contracts 1 outline - CONTRACTS I Outline I Chapter One A...

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CONTRACTS I-- Outline I. Chapter One A. Three Principles of Contract Law 1. Bargain Principle- an agreement to exchange promises or to exchange a promise for a performance or to exchange performances . ( Kirksey – the D promise for a conditional gift did not constitute a contract, just a mere gratuity.) commonplace- “a deal is a deal.” contract- a promise or a set of promises for the breech of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. Promise- a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promise in understanding that a commitment has been made Promisor- the person manifesting the intention Promisee- the person to whom the manifestation is addressed Beneficiary- where performance will benefit a person other than the promisee. Containing at least one promise: a contract must contain at least one promi s e. A contract is thus said to be “executory” ( Ex . I give you X, you give me Y) a. Bargain and Injury Rule - damages may be awarded for consequential harmif such harm was within the contemplation of the parties and was caused “directly” by the breech or “indirectly” by the combined effect of the breech and foreseeable intervening causes. ( Vanessa Redgrave - D was held liable for breach of K and consequential damages.) Consequential damages - awarded for the loss of future professional opportunities caused by a breech of K. 2. Reliance: Trust, Responsibility, Injury Rule - (Promissory) Equitable estoppel is the voluntary conduct of a party whereby he is precluded from asserting rights which might have otherwise existed as against another person who in good faith relied upon such conduct, and has been led to change his position for the worse, who on his part acquires some corresponding right. ( Ricketts -P was intentionally influenced to alter her position for the worse on the faith of D note being paid when due. 1
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Ex. If D says “I will do X” in a situation where it is reasonable and/or foreseeable that P will rely on that statement, then P has a right to sue D & receive a remedy. gift- mere gratuity; I promise to do something--no exchange promissory estoppel- promise w/o consideration may be enforced to prevent injustice, if the promisor expected the promisee to rely on the promise to his or her detriment. 3. Restitution: Unjust Enrichment & the Duty to Right Other Wrongs ( Sceva ) – the court held that the P did not have an implied K and the services rendered were considered a gift which was accepted and appreciated by D. Gratuity is not enforceable. a. Restitution principle - one who violates a duty or commits some wrong ought to be required to repair any injury she or he has caused. b. Duty - one ought to pay for a benefit unjustly retained “what a man should do, he should be made to do” c. Officious Element (ex. Emergency room, horse scenario) ● benefit not unwanted ● no opportunity to decline the benefit ● good reason not to have expressed contract d. 3 Elements of proof required for
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This note was uploaded on 09/25/2008 for the course LAW contracts taught by Professor Baker during the Spring '02 term at Florida Coastal School of Law.

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contracts 1 outline - CONTRACTS I Outline I Chapter One A...

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