September 8th Briefs and Notes - September 8 2008 Chapter 1...

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September 8, 2008 Chapter 1 Intent to Contract: Offer and Acceptance Abbreviations: Contract = K Offeror = O/R Offeree = O/EE Caveat emptor- buyer beware Began protecting the consumer, we should do what’s fair. Law of Contracts : if x makes a promise to y when to what extend and under what circumstances will the law compel x to perform that promise or pay damages for not doing so. When you have a contract and it is not fulfilled, there are two remedies, make the person do it and pay damages (will look at how to calculate damages). Promises which the law enforces are called contracts. Not all promises are enforced so not all promises are contracts. Two kinds of contracts: o Formal Contracts- are enforceable because particular formalities are present Contracts Under Seal - put the mark on the document (abolished in US) The Recognizance - promises made in court, swore you would do something in court Negotiable Instrument - there are particular things you have to have to have this type of contract o Informal Contracts or Express Contracts - enforceable because particular requirements and elements are present and can be proved. Parties expect to be held to their promises. Mutual Assent - the offeror and offeree agree on what is being bought and sold, involves offer and acceptance. “Consideration”- three things to make offer and acceptance valid: Consideration, Promise Estoppel, Moral Obligation. If you have an offer and acceptance, and you have one of the three things above, you have Mutual Assent. Legal Capacity - Contracts II Nothing voids the Contract - ex. Impossibility, Duress Express Contract (Informal)- parties express their mutual assent through: o Verbally (using words, oral or written) o Conduct (implied in fact contract) o Words and Conduct 1. Introduction: The Principle of Mutual Assent Showing a mutual assent is necessary for an enforceable contract. In determining mutual assent, courts usually ask whether there has been an offer to contract and an acceptance of that offer. Problem 1: I am considering selling you my car for $1,200- this is not an offer b/c there is no commitment to contract (considering) I will sell you my car for $1,200- Yes, definite (car, $1200), commitment (will sell), communicated (said it) Would it be a good deal if I sold you my car for $1200- No, b/c commitment (would it, if)
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You would consider paying $1200 for my car would you?- could be arguable. Lucy v. Zehmer Supreme Court of Virginia (1954) Law : The law imputes to a person an intention corresponding to the reasonable meaning of his words and acts. If his words and acts judged by a reasonable standard (objective testing), manifest an intention to agree, it is immaterial what may be the real but unexpressed state of mind. Express Contract (Informal)- parties express their mutual assent through: o Verbally (using words, oral or written) o Conduct (implied in fact contract) o Words and Conduct Facts : Lucy wanted to by Z’s farm. One night L approached Z and said “I bet you won’t take $50,000 for that place”. Z said something along the lines of “You haven’t got $50,000”. L said he
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