Contracts Outline

Topics: Contract, Contract law, Contractual term Pages: 26 (7822 words) Published: August 25, 2013
Contracts Review
Common law majority Rule
UCC Article 1 & 2 (transaction in goods)- usually same as majority common law except in a few areas Significant minority rules- will be on test and are there to fool you. DO NOT CHOOSE! 34 Contracts MCQ

* 60% Offer and Acceptance (6-8 Qs), Conditions (6-8Qs) and Remedies- UCC and Common law (6-8 Qs) * 40% - 1-2Qs on the following areas
* Consideration
* 3rd party beneficiaries
* Assignments and delegations
* Statute of Frauds
* Parol Evidence Rule
* Discharge of Duties- Impossibility, frustration
* ¼ of contract Qs will deal with UCC (sales and transactions of goods) Understand terminology
Offeree, offeror, promisee, promissor, assignor, assignee , etc.

Types of Contracts
* Express: formed by statements of the parties- say or write promises that form contract * Implied:
* Implied in fact (implied): Requires conduct of one or both of the parties to form contract. Contractor goes to wrong house and redoes driveway. Owner watches. Contractor submits bill to owner and owner states they did not ask for it to be done. But because of conduct (owner not stopping) contract was formed. (Ex: Woman brings older daughter to dance, teacher and mom allow younger daughter to dance with them every day—implied in fact contract mother liable to pay for younger daughter) * Implied in law: really not a contract at all, but when one person confers a benefit on another, in order to avoid unjust enrichment to the person who received the benefit the law may imply the right to recover a reasonable value of that benefit in Quasi-contract. (ex: Dr who treats injured victim along road. Victim recovers and nothing was ever said about paying the dr. Bec the victim was enriched by Dr’s actions the law may imply a contract so the Dr can recover) * Bilateral: formed by promises only. One party promises one party to perform an obligation the other party promises to perform and obligation. (formed when all parties promises are fully executory) * Unilateral: contract formed with promise on one side and a fully completed performance on the other. (Ex: I will pay you $1000 if you paint my house, the only way you can accept is by completly painting my house) * Four rules to differentiate between

* If an offer requests a promise (bilateral)
* If the offer is indifferent about whether a promise or performance is requested (Bilateral –majority rule) * If the offer is a public offer (always unilateral) * If the offer solicits performance alone (unilateral) – “I’ll pay $1000 to paint my house and the only way to accept is to paint my house” “Detective told he would be paid $500 a day for each day he investigated fires for the city” * Entire Contract: requires substantial performance of all obligations to avoid breach. Most states treat construction contracts as entire * Divisible Contract: contract broken into separate, individual contracts. Each divisible contract will require an equivalent payment on the other side. * Ex:“I will pay you $52000 for one year of work as a secretary” Majority rule. Employment are divisible- get $1000 a month. Separate components of consideration. * Ex. Painter gets contract to paint 10 houses for $1000 each. When painter paints one house he gets $1000

Mutual Assent- offer and acceptance
* Offer. (majority rule) offers are comprised of 4 elements. * Commitment: judged objectively- would a reasonable person hearing the words spoken under the circumstances believe that the speaker intends to enter into a contractual relationship. * Course of dealing could change the reasonableness of the commitment to not an offer * Industry custom (letters of intent of merger)

* Jest, banter, anger usually not commitment
* Advertising- (majority rule). Invitations to deal. Ads are not offers * Only...
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