A REALLY GOOD MORRIS OUTLINE

A REALLY GOOD MORRIS OUTLINE - Outline I. Role of contracts...

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Unformatted text preview: Outline I. Role of contracts A. Restatement 17, 71, 75, 79 1. 17: Requirement of a bargain a. Except as stated in subsection 2, the formation of a contract requires a bargain in which there is a manifestation of mutual assent to the exchange and a consideration b. Whether or not there is a bargain a contract may be formed under special rules applicable to formal contracts or under the rules stated in 82-94 2. 71: Requirement of exchange; types of exchange a. To constitute consideration, a performance or a return promise must be bargained for b. A performance or return promise is bargained for if it is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise c. The performance may consist of a) an act other than a promise or b) a forbearance or c) the creation, modification, or destruction of a legal relation d. The performance or return promise may be given to the promisor or to some other person. It may be given by the promise or by some other person. 3. 75: Exchange of promise for promise 1 a. Except as stated in 76 and 77, a promise which is bargained for is consideration if, but only if, the promised performance would be consideration 4. 79: Adequacy of consideration; mutuality of obligation a. If the requirement is met, there is no additional requirement of a) a gain, advantage, or benefit to the promisor or a loss, disadvantage, or detriment to the promisee, or b) the equivalence in the values exchanged or c) mutuality of obligation B. UCC is: 1. A uniform statute 2. Purpose is in the area of commercial law 3. Provides consistency across state lines 4. Has been adopted by every state 5. Louisiana has not adopted section 2 and 2A 6. Will be innovative in many areas because its authors also made the second restatement C. Law of contracts 1. Law of enforcing consensual promises 2. Promisor commits to a course of action 3. For a promise to become a contract there must be a promise (+) something a. Promise + detrimental reliance b. Promise + mutual consideration 2 c. Promise + obligation (or moral obligation) 4. Which promises do we enforce? a. Promise must be supported by consideration 1. Consideration means bargained for 2. Promise was bargained for an exchange 3. Quib pro quo: this for that 4. Gift promises are not enforced 5. Bargained for promises are enforced 5. Definitions a. Bilateral contract promise for a promise b. Unilateral contract promise for a performance c. Wholly executory hasnt yet been performed d. Fully executed both parties performed e. Stare decisis trial court is bound by appellate court...
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A REALLY GOOD MORRIS OUTLINE - Outline I. Role of contracts...

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