contractsI-ucc chart - CONTRACTS I: Summary of 2nd...

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CONTRACTS I: Summary of 2 nd Restatement and UCC Author: Philip Larson §1 Contract; Definition a contract is a promise that is enforceable under law §2 Promise; What is a Promise? a. Manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made b. Person manifesting the intention is the promisor c. Person to who manifestation is addressed is the promisee d. If performance benefits a person other than promisee, they are beneficiaries §4 Contract; Implied in Fact (conduct is enough) “promise may be stated in words…or may be inferred wholly or partly from conduct UCC§2- 306 Contracts; Output & Requirements a. UCC§2-306 (1) : “a term which measures the quantity by the output of the seller or the requirements of the buyer means such actual output or requirements as may occur in good faith , except that no quantity unreasonably disproportionate to any stated estimate or in the absence of a stated estimate to any normal or otherwise comparable prior output or requirements may be tendered or demanded.” b. Before the Comma: assumes open quantity term means quantity in good faith . c. After the Comma: says except that it cannot be unreasonably disproportionate to a stated estimate or a prior, normal amount. UCC§2- 309 Contracts; Termination Clauses “termination of a K by one party except on the happening of an agreed event requires reasonable notification to be received by the other party and an agreement dispensing with notification is invalid if its operation would be unconscionable.” §15 Incapacity; Mental Incapacity Ks are voidable by reason of mental illness if: i. unable to understand nature and consequences of transaction ii. unable to act in a reasonable manner regarding the transaction and other party has reason to know iii. if contract is made on fair terms w/o other parties knowledge of mental illness, voidability terminates when the contract has been so performed in whole or in part that avoidance would be unjust . §17 Bargain/Exchange; Required “Formation of a contract requires a bargain in which there is a manifestation of mutual assent to the exchange and a consideration.” §71 Bargain/Exchange; Types of Exchange “the performance may consist of (a) an act other than a promise; (b) a forbearance ; (c) the creation, modification or destruction of a legal relation. §20
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This note was uploaded on 04/05/2010 for the course LAW LAW 5200 taught by Professor Bridgeman during the Spring '10 term at Florida State College.

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contractsI-ucc chart - CONTRACTS I: Summary of 2nd...

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