Adhesion contracts

Adhesion contracts - Adhesion contracts- part of procedural

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Adhesion contracts - part of procedural unconscionability, extremely hard to separate/ come away from. contract drafted by the dominant party and presented to another on a “take it or leave it” basis Bi-Lateral - a promise exchanged for a promise Bi-Lateral mistake of fact (mutual)- both of the parties are mistaken as to some material of fact within a contractual offer. Can be cancelled by either party Contracts - legally binding agreement between 2 or more parties who agree to perform or refrain from performing an act now or in the future Compensatory damages- damages compensating the non breaching party for the loss of the bargain. Compensate the injured party only for damages actually sustained and proved to have arisen directly from the loss of the bargain caused by the breach of contract. Replace what is lost because of the wrongs or damages. Measure is the difference between the value of the breaching party’s promised performance under the contract and the value of his/her actual performance Complete performance - performance exactly as agreed- to get it, it must be specified in the contract what performance is to be done, all perfect Consequential damages- foreseeable damages that result from a party’s breach of contract. Cause by special circumstances beyond the contract. (Seller fails to deliver goods, buyer plans to resell goods, consequential damages would be awarded for a loss of profit of planned resale) Contract performance : Executed contract- has been fully performed by both parties…Executory- not been fully performed by both parties Contracts contrary to statutes or public policy- not legal Counter offer- the offeree rejects original offer and makes a new offer Damages- compensatory out of pocket, measured by lost $ from contract. .Consequential- flow naturally from breach of contract…nominal- in name, usually $1 just stating one party prevailed so they can sue for lawyer fees….liquidated- written into contract, “if breached this is what you must pay” (when actual damages are hard to figure out, has to be a reasonable estimate and NOT penalty)- NO punitive damages in contracts Death - If offer is irrevocable; the death of offeror/offeree does not terminate the offer Destruction of subject matter- offer is automatically terminated if specific subject matter is destroyed before the offer is accepted Duress- defined as forcing a party into a contract under fear of threat. (Violence, economic pressure) Party being forced into it can rescind the contract. The threatened act must be wrongful or illegal. Elements of a Contract- 1. Agreement 2.Consideration 3.contractual capacity 4.legality Enforceable contract - a valid contract that can be enforced because there are legal defenses against it Exculpatory clauses- clauses that release a party from liability in the event of monetary or physical injury, no matter who is at fault Express contracts - formed by words, oral/written/combo Fraudulent Misrepresentation- when an innocent party is fraudulently induced to enter into a contract, the contract normally can be avoided b/c that party has not voluntarily consented to its terms. There are 3 elements (1. A misrepresentation of a material fact must occur 2. Must have
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Adhesion contracts - Adhesion contracts- part of procedural

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