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Unformatted text preview: 1) Int roduction - a) Profs Most Basic Outline: i) Is there a contract? ii) Was there breach? iii) What is the Remedy? (What can the injured party get?) (1) Most normally the remedy is money. (2) Specific Performance b) Elements of a Contract: i) An Oral or Written agreement between 2 or more parties ii) An exchange relationship iii) At least 1 promise iv) Enforceability c) Some Aspects of a Contract i) Must be voluntary consensual agreement in objective not subjective sense ii) Element of agreement distinguishes contractual obligations from all other legal obligations. iii) True voluntary agreement not required; a party may not want to enter contract, but has to for some reason; just required that a party was not improperly coerced or t ricked into contract. iv) Doesnt have be in writing unless called for by Statute of Frauds v) Oral agreements are harder to prove but are just as enforceable once proven valid d) Vocabulary i) An Exchange Relationship = reciprocal relationship where each party gives up something to get something. The something can be anything. ii) A Promise = some commitment for the future/an undertaking to act or refrain from acting in the future. A promise can be explicit or implied iii) Bilateral = both sides have outstanding promises at time of contract iv) Unilateral = one party has outstanding promises (1) Here, the act of acceptance is also the complete act of performance (2) Reverse Unilateral Contract when offerors performance is completed immediately and offeree still owes performance. v) Instantaneous Exchange = no contract unless there are explicit or implied warranties, etc. vi) A Promissory Exchange (bilateral contract) = Eddy gives Rocky boat w/promise of it being good Rocky gives Eddy a check promising that its a good check vii) Promissory Exchange by Implication (bilateral contract) = where warranty is not said explicitly but conventions of the market impose a seller obligation to warrant fitness of what is sold viii) A Promise for Performance by a unilateral contract = is like when boat sold w/no warranty but bought w/check e) Enforceability i) Contracting is like private law making w/laws made applying only to parties. State can help parties enforce these private laws after they have been voluntarily undertaken. f) Remedy i) If established that contract was entered into and breached, crt will give remedy for breach. ii) Primary remedy is not specific enforcement of promise but instead compensatory damages to disappointed party. iii) To get damages disappointed party must prove breach caused financial loss iv) If breaching party fails to pay judgment then ptf may attempt to recover debt through execution (where crt official, usually sheriff seizes breaching partys prop to be sold at auction to pay judgment v) Ptf must collect debt after crt. If breaching party has no means to satisfy judgment then debt remains g) There are many types of contracts & each type has own r ules h) Philosophical Roots...
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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.
- Spring '07