Contracts I Outline
Introduction: Focus only on the promise you are attempting to enforce.
A. Definition: Contract law is an enforcement of a single promise, not an agreement at whole. a. Contract law is state law. It is common law by default, unless a statute has been passed covering the issue. Right to contract is guaranteed primarily by common law and some statutes, NOT by the constitution. Our law does not recognize any natural right to freedom of contract or economic activity. B. Sources of Contract Law b. Common Law: applies if the UCC is silent on a subject or if there is a conflict. c. The UCC: governs the sale of goods in all states but LA. Use the predominant factor test if there is a sale of goods and a service. C. Theories of Contract Law d. The three types of Policy theories are: i. Autonomy ii. Welfare iii. Justice/Morality e. Natural Law Theory iv. Natural law theory: the laws should just pop out from within us because they just occur w/in us. By our close observation of nature we see what they should be. Almost as if they occur within us. D. Types of Contracts f. Bilateral Contracts: A promise for a promise. g. Unilateral Contracts: A promise for a performance. h. Accord & Satisfaction: settlement of a dispute Associated Builders, Inc. v. Coggins. v. Accord—A contract to accept substituted payment, satisfied with the execution of the payment. vi. Satisfaction—the acceptance of the payment is the performance of the accord. vii. Rule from AB v. C: a party (AB) waives a contractual right arising from a breach because of a late payment when that party (AB) accepts tender of (C’s) the late payment.
CONTRACT ELEMENTS A. Competent Parties a. Minors i. Voidable at the election of the minor. ii. Contracts of minors are voidable; Minors are only liable for the value of necessaries in such
A. Definition: Contract law is an enforcement of a single promise, not an agreement at whole. a. Contract law is state law. It is common law by default, unless a statute has been passed covering the issue. Right to contract is guaranteed primarily by common law and some statutes, NOT by the constitution. Our law does not recognize any natural right to freedom of contract or economic activity. B. Sources of Contract Law b. Common Law: applies if the UCC is silent on a subject or if there is a conflict. c. The UCC: governs the sale of goods in all states but LA. Use the predominant factor test if there is a sale of goods and a service. C. Theories of Contract Law d. The three types of Policy theories are: i. Autonomy ii. Welfare iii. Justice/Morality e. Natural Law Theory iv. Natural law theory: the laws should just pop out from within us because they just occur w/in us. By our close observation of nature we see what they should be. Almost as if they occur within us. D. Types of Contracts f. Bilateral Contracts: A promise for a promise. g. Unilateral Contracts: A promise for a performance. h. Accord & Satisfaction: settlement of a dispute Associated Builders, Inc. v. Coggins. v. Accord—A contract to accept substituted payment, satisfied with the execution of the payment. vi. Satisfaction—the acceptance of the payment is the performance of the accord. vii. Rule from AB v. C: a party (AB) waives a contractual right arising from a breach because of a late payment when that party (AB) accepts tender of (C’s) the late payment.
CONTRACT ELEMENTS A. Competent Parties a. Minors i. Voidable at the election of the minor. ii. Contracts of minors are voidable; Minors are only liable for the value of necessaries in such