good content but alot of important words have been shortened into one letter for example 'K'. not sure of the point of that
Seller
Follow
vanessaulysses1
Reviews received
Content preview
Contract
Key Concepts
1. Existence/formation of a contract
2. Contents of a contract
3. Causation and remoteness
4. Vitiating elements
5. Discharge of contract and remedies
6. Unjust enrichment
key terms:
- Offeror revokes || Offeree rejects → rejection/revocation valid only on receipt
- Offeror must be made aware of acceptance to be valid
- Usually insuff C: past C, perf existing duties, partly pay debt unless there is some practical benefit received
- Good C to vary K = detriment suffered on both sides
- Exclusion clauses in: UCTA = void/valid if reasonable || CRA = prohibited/unfair unless agrees
- Void = mistake, illegality, against public policy || Voidable = duress, UI, misrepresentation, incapacity
- Rescission: misrep, duress, UI, mistake
- Frustration: valid K, then illegality, impossibility, radically different d/t supervening event beyond parties
control
- Quantum meruit - pay Rprice for services if price not agreed
- Quantum valebat - pay Rvalue of goods if price not agreed
- Assess: Damages = at time of breach || Remoteness = at time K entered
- Innominate term: did breach deprive substantially whole benefit - when did breach occur, should ct give
dmgs or terminate K
- Land sale: K for land sale must be written; conveyance of land by deed (actual transfer of land in order to
implement contract for sale)
1
,Essential Elements
Contract is written/oral agreement meant to be legally enforceable and must have:
1. Agreement
○ Offer - Rexpectations of what’s communicated; undertaking; commitment; knowledge of offer;
clearly said in certain term
○ Acceptance - any Rmanner unless stipulated in offer; accept before indirect/direct revocation;
acceptance in unilateral K is complete performance
2. Consideration - of sufficient legal value
3. Intention to be bound - presumed in commercial txns; need capacity (mental/ <18yo/ intoxication →
voidable if other party knew of incapacity)
K that must be written: [1] land [2] guarantees [3] creditor agreements (ex. pay in installments)
Unilateral K - promise to do something on performance (ex. give reward for finding dog)
Deed - way to make K w/o consideration; land conveyance must be by deed bc witness adds further certainty -
requires:
1. Witness present
2. Be clear it’s a deed: say “DELIVERED AS DEED ON X DATE”, +
3. Clearly state intention to be legally bound
Offer
Offers must:
1. Show party making it is prepared to enter K - create Rexpectation that offeror is willing to be bound by terms
of offer (ex. ‘thinking of selling’ is not suff)
2. Be sufficiently clear and certain = terms capable of enforcement with Raccuracy (ex. Small coffee vs hot drink)
3. Be communicated to offeree = show offeree has knowledge
Not Offers:
1. Responses to inquiry for more info
2. Invitations to Treat
1. Ads 4. Request for tenders
2. Price list/quote 5. Auctions
3. Shop window
Terminate Offers by way of: Offeror → Revokes || Offeree → Rejects, both effective when received
1. Revocation by offeror - BEFORE acceptance by:
a. Direct communication
b. Indirect communication: (from 3P) correct information from reliable source that offeror took Rsteps
to say not interested
c. Offeror CANNOT revoke if:
2
, ■ Valid collateral K that has agreement & C & intention to be bound (ex. deposit given to hold
offer open for 3 days - c.n revoke until 3 days up)
■ Performance began in unilateral or bilateral K - perf is acceptance
2. Rejected by offeree - expressly BEFORE acceptance
3. Counteroffer - rejection of collateral offer or counteroffer to collateral offer d.n impact original offer
4. Rtime or deadline to accept lapsed - consider perishable goods
5. Death
6. Subject matter destroyed
7. Illegality
8. Failing stipulated conditions of offer - offer states terminates if smthn happen (ex. will rent boat unless
storm)
Acceptance
Can be: [1] performance, OR [2] promise to perform
Acceptance must be communicated by words/conduct in any Rmanner by any Rmedium in circumstances &
offeror must be aware of conduct to accept. Usually, party receiving performance does something to accept the
performance (ex. take delivery of goods; allow X to mow lawn; take payment)
Unilateral K: full performance is acceptance; must provide notice that you began perf within Rtime - performing
party may stop midway and this isn't breach
Insufficient Acceptance:
- Silence UNLESS both parties agree that acceptance needn't be communicated
- Assigning power to accept unless agency rshp
- Not doing stipulated accp per offer terms UNLESS UNLESS alternative method of acceptance is just as
advantageous (ex. Fedex vs DHL)
- Trying to accept an offer you learned of after performance
Postal Rule: for letters by post only - acceptance effective at moment of posting IF:
1. Lltr properly addressed and stamped;
2. R to send by post; +
3. offer does not stipulate that acceptance isn't effective until received
*** Note: Does Not apply to email or text - this is effective when received/opened
Intention to be Legally Bound
Presumptions
Family/social ex. Saying ‘i dont intend to be bound’ d.n matter - look at reasons for not wanting it
- Rebutted where family club together to join race/competition and agree to split winnings
NO INTENTION - Rebutted where friends enter commercial txn
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller vanessaulysses1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.73. You're not tied to anything after your purchase.
