pre final ch 11-15.docx - accord and satisfaction Accord is an agreement in which a promisee who has existing claim agrees with promisor that s\/he will

pre final ch 11-15.docx - accord and satisfaction Accord is...

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accord and satisfaction - Accord is an agreement in which a promisee who has existing claim agrees with promisor that s/he will accept some performance different from that originally agreed on. When promisor performs the accord, that is called a satisfactionadhesion contracts - "take it or leave it"advertisements - not considered offers, but are invitations to offer or negotiateambiguous offer - offeree may accept by promise or performanceambiguous terms - court will attempt to interpret ambiguous contract terms in a reasonable , lawful, effective mannerwritten or typewritten given greater weight than preprintedspecific wording given greater weight than general languageassent - each party must make a promise, begin to perform, or to perform an act or an act of forbearanceassignment of rights - A contracting party may transfer his rights under the contract, which is called an assignment of rightsassignment rules - Any contractual right may be assigned unless assignment:(a) would substantially change the obligor's rights or duties under the contract; or(b) is forbidden by law or public policy; or(c) is validly precluded by the contract itselfbailment cases - Bailment means giving possession and control of personal property to another personbilateral contract - promise for a promisebilateral mistake - A bilateral mistake occurs when both parties negotiate based on the same factual error - voidable if the contract is based on important factual errorbreach of contract - If a promisor fails to perform, breach occursAt minimum, breach of contract gives the non-breaching party the right to sue and recover for damages caused by the breachFor a material (serious) breach, further legal remedies are availablecapacity - the legal ability to enter into a contractvoidable contract may be canceled by the party who lacks capacity
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in some cases, lack of capacity can create a void contractclick-on agreements - binding contract formed by clicking on a box indicating "I accept" or "I agree"collateral promise - When one person agrees to pay the debt of another as a favor to that debtormade out of self-interest --> statute of frauds does not applycommercial impracticability - Commercial Impracticability Some event has occurred that neither party anticipated, making the contract extra-ordinarily difficult and unfair to one partycommon law - a source of contract law for all contracts except sales and leasescompensatory damages - -Compensatory damages are the most common monetary awards.They generally flow directly from the contract, such as an order to pay what was promised or to pay for expenses caused by the breach.-The injured party must prove the breach caused damages that can be quantified with reasonable certaintyCompensatory Damages—direct losses - Sale of Goods: difference between contract and market price.
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  • Fall '18
  • B., c.

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