BUS 410 Study Guide - Midterm Guide: Black Letter Law, Quasi-Contract, Executory Contract
29 Mar 2016
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Two big sources: (1) common law and (2) ucc article 2. Look at the essence (sin e quaran) of the contract. Contract for the sale of land: ex: developer buying land, mortgage, rent, every contract concerning land must be in writing to be enforceable statue of frauds. Special ucc article 2 rules trump common law (2) implied v. expressed. The conduct of the parties rather than words creates and defines the terms of the contract. Would an objective reasonable person say you have to pay (contract) rather than a gift. Did you give implied consent: ex: restaurant, ex: dislocated shoulder in the hospital. Objective reasonable person would say you have to pay because you gave implied consent. Equity when the black letter law is unfair: if you know you"re getting a benefit you don"t deserve, you took advantage of a misunderstanding and are leaving the other party in detrimental reliance. The party taken advantage of may recover quantum meruit.
