2007.12.09 Outline - 1) Basic Issues a) Was there a...

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1) Basic Issues a) Was there a contract (K)? i.e. Was the promise enforceable? Does the plaintiff have any rights against the defendant at all? That is the doctorate of consideration. i) Consideration? ii) Offer and Acceptance? b) If there was an enforceable promise, was there a breach of the contract? c) If there was a contract, and it was breached, what are the disappointed party’s remedies? d) What is the general rule in this situation? It is a starting point. i) Don't just start with the general rule. Are there circumstances that lead to ask other questions. A contract is just an agreement that is legally enforceable. 2) Types of Contracts a) Definition—A promise or set of promises that the law will enforce or at least recognize in some way. P. 1 i) Assumptions (1) The law is concerned with relief of promisees to redress breach and not with punishment of promisors to compel performance (2) Relief grant to the aggrieved promisee should generally protect the promisee’s expectation by attempting to put the promisee in the position in which it would have been had the promise been performed. P. 2 (3) Appropriate relief is substitutional., in the form of a judgment awarding money damages to be paid to the aggrieved promisee, rather than specific in the form of a court order directing the promisor to perform its promise. (p. 17) b) Bilateral--More common kind of contract--two-way promise. i) The contract is formed up-front when the promises are exchanged. ii) Both parties expect the other to fulfill their promise. iii) If either party breaks the contract, it will give the injured party the right to seek remedies, usually damages. iv) Reliance (1) Offer--may be protected after the offer according to 2nd R § 87 (2 ) (a) An Offer which the offeror should reasonably expect to induce action or forbearance of a substantial character on the part of the offeree before acceptance and which does induce such action or forbearance is binding as an option contract to the extent necessary to avoid injustice. (2) Acceptance--IS protected after the acceptance. (3) Almost never makes the offer irrevocable. Only in extreme circumstances where offeror can expect the offeree will rely on offer in definite/substantial way before accepting offer, result = option contract. c) Unilateral--Less common--One way promise. i) The contract is formed at the commencement of performance. ii) Someone gives a promise in exchange for performance and performance ONLY iii) Reliance (1) Offer--In a unilateral contract, an offer can be accepted in any reasonable way, even commencing performance. (2) Acceptance--The offeror is only looking for the other party to perform. Unlike in a bilateral contract, the contract is formed only after the promisee performs. It's only at the end that the promisee has given the promisor what the promisor was seeking. (a)
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This note was uploaded on 08/28/2008 for the course LAW 421 taught by Professor Sokolow during the Spring '07 term at University of Texas at Austin.

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2007.12.09 Outline - 1) Basic Issues a) Was there a...

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