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Contracts Outline Questions And Answers Latest Updated
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Contracts Outline Questions And Answers Latest Updated
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Contracts Outline Questions And AnswersLatest Updated
Promissory Estoppel (Substitute for Consideration) ANS✔✔ R90, promisor is "stopped" from claiming
the absence of consideration
Promise made by the promisor reasonably induces action or forbearance on the part of the promisee
Definition of a Contract ANS✔✔ Contracts are enforceable promises that carry out the intention of the
parties
A contract requires ANS✔✔ Offer, Acceptance, and Consideration
Purpose of contract law ANS✔✔ people have the legal power to make and receive enforceable promises
while understand the consequences of that power
Autonomy ANS✔✔ The law allows us to make and receive enforceable promises
Principles of contract law ANS✔✔ Autonomy, Security, Justification
Security ANS✔✔ If some makes a promise to you, you should be able to rely on that promise
Justification ANS✔✔ some justification is required for deciding for promises that are enforceable and for
those that are not
Three Interests of Contract Law ANS✔✔ Expectation Damages, Reliance Damages, Restitution Damages
2024
,Expectation Damages ANS✔✔ Parties anticipate that the contract will come to fruition. General Rule:
you are entitled to damages that will make you as well of as if the other side did not breach the contract
Reliance Damages ANS✔✔ A party is entitled to reimbursement on the reliance of a contract that the
other party breached.
Restitution Damages ANS✔✔ Benefits that one party may receive at the expense of another (i.e.
restoring to a party what they paid to the other party)
Common Law ANS✔✔ Service Contracts, Real Estate Contracts
UCC ANS✔✔ Sales of Goods
Express Contract ANS✔✔ Contract that is formed by oral or written language.
Implied Contract ANS✔✔ A contract that is formed based on the actions of the parties
Predominant Rule ANS✔✔ Look to the most important part of the deal to determine which law applies.
Exception: if a contract divided payments between goods and services, then apply the UCC for the goods
part and common law for the rest
Unilateral Contract ANS✔✔ contract that involves an exchange of the offeror's promise for the offeree's
act (offeree can only accept by performance)
Bilateral contract ANS✔✔ Contract in which both sides make promises. Generally preferred because it
"immediately and fully protects both parties."
Promise ANS✔✔ Manifestation of intention to act or refrain from acting in a specific way, so made as to
justify a promise in understanding that a commitment has been made
2024
, Promisor ANS✔✔ person manifesting the intention
Promisee ANS✔✔ person whom the manifestation is addressed to
Hawkins v. Mcgee ANS✔✔ Hawkins v. Mcgee: the hairy hand case (operation goes horribly wrong)
Issue: was Dr. Mcgee's promise that Hawkins would have a perfect hand enforceable?
Rule: R2: a promise is a manifestation of intention to act or refrain from acting in a specified way, so
made as to justify a promise in understanding that a commitment has been made
Holding: where a promise by a promisor includes expectation and reliance by the promisee, the
promisor has a contractual duty to perform and the promisee has a contractual right to benefit.
Contract law based on ANS✔✔ meeting of the minds where the assent is objective
Parties should have ANS✔✔ A common understanding of the language when entering into a contract to
avoid lack of mutual assent
Meaning of words: ANS✔✔ Unless intended differently, language is interpreted based on the general
meaning
Lucy v. Zehmer ANS✔✔ Lucy v. Zehmer: dispute between two people about one guy's joke to sell a farm
is relevant to formation of a contract is the intention manifested by him rather than any different
undisclosed information. However, R201 discussed when parties attach different meanings to a promise
or agreement
Oswald v. Allen ANS✔✔ Oswald v. Allen: coin collection contract gone wrong- meaning of coins was
ambiguous
2024
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