LANGDELL CLASS NOTES
CONTRACTS OUT LINE:
1. Offer
2. Acceptance
3. Consideration
4. Promissory Estopple
5. Defenses
(FISI MUDD)
F ¨Fraud/ Misrepresentation
I ¨Illegality
S ¨Statute of Frauds
I ¨Incapacity
M¨Mistake
U ¨Unconsionability
D ¨Duress
U ¨Unjust Enrichment
6. Damages
(Rick’s ExecutedRobbersIn Denver)
Page 44
R ¨Reliance – a sum of money to place the non-breaching party, back in the position he was before the promise was made: TWO types
1. Out of Pocket Costs
2. Opportunity Cost
E ¨Expectation – a sum of money to place the non-breaching party in the position he would have been if the promise had been enforced
R ¨Restitution – an order that the promisor account for a benefit that has been conferred by the injured party. Normally the Restitution remedy will have reliance damages.
I ¨Injunction – Courts order for the party to do or not do something
D ¨Declaratory Relief – A courts statements of a parties legal rights
7. Other Terms:
(Men Wear Anne/Sumner’s Wardrobe In Every Chance Possible At/ Will)
M ¨ Modification
W¨ Waiver
A/S¨ Accord and Satisfaction
W¨ Warranties
I ¨ Implied Promises
E ¨ Employment Contracts
C ¨Campaign Promises
P ¨ Plea Agreements
A/W¨ At-Will- Employment
I. Consensual Contract
In order for a contract to be binding there must be; 1. competent parties, 2. legal subject matter, 3. consideration, 4. mutual assent, 5. certainty, 6. proper form (when applicable)
a. Competent Parties
b. Legal Subject Matter
c. Consideration
d. Mutual Assent
e. Certainty
f. Proper Form
II. Justifiable reliance
III. Unjust Enrichment
**Reasons Consideration Required**
1. Provides a reason for promising
2. Makes Sense to a Jury -Evidence
3. Causes Deliberation
CONSIDERATION
A. What is Consideration?
past consideration is not consideration because one does not make an exchange for something that has already occurred.
3. Pre-Existing Duty – (Borrelli/ Wifes Duties) A party who does or promises to do only what the party is legally bound to do not suffering a detriment, so there is no consideration.
MORAL OBLIGATION
Resettlement Statements of Contracts (SERVICES)
In general promises grounded in moral obligation are not enforceable UNLESS the promisor has acted in Recognition of the receipt of some prior benefit from the promisee =consideration
EXCEPTIONS (Subsequent promises/ Material Benefit)
1. Minors – (Edmonds 19/Odem girl) Contract made by minor is valid unless ratified – -minors have to pay for NECESSARIES
