if offeree uses: same medium as offer or one faster customary medium. Limitations on these “mailbox rules” Not applicable if offeror specifies a different medium; Not applicable if offeror requires actual receipt. Not applicable if rejection is already en route PROMISSORY ESTOPPEL : when a person makes a false statement to another and the listener relies on what was told to him/her in good faith and to his/her disadvantage Elements: Promisor induces the “detrimental reliance” Promisor should foresee that reliance, and Injustice can only be avoided by enforcement of the promise. Fraud: The intentional misleading of one person by another Elements: the defendant made a Misrepresentation of Material Fact, the statement was Made with knowledge of the falsity and intent to deceive, P relies on misrepresentation, injury results Duress : wrongful act that overcomes the freewill of the consenting party Acts or threats must be wrongful, Threats induced the contractual consent Undue Influence : unfair persuasion, rather than coercion Comes from dominant psychological position or Position of Trust and Confidence 3 rd Party Beneficiary : at the time of contracting, the parties intended a 3PB to receive a benefit from the contract Creditor Beneficiary : the K was made for the express benefit of a third party, who provided consideration to one of the parties [third party can enforce] Donee Beneficiary : the promisee’s main purpose is to confer a gift on a third party Incidental Beneficiary : benefit received by third party is unintentional or secondary (3P cannot enforce) Assignments : a contracting party’s rights can be assigned and duties delegated. Illegality: Wagering Agreements: All states have statures relating to wagering agreements, or gambling contracts. Licensing Statutes: Requiring that persons who engage in certain professions, trades, or businesses be licensed. Usury These laws regulate the maximum interest rates that can be set for loans , in order to protect borrowers . Contracts Contrary to Public Policy: Exculpatory Clauses Businesses and others often try to avoid this potential liability through the use of exculpatory clauses that purport to excuse them from liability resulting from their own negligence. Unconscionable Contracts:
Unconscionable contracts are those contracts which are so unfair to a party that no reasonable or informed person would agree to it.
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- Spring '08
- Public Policy, quasi contractual recovery, definite present intent