Contracts - ISSUES that will will not or might be on exam 1...

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Unformatted text preview: ISSUES that will/ will not/ or might be on exam 1. Payment in full checks procedure per UCC 3-311 2. Minors incapacity issues DEFINITELY ON EXAM 3. 2-201 (2) statute of frauds NOT ON EXAM 4. 2-328 auction rules 5. overtaking exceptions to mailbox rule: restatement 40 NOT ON EXAM 6. Restatement §69- acceptance by silence Contracts I Outline I. Introduction to Course A. Contract- a promise or set of promises for the breach of which the law gives a remedy. a. “quid pro quo” The promise must include an exchange or performance B. Promise- an undertaking that something shall or shall not happen in the future a. The promisee must understand a commitment has been made C. Immutable rules- Rules that cannot be changed governing contracts (court decisions) D. The restatement will be used as the common law rule E. The UNIFORM COMMERCIAL CODE is binding law relating to the sale of goods. a. RULE: The UCC refuses to refuses to enforce contracts that omit the quantity to be sold = default quantity of zero! b. The Ucc and Restatement will differ F. Sullivan v, O’connor- (focus on damages and type of recovery) Doctor = plastic surgery Promise was to make her beautiful but he disfigured her. REMEDIES: a. RULE: Expectation interest/ Expectancy (better place)- put the him in a place as if the contract had been performed. move the vic to a better place. Vic will gain wealth. The difference between old nose and dream nose i. = actual the contract would have had at time performed (not hopes) ii. EX: Lost profits iii. Cant give expectation for doctor because medicine not an exact science and doctors cant promise success iv. Here you wouldn’t get anything back that was part of the contract (such as first two operation costs) you would only get the value of what you expected to have at the conclusion of the contract. b. RULE: Reliance Interest (directly as was before promise)- puts him in good a place he would have been had the contract not been made plus loss due to reliance i. Example : pain and suffering ii. You would get the $ back from first two ops because you relied on the promise of a good nose c. Restitution- restore to him any benefit he has conferred onto the other party d. YOU CAN ONLY RECOVER ONE TYPE OF INTEREST IN A SUIT! G. RULE: Comparable UCC remedy 1-106 (pg 147) a. The aggrieved party may be put in as good a position as if the other party had fully performed but no punitive, penal damages etc… H. RULE: NO punitive damages contract law = theory of efficient breach, only reliance and compensatory damages II. Consideration RULE: Restatement 71 page 55 Promise plus consideration 1. To constitute consideration a performance or a return promise must be bargained for 2. A performance of return promise if bargained for if it is sought by the promiser in exchange for his promise and is given by the promisee in exchange for that promise 3. The performance may consist of a. An act other than a promise b. A forbearance, or c. The creation, modification, or destruction of a legal relation...
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This note was uploaded on 10/28/2011 for the course BUSINESS ACCT 305 taught by Professor Poletti during the Spring '09 term at DeVry Columbus North.

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Contracts - ISSUES that will will not or might be on exam 1...

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