LSTD Ch 9. Contract Formation

Set of promises

breach

Remedy

Performance

Duty

Objetive theory of Contracts

Intent

Important

What party said

how did they manifest

Circumstances

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

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

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

Require writing

Interests in land

Cannot be formed within a year

Promises to answer a debt of another

Marriage

Goods 500

Agreement

Offer

Acceptance

Consideration

Supported with something of value

Contractual Capacity

Capables

Legality

Defenses

Genuineness of assent

No duress or fraud

Form

Written

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

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

Minor

Voidable contracts

Intoxication

Involuntary

Invalid

Voluntary

Prove

Mental Incompetence

Contracts are void

Guardian only

Transfer rights

Assignments

Transfer obligations

Delegations

Benefits a third party