Contracts Outline Emanuel

Contracts Outline Emanuel - Contracts Outlines Chapter 1...

Info icon This preview shows pages 1–3. Sign up to view the full content.

Contracts Outlines Chapter 1 INTRODUCTION I. MEANING OF "CONTRACT" A. Definition: A "contract" is an agreement that the law will enforce. R2K §1 : “a promise or 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.” 1. Written v. oral contracts: Although the word "contract" often refers to a written document, a writing is not always necessary to create a contract. An agreement may be binding on both parties even though it is oral. Some contracts, however, must be in writing under the Statute of Frauds. II. SOURCES OF CONTRACT LAW A. The UCC: Contract law is essentially common law, i.e. judge-made, not statutory. However, in every state but Louisiana, sales of goods are governed by a statute, Article 2 of the Uniform Commercial Code. 1. Common-law: If the UCC is silent on a particular question, the common law of the state will control. See UCC § 1-103 § 1-103. Supplementary General Principles of Law Applicable. Unless displaced by the particular provisions of this Act, the principles of law & equity, including the law merchant & the law relative to capacity, principal & agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, Bankruptcy, or other validating/invalidating cause shall supp. its provisions. 1
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Chapter 2 OFFER AND ACCEPTANCE I. INTENT TO CONTRACT A. Objective theory of contracts: Contract law follows the objective theory of contracts . That is, a party’s intent is deemed to be what a reasonable person in the position of the other party would think that the first party’s objective manifestation of intent meant. For instance, in deciding whether A intended to make an offer to B , the issue is whether A ’s conduct reasonably indicated to one in B ’s position that A was making an offer. [10 - 11] Example: A says to B , "I’ll sell you my house for $1,000." If one in B ’s position would reasonably have believed that A was serious, A will be held to have made an enforceable offer, even if subjectively A was only joking. B. Legal enforceability: The parties’ intention regarding whether a contract is to be legally enforceable will normally be effective. Thus if both parties intend and desire that their "agreement" not be legally enforceable, it will not be. Conversely, if both desire that it be legally enforceable, it will be even if the parties mistakenly believe that it is not. [11 - 12] Example: Both parties would like to be bound by their oral understanding, but mistakenly believe that an oral contract cannot be enforceable. This arrangement will be enforceable, assuming that it does not fall within the Statute of Frauds. 1. Presumptions: Where the evidence is ambiguous about whether the parties intended to be bound, the court will follow these rules: (1) In a "business" context, the court will presume that the parties intended their agreement to be legally enforceable; (2) but in a social or domestic situation, the presumption will be that legal relations were not intended.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Spring '08
  • FRIER
  • Law

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern