LSTD Ch 9. Contract Formation
Def
Set of promises
breach
Remedy
Performance
Duty
Objetive theory of Contracts
Intent
Important
What party said
how did they manifest
Circumstances
Types of Contracts
Bilateral vs Unilateral
Bilateral
Promise for a promise
Unilateral
Promise for an act
Formal vs Informal
Express vs Implied in fact
Express
Stated
Implied
Conduct
Requirements
Plaintiff some service
Expected payment, Know SHK defendant
Defendant could drop the services
Performance
Executed
Executory
Enforceability
Voidable contracts
minors
Unenforceable
written and not done
Void
Not a contract
Legality
Contrary to statutes
Crime
Usury
Up to the limit allowed
Gambling
Licenses
Protect profesionals
Contrary to public policy
Convenants not to compete
Sale of ongoing business
Employment Contracts
Dont go to another co
Unconscionable Contracts or Clauses
Procedural Unconscionability
Difficult understanding
Inconspicuous print
No opportunity to negotiate
Adhesion contracts
Substantive Unconscionability
Shock the conscience of the court
Exculpatory clauses
Liability intentional misconduct
Voluntary Consent
Mistakes
Mistakes of fact
bilateral
Material fact
Meaning of words
Unilateral
Mistake of one
Mistakes of value
No mistake, no power to void
Fraudulent Misrepresentation
Defense
Innoncent misrepresentation
Negligent misrepresentation
Undue Influence
Cannot act according to their will
Pressure from other
Duress
The statute of frauds
Require writing
Interests in land
Cannot be formed within a year
Promises to answer a debt of another
Marriage
Goods 500
Elements
Agreement
Offer
Acceptance
Consideration
Supported with something of value
Contractual Capacity
Capables
Legality
Defenses
Genuineness of assent
No duress or fraud
Form
Written
Agreement
Parties
Offeror
Offeree
Offer
Promise to do
Serious intention
No anger
No opinions
No future intent
No invitations to submit bids
Terms are definite
Identification of the parties
Subject Matter
Consideration to be paid
Timing
Communicated to the offeree
Termination
Revocation
Offeror revokes offer
Option contracts
No revoke
Money for revoke
Detrimental reliance
Promissory estoppel
Terminated
Offeree terminates the offer
Counteroffer
Operation of law
Lapse of time
Destr. Subj matter
Death or incompetence
SuperveningIllegality
Acceptance
Unequivocal
Mode and Timeliness of Acceptance
Mailbox rule
Accepted when send
Consideration
Legally suficient value
Promise to something
Action
Action that has to take
bargained for exchange
Exchange of promises
Adequacy of Consideration
Drunk sells for much less
Duress
Lack of Consideration
Preexisting Duty
Sheriff
Unforseen Difficulties
Past Considerations
Capacity
Minor
Voidable contracts
Intoxication
Involuntary
Invalid
Voluntary
Prove
Mental Incompetence
Contracts are void
Guardian only
Third Party rights
Transfer rights
Assignments
Transfer obligations
Delegations
Benefits a third party