Contracts Outline

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?
 
 A Bargain-for-benefit,
1.      BENEFIT to the Promisor, OR
2.      DETRIMENT to the Promisee, OR
3.      MUTUAL PROMISE
 
B.     What does Bargained-For Mean?
 
*That the consideration induces the promise, and that the promise induced the consideration. (Basically each is the Motive for the other)
 
TEST
 
1.      Define Consideration – Basically get the Rule
2.      Define Bargained-For – Basically get the Rule
3.      What induced the Promise? – What made the parties make a promise, what were they thinking, use the facts to do both parties
4.      Was there a Benefit to the Promisor?
5.      Was there a Detriment to the Promisee?
6.      Was there a Mutual Promise – Promise for a Promise?
7.      If there was no Consideration (Think PROMISSORY ESTOPPLE) (PE is a substitute when there is no consideration)
8.      If there is in fact a Contract – then think of any defense to make the contract go away.
 
MORE CONSIDERATION
 
1.      Love and Affection –(Vi