contracts001

contracts001 - Introduction I II III IV V Contract and...

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Introduction I. Contract and related obligation a. Major social resources that facilitate agreements and their performance b. Lawyer is the architect and the builder of human relationships i. He brings into existence a government for the regulation of the parties' own relation II. General theories of obligation b. Obligation arising from an agreement with consideration b. Obligation arising from justified reliance on a promise - promissory estoppel c. Obligation arising from unjust enrichment d. Obligation arising from promises for benefit received e. Obligation arising from tort f. Obligation arising solely from "form" g. Obligation arising from a statutory warranty III. General theories of remedies c. Lost expectancy damages designed to put PL in the monetary position he or she would have been in if the agreement or promise had been performed b. Reliance damages designed to put the PL in the monetary position he or she would have been in if the agreement or promise had not been made c. Sum equivalent to the value of any benefit the PL conferred upon the DEF, restoring this value to the PL IV. White v. Benkowski d. Punitive damages are not applicable in breach of contract cases b. Historically and authoritatively, breach of contracts cannot result in punitive damages being awarded, even if the breach is willful. V. Sullivan v. O'Connor e. Contract-no contract dichotomy b. There exists agreements between two parties with consideration that do not justify full lost expectancy damages being awarded, especially in non- commercial cases; something between a contract and not a contract i. e.g. patient-physician agreements - optimistic statements of opinion by doctors can be interpreted as promises by patients 1. The patient may not even have received a firm promise. If actions for breach of promise continue to be maintained, doctors will be scared and practice "defense medicine." Then again, if allow no action to be taken, then doctors would be free to make promises to entice more customers. General Theories of Obligation Theories of obligation and their relevance to the lawyer's role Creates a source of legal duties and makes remedies available in the event of a breach
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o Normative significance Provides Justifying reasons to perform the required actions Provides claims of right in the event of a dispute Grounds for criticizing what was done by the parties Standard for evaluating a court's decision and justification Agreement with Consideration Leading theory of obligation in contractual and related affairs I. Theory of consideration a. Restatement of Contracts i. Consideration for a promise is [(a) an act other than a promise, (b) a forbearance, (c) the creation, modification or destruction of a legal relation, or (d) a return promise], bargained for and given in exchange for the promise. ii.
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contracts001 - Introduction I II III IV V Contract and...

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