BLBU 2234 Lecture Notes - Lecture 3: Punitive Damages, Estoppel

• School: Fordham University
• Department: Business Law (Gabelli Undergraduate)
• Course: BLBU 2234
• Professor: Capello

Document Summary

All contracts are promises, but not all promises are contracts: contractual promises: binding agreement that the courts will enforce, noncontractual: cannot seek a remedy. Purpose of contract law: compensate the injured party: put injured party in position that they would have been in had the activity of the contract was performed, punitive damages not permitted. Injury due to act of fraud: could be punitive damages. People make promises where they knew/should have known they were going to get a benefit and other party would get nothing: exploited relationship, doctrine of promissory estoppel. If you have a right to do something and you give up that right, enter into valid contract: legality, exchange has to be legal, only reason gambling contracts fail. If you have all 4 you have a valid contract. Implied agreement behavior: conversation, relationship (worked together in past course of dealing, they"ve done other deals before.