Gegan Fall...

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