Lwc1 Study Plan

Topics: Ethics, Contract, Sherman Antitrust Act Pages: 34 (8919 words) Published: July 9, 2013
LWC1 STUDY PLAN

CONTRACTUAL RELATIONSHIPS

Chapter 10
1. What is the definition of a contract? A contract is a Promise that the Law will enforce. 2. Describe the various types of contracts.
Bilateral Contract- both parties make a promise
Unilateral Contract- one party makes a promise that the other party can accept only by doing something
Express Contract- two parties explicitly state all important terms of their agreement
Implied Contract - the words and conduct of the parties indicate that they intended an agreement 3. Identify and describe the theories of recovery in contract law.
Four Theories of Recovery
Theory Did the Defendant Make a Promise? Is There a Contract? Description
Express ContractYesYesThe parties intend to contract and agree on explicit terms.
Implied ContractNot explicitlyYesThe parties do not formally agree, but their words and conduct indicate an intention to create a contract.
Promissory EstoppelYesNoThere is no contract, but the defendant makes a promise that she can foresee will induce reliance; the plaintiff relies on it; and it would be unjust not to enforce the promise.

Quasi-ContractNoNoThere is no intention to contract, but the plaintiff gives some benefit to the defendant, who knows that the plaintiff expects compensation; it would be unjust not to award the plaintiff damages.

Chapter 17
1. What conditions would constitute a discharge of a contract? An unjustifiable failure to perform all or some part of a contractual duty without a valid excuse 2. Describe the conditions for a discharge of a contractual obligation. Most contracts are discharged by full performance or Sometimes the parties discharge a contract by agreement. 3. Describe types of acceptable performance of a contract.

- Strict and Substantial Performance.
(1) Strict: requires one party to perform its duties perfectly. (2) Substantial: generally sufficient to entitle the promisor the contract price, minus the cost of defects in the work. 4. What constitutes a breach of a contract?

*Material Breach
*Minor Breach
*Anticipatory Breach
*Mutual Rescission
*Accord/Satisfaction
A material breach is the only kind that will discharge a contract; a trivial breach will not.

Chapter 18
1. What is the definition of remedies? A remedy is a method a court uses to compensate an injured party. 2. Describe the various types of remedies in contracts.
○ (1) Expectation interest-
Puts the injured party in the position she would have been in had both sides fully performed
○ (2) Reliance Interest-
Puts injured party in the position he would have been in had the par-ties never entered into a contract
○ (3) Restitution Interest-
Returns to the injured party a benefit that she has conferred on the other party, which it would be unjust to leave with that person.
○ (4) Equitable Interest-
In some cases, money damages will not suffice to help the injured party. Something more is needed, such as an order to transfer property to the injured party (specific performance) or an order forcing one party to stop doing something (an injunction) 3. Identify and describe the theories of recovery in contract law

General Questions
1. What is the point at which a legal agreement is said to have occurred? Intend to Contract 2. What is the difference between an enforceable, unenforceable, express and implied contract?
Express Contract- two parties explicitly state all important terms of their agreement
Implied Contract - the words and conduct of the parties indicate that they intended an agreement
Enforceable: Is one for which a legal remedy is offered in the event that the contract is not fulfilled.
Unenforceable: When certain statutory requirements have not been met. 3. Describe a situation where a breech of contract has occurred.
An unjustifiable failure to perform all or some part of a contractual duty with out a valid excuse. 4. If there...
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