BLAW 2301 Lecture Notes - Lecture 11: Steam Beer, Estoppel, Contract
26 Jun 2018
School
Department
Course
Professor
CH 11: CONTRACTS
For a contract to be enforceable must have Seven factors:
1)ch12- Offer: make an offer.
2)ch12- Acceptance: offeree must accept the offer.
3)ch13- Consideration: a bargain and exchange + measurable benefit to both parties (value).
4)ch14- Legality: the contract is for lawful purpose not anything illegal.
5)ch15- Capacity: must be adults with a sound mind
6)ch15- Consent: Certain kinds of trickery and force can prevent the formation of a contract.
7)ch16- Writing (for some contracts)
Other important issues:
CH 17: Third-Party Interests
CH 18: Performance and Discharge
CH 19: Remedies
Types of Contracts:
–Bilateral Contract: A promise made in exchange for another promise. The moment we
exchange promises we have a contract.
–Unilateral Contract: One party makes a promise that the other party can accept only by doing
something.
Ex: Lost dog found and returned to owner for some $/reward. "promise in exchange for
performance.”
–Executory Contract: A contract agreement in which one or more parties has not yet
fulfilled its obligations
–Executed Contract: An agreement in which all parties have fulfilled their obligations.
–Express contract: An agreement with all the important terms explicitly stated, oral or written.
Ex: Mow the lawn example for one week. But not an express contract for everywknd-
contract was implied.
–Implied contract: An agreement in which the words and conduct of the parties indicate that
they intend an agreement.
Ex: If there is a implied contract- then yes the owner must pay for the mowed lawn. But
the following wknd if kid still mows it without asking then there is no obligation to pay.
Promissory Estoppel and Quasi-Contracts (Only used if there is no contract in place!):
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
For a contract to be enforceable must have seven factors: 3)ch13- consideration: a bargain and exchange + measurable benefit to both parties (value). 4)ch14- legality: the contract is for lawful purpose not anything illegal. 5)ch15- capacity: must be adults with a sound mind. 6)ch15- consent: certain kinds of trickery and force can prevent the formation of a contract. Bilateral contract: a promise made in exchange for another promise. The moment we exchange promises we have a contract. Unilateral contract: one party makes a promise that the other party can accept only by doing something. Ex: lost dog found and returned to owner for some $/reward. Executory contract: a contract agreement in which one or more parties has not yet fulfilled its obligations. Executed contract: an agreement in which all parties have fulfilled their obligations. Express contract: an agreement with all the important terms explicitly stated, oral or written. Ex: mow the lawn example for one week.
