ISSUES that will/ will not/ or might be on exam
Payment in full checks procedure per UCC 3-311
Minors incapacity issues DEFINITELY ON EXAM
2-201 (2) statute of frauds NOT ON EXAM
2-328 auction rules
overtaking exceptions to mailbox rule: restatement 40 NOT ON EXAM
Restatement §69- acceptance by silence
Contracts I Outline
I. Introduction to Course
Contract- a promise or set of promises for the breach of which the law gives a remedy.
“quid pro quo” The promise must include an exchange or performance
Promise- an undertaking that something shall or shall not happen in the future
The promisee must understand a commitment has been made
Immutable rules- Rules that cannot be changed governing contracts (court decisions)
The restatement will be used as the common law rule
The UNIFORM COMMERCIAL CODE is binding law relating to the sale of goods.
RULE: The UCC refuses to refuses to enforce contracts that omit the quantity to be sold = default quantity of zero!
The Ucc and Restatement will differ
Sullivan v, O’connor- (focus on damages and type of recovery) Doctor = plastic surgery Promise was to make her beautiful but he disfigured her. REMEDIES:
RULE: Expectation interest/ Expectancy (better place)- put the him in a place as if the contract had been performed. move the vic to a better place. Vic will gain wealth. The difference between old nose and dream nose
i. = actual the contract would have had at time performed (not hopes)
ii. EX: Lost profits
iii. Cant give expectation for doctor because medicine not an exact science and doctors cant promise success
iv. Here you wouldn’t get anything back that was part of the contract (such as first two operation costs) you would only get the value of what you expected to have at the conclusion of the contract.
RULE: Reliance Interest (directly as was before promise)- puts him in good a place he would have been had the contract not been made plus loss due to reliance
i. Example: pain and suffering
ii. You would get the $ back from first two ops because you relied on the promise of a good nose
a. The promisor must be trying to get something out of the arrangement.
b. There must be a condition of the bargain; No condition then no consideration
Hypo: Father and daughter estranged and father wants to meet. His says: If you come to lunch then I will give you a ring.
Good because the condition = she come to lunch and father had reason (was induced to make the promise to repair the relationship)
Hypo: peace of mind of the promisor is good enough
Hypo: Can a brothers mere desire for contact with his nephews be necessary consid.? The court must find a bona fide benefit.
Hypo: Rich man tells man to follow his directions to store and get himself an outfit on his account, but changes his mind before bum arrives at store. Not enforceable b/c rich man gets no benefit.
A. Bargain for Exchange
The performance must be
1. Sought by the promisor, and
Given by the pro