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Fundamentals of Law

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The legal principles surrounding contracts and business law are rooted in understanding the rules, interpreting them logically, and anticipating court decisions. A contract requires a valid offer, mutual acceptance, legal capacity, and consideration, while performance can vary in quality, ranging f...

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  • January 26, 2025
  • 12
  • 2023/2024
  • Class notes
  • Joseph saad
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nelsonpaige18
‭ undamentals of Law‬
F
‭●‬ ‭Pragmatic outlook on the law from a business perspective.‬
‭○‬ ‭You have to know the rules and how to interpret them!‬
‭●‬ ‭Judges and courts have the final say when‬‭interpreting‬‭the rules.‬
‭○‬ ‭But if you can read and use logic, you can predict what they will decide.‬
‭●‬ ‭Four common logical forms‬
‭○‬ ‭Valid forms‬
‭■‬ ‭direct reasoning‬
‭■‬ ‭Contrapositive reasoning‬
‭○‬ ‭Invalid forms‬
‭■‬ ‭Fallacy of the converse‬
‭■‬ ‭Fallacy of the inverse‬
‭●‬ ‭Contracts‬
‭○‬ ‭Promise-keeping‬
‭○‬ ‭Expectation-setting‬
‭○‬ ‭Planning‬
‭●‬ ‭To create a legally enforceable contract (aka “Formation”)‬
‭○‬ ‭Valid offer with adequate consideration‬
‭■‬ ‭No ‘illusory promises’‬
‭○‬ ‭Acceptance of the offer as presented‬
‭○‬ ‭Capacity of both parties‬
‭○‬ ‭Legality of the transaction‬
‭●‬ ‭Written Requirements‬
‭○‬ ‭Only for the following: (“Statute of Frauds”)‬
‭■‬ ‭Any promises made in connection with marriage, including such gifts as‬
‭an engagement ring.‬
‭■‬ ‭Contracts that cannot be completed in less than one year.‬
‭■‬ ‭Contracts for the sale of land - leases need not be covered unless they are‬
‭for a year or more.‬
‭■‬ ‭Contracts for the sale of goods above a specific dollar amount, typically‬
‭$500.‬
‭■‬ ‭A contract in which one promises to pay the debt of another person is‬
‭considered a surety and is subject to the statute of frauds.‬
‭Two Ways to Form a Contract‬
‭●‬ ‭Unilateral contract‬
‭○‬ ‭One party promises something in exchange for a performance by the other party‬
‭●‬ ‭Bilateral contract‬
‭○‬ ‭Both parties exchange promises‬
‭Breach of Contract‬
‭●‬ ‭A contracting party fails to perform an absolute duty owed under a contract‬

, ‭●‬ ‭There are three levels of performance of a contract:‬
‭○‬ ‭Complete (or strict) performance‬
‭○‬ ‭Substantial performance‬
‭○‬ ‭Inferior performance‬
‭●‬ ‭Level of Performance‬


‭Type of Performance‬ ‭Legal Consequence‬

‭Complete Performance‬ ‭The contract is discharged.‬

‭Substantial Performance (minor breach)‬ ‭ he non-breaching party may recover‬
T
‭damages caused by the breach.‬

‭Inferior Performance‬ ‭The non-breaching party may either:‬
‭1.‬ ‭Rescind the contract and recover‬
‭restitution, or‬
‭2.‬ ‭Affirm the contract and recover‬
‭damages.‬

‭Rescission and Restitution‬
‭Rescission‬ ‭Restitution‬

‭ ption to undo the contract when there has‬
O ‭ eturn any goods, money, or property back to‬
R
‭been:‬ ‭original parties.‬
‭●‬ ‭Material breach‬
‭●‬ ‭Fraud‬ I‭ f the actual goods or property are not‬
‭●‬ ‭Duress‬ ‭available, use a cash equivalent.‬
‭●‬ ‭Mistake‬
‭Monetary Damages‬
‭●‬ ‭Dollar amount used as a “legal remedy” (as opposed to an equitable remedy)‬
‭●‬ ‭Most common and most preferred kind of damages‬
‭●‬ ‭Available whether breach was minor or material:‬
‭○‬ ‭Compensatory damages (used in torts)‬
‭○‬ ‭Consequential damages‬
‭○‬ ‭Liquidated damages‬
‭○‬ ‭Nominal damages‬
‭Expectation Damages‬
‭●‬ ‭Money awarded to the non-breaching party, paid by breaching party‬
‭●‬ ‭Calculated with the goal of placing the non-breaching party in a position had the contract‬
‭been performed‬
‭○‬ ‭Purpose: to restore the “benefit of the bargain”‬
‭Mitigation of Damages‬

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