✓ ~~~A contract Is a Legally Enforceable Agreement (offer and Acceptance) Voluntarily
Entered Into between two (or more) Competent Parties, to Do or Not to Do something that
is Possible to Be Done, that is Not Unlawful, and that is supported by Consideration.
A valid contract must...
✓ ~~~A validly formed contract must provide a basis for determining the existence of a
breach and for giving an appropriate remedy [Restatement § 33].
Non-goods contracts
✓ ~~~Non-goods contracts, according to the Restatement, must include terms that are
sufficiently definite and certain;
Goods Contracts
✓ ~~~goods contracts, on the other hand, do "not fail for indefiniteness even if one or more
terms are left open if the parties intended to make a contract and there is a reasonably
certain basis for giving an appropriate remedy."
✓ ~~~presumption of the employment contract is that it is for an indefinite period of time and
is considered "at will"; including non competition agreements and benefit provisions
Insurance Contracts
✓ ~~~shifting risk of loss by contract; a requirement of law in many circumstances (health
insurance, vehicles, government work, liability)
Arbitration Agreements
✓ ~~~contractually removing certain disputes from litigation and using alternate dispute
resolution instead of court.
Financial Services
✓ ~~~loans; investments
Wealth Transfer Contracts
✓ ~~~wealth that passes upon death via contracts established during life, including the use
of trusts, IRA's, life insurance
Types of Contracts
✓ ~~~1) Express - an agreement manifested by words
2) Implied-in-fact - an agreement manifested by conduct
, Economic Damages
✓ ~~~Economic damages refers to compensation for objectively verifiable monetary losses
such as past and future medical expenses, loss of past and future earnings, loss of use of
property, costs of repair or replacement, the economic value of domestic services, loss of
employment or business opportunities.
Non Economic Damages
✓ ~~~Damages for noneconomic losses are damages for pain and suffering, emotional
distress, loss of consortium or companionship, and other intangible injuries. These
damages involve no direct economic loss and have no precise value. It is very difficult for
juries to assign a dollar value to these losses, given the minimal guidance they
customarily receive from the court. As a result, these awards tend to be erratic.
Sources of Contract Law
✓ ~~~1) Common Law
2) Restatement
3) Uniform Commercial Code (UCC)
Common Law
✓ ~~~in most jurisdictions, contract law is not codified, and thus the primary source of
general contract law is case law.
Restatement
✓ ~~~written by the American Law Institute to provide guidance to the bench and bar, the
Restatement of Contracts (currently in the second edition) has no legal force but
nevertheless provides highly persuasive authority.
Uniform Commercial Code (UCC)
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