Contracts_Outline - Contracts Outline Robert Gravois...

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Contracts Outline Robert Gravois CONTRACTS OUTLINE PROFESSOR HARRISON FALL 2008 TABLE OF CONTENTS CONSIDERATION § 71: Requirement of Exchange; Types of Exchange The consideration must be a promise or performance that is bargained for. The performance may consist of a. An act b. A forbearance c. The creation, modification, or destruction of a legal relation The performance or promise may be given to the promissor or some other person. Comment B: The law is concerned with the parties’ external manifestations rather than their undisclosed intentions. The consideration does not have to be mutual to the benefit received, but the consideration cannot be illusory. Consideration does not have to benefit the other party. Forbearance to sue is sufficient consideration if the party had an honest intention to pursue litigation which is not frivolous. A promise based on past services is not consideration. Non-compete covenants are binding on the employee who remains in employment for a substantial amount of time and who received additional benefits. (CAB v. Ingram) A promise to act in good faith can be consideration. (Mattei v. Hopper) Requirements contracts are enforceable because the consideration is the fact that the buyer gives up their right to buy from others and the buyer acts in good faith. (Eastern Air Lines v. Gulf Oil Co.) Output contracts are enforceable because the consideration is the fact that the seller gives up their right to sell from others and the seller acts in good faith. Exclusive dealing arrangements impose the seller to use his best effort to sell/market the goods. (Wood v. Lucy) 1
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Contracts Outline Robert Gravois RELIANCE § 90: Promise Reasonably Inducing Action or Forbearance A promise which the promisor should reasonably expect to induce action and does induce that action is binding if injustice can be avoided only by enforcement of the promise. UNJUST ENRICHMENT § 86: Promise for Benefit Received A promise based on benefits previously received is binding to the extent necessary to prevent injustice. The act of saving a party from death or serious harm is sufficient consideration to support a subsequently induced promise. (Webb v. McGowin) OFFER § 24: Offer Defined An offer is the manifestation of willingness to enter into a bargain so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it. An advertisement that leaves nothing open to negotiate creates a binding contract upon acceptance by the purchaser. (Lefkowitz .v Great Minneapolis Surplus Store) The law is concerned with the external manifestations of the parties, and not their internal intents. The offeror determines the method of acceptance. § 30: Form of Acceptance Invited Unless otherwise indicated by the language or circumstances, an offer invites acceptance in any manner and by any medium reasonable in the circumstances.
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