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South Texas College of Law Houston
Ricks, Val D.

1.      Offer
2.      Acceptance
3.      Consideration
4.      Promissory Estopple
5.      Defenses
F ¨Fraud/ Misrepresentation
I ¨Illegality
            S ¨Statute of Frauds
            I ¨Incapacity
            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
A.     What is Consideration?
 A Bargain-for-benefit,
1.      BENEFIT to the Promisor, OR
2.      DETRIMENT to the Promisee, OR
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)
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.
1.      Love and Affection –(Vi

or benefit
is an equitable doctrine that a person shall not be allowed to profit or enrich himself inequitably at another expense
*Makes Minor, Insane People or Items that are PAID BY MISTAKE liable for the benefit received
*********Exception The Officious Intermeddler.

A.     Modification of Judgments – (Foakes v. Beer/ judgement debt)modification usually not enforced unless there is consideration
B.     Modification of Contract:
1.      “Pre-Existing Duty Rule” – (Alaska Packers/ Angel –city trash) No consideration in Modifying a Contract when one party refuses to perform, and coerces the other party to pay more.
·        Can’t be
·        Fraud Duress or
·        Coercion
2.      Mutual Recession – BOTH parties agree to form a new Contract
3.      Modification 89D(a) (Angel v. Murray enforced it)
1)      Parties Voluntarily agree
2)      The promise modifying the original contract was made before either party has fully preformed (in the executory portion)
3)      Circumstances which prompted modification were unanticipated
4)      The modification was fair and equitable
4.      GOODS: UCC §2-209
=Good Faith for Merchants 1-203
Observance of reasonable commerci