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Contracts
St. Thomas University, Florida School of Law
Ledwon, Lenora P.

CONTRACTS I
(and Contracts II below on pg. 19)
Fall Semester 2005
Professor Ledwon

CONTRACT – An agreement or promise between two or more parties creating obligations that are enforceable or otherwise recognizable at law can be either oral or written.

Elements necessary for a K: offer, acceptance, and consideration

Most important characteristic of a K is that it is a VOLUNTARY and CONSENUAL relationship btw the parties.

CHAPTER ONE INTRODUCTION TO CONTRACT LAW

B. Three Principles of Contract Law
Bargain – the deal, an exchange (offer, acceptance, and consideration)
Reliance – promissory estoppel or equitable estoppel
Restitution – unjust enrichment

1. The Bargain Principle
a. Bargain – An agreement between parties for the exchange:
· Promise for a performance or
· Promise for a promise or
· Performance for a performance
b. Kirksey v. Kirksey (Remember to use this case for Promissory Estoppel AND Consideration issues (Defendant’s side)
· Not K no consideration; gratuitous promise
a. Consideration – have to give something ($ or a right) in exchange for a promise
· Purpose was to show that a gratuitous promise is not an enforceable K
· This ruling is good for cases between family members. (Like the Hope Calabro hypo I gave you)

2. Reliance: Trust, Responsibility, Injury (Better known as Promissory Estoppel)
a. The reliance principle in current law emphasizes promises, the belief that promises should be kept, and in a more controversial way, the question whether obligation should ever be imposed in the absence of a promise.
b. Promissory Estoppel – The principle that a promise made without consideration may nonetheless be enforced to prevent injustice if the promissor should have reasonably expected the promissee to rely on the promise and if the promissee did actually rely on the promise to his or her detriment
· Elements of Promissory Estoppel:
1. need a promise
2. expectation of reliance
3. causes detrimental reliance
4. reliance is reasonable
5. injustice

rson to the ought to be compensated for
benefit he or she expected from the that injury; corrective or
exchange; distributive claim restorative claim

3. Restitution: Unjust Enrichment and the Duty to Right Other Wrongs
a. The Restitution principle holds that one who violates a duty or commits some wrong ought to be required to repair any injury she or he has caused.
· In current law, the principle is most closely associated with (or reduced to) the idea that one ought to pay for a benefit unjustly retained.
b. Unjust enrichment- the duty to return or pay for a benefit that was unjustly retained and the law defining it.
· To determine if there has been unjust enrichment ask whether:
Π gave a benefit and ∆ retained the benefit without payment or returning benefit. (Any benefit will do)