contracts_outline - Appendix of Decision Trees pg 45...

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Appendix of Decision Trees – pg. 45 Contracts CHAPTER 1 INTRODUCTION TO CONTRACT LAW PERSPECTIVES OF CONTRACT THEORY WILLISTONIAN- Formalist, universal rules, 4 corners- Original Restatement SOCIAL JURISPRUDENCE- Evaluate on basis of social interests- reject Willistonian Formalism LEGAL REALIST- Finding of facts and the application of rules affected by personalities, points of view, interests, and goals of the decision-makers CHICAGO SCHOOL- Economic Efficiency CRITICAL LEGAL SCHOLARS- Look at what it does for the whole, what is the significance, its future impact Is there a Contract? - Every contract requires: o Promise o o Consideration Promise §2. Promise; Promisor; Promisee; Beneficiary (1) A promise is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made. (2) The person manifesting the intention is the promisor. (3) The person to whom the manifestation is addressed is the promisee. (4) Where performance will benefit a person other than the promisee, that person is a beneficiary. §3. How a Promise May Be Made A promise may be stated in words either oral or written, or may be inferred wholly or partly from conduct. - Manifestation of intent to be bound to do or not do something o Assurance that a thing will or will not be done o Stated in words either oral or written, or may be inferred wholly or partly from conduct - A promise is legally enforceable where it: o Was made as part of a bargain for valid consideration; o Reasonably induced the promisee to rely on the promise to his detriment; or 1 Aparna Anantharaman
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o Is deemed enforceable by a statute despite the lack of consideration. - A promise may be express or implied: o Expressed - Stated in words either oral or written o Implied-In-Fact - Inferred wholly or partly from conduct; where person requests another to perform services the law will infer a bargain to pay. - Unenforceable Promises: o Indefinite Promise §33 - essential terms are missing or uncertain = No intent to be bound o Donative/Gratuitous Promise – promise that seeks no performance/return promise = Not a Bargain b/c they are not motivated by market interest but rather matters of the heart, law is reluctant to enforce such promise o Illusory Promises §77- promise that does not impose any obligation on Promisor = Not a Bargain Offer and Acceptance – See [Chapter 3] Consideration - See [Chapter 2] What is a Contract? A contract is formed in any transaction in which one or both parties make a legally enforceable promise . §1. Contract Defined A contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. Types of Contracts
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contracts_outline - Appendix of Decision Trees pg 45...

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