k's course outline

Harris Stewart Henning Ks Ks Master Course Outline INTRODUCTION .................................................................................................................................. 4 RECURRING QUESTIONS ..................................................................... ....................................................................... ...... 4 POSNERS THREE ECONOMIC FUNCTIONS OF CONTRACT LAW .............................................................. ................ 4 SEAL? ................................................................. ........................................................................ .......................................... 4 CONSIDERATION ................................................................................................................................ 4 DEFINITION: RST 2 ND § 71 4 REQUIREMENTS:.................................................................................................. ....... 4 Distilled as .............................................................................................................................................................. 5 Manifestation is all that matters ........................................................................................................................................... 5 objective theory of contracts ........................................................................................................................................... 5 Reliance can make a K enforceable ..................................................................................................................................... 5 Emphasis is on bargain and mutual inducement ............................................................. .................. 5 Can be applied to (and raise issues with) multiple types of promises: 4 types .................................................. 5 Benefit v. detriment .................................................................................................................................................................. 6 3 exceptions to the requirement of consideration: ....................................................................................................... 6 TYPES OF CONTRACTS + METHODS/MEASURES OF RECOVERY ............................................................................ 6 Express written or vocal assent .. ................................................................ .................................................. 6 Quantum Meruit ................................................................... ..................................................................... ........... 6 Recovery: restitution ................................................................................................................................................................ 6 Implied in Fact .......................................................................................................................................................................... 6 3 elements .............................................................................................................................................................................. 6 what the parties would have agreed to if they had talked about it.................................................................. 7 Indefinite doctrine............................................................................................................................................................... 7 Recovery value of the contract/market value of performance ........................................................................ 7 Implied in Law/Quasi-Contract ........................................................................................................................................ 7 3 elements .............................................................................................................................................................................. 7 Not contracts at all .............................................................................................................................................................. 7 Constructed by courts to avoid unjust enrichment ............................................................................................. 7 Wade test:......................................................................................................................................................................... 7 Recovery- restitution ......................................................................................................................................................... 8 TYPES OF R EMEDIE S..................................................................................................................................... .................. 8 Damages............................................................. ..................................................................... .................................. 8 Contractual damages ................................................................................................................................................................ 8 Restitution .................................................................................................................................................................................... 8 Specific performance..................................................................... .................................................................... 8 B ARGAIN PROMISES..................................................................................................................................... .................. 8 Off er - mani f estation o f assent, so made as to justi fy another........................................................... 8 Characteristics ............................................................................................................................................................................ 8 Time that remain open............................................................................................................................................................. 9 Specified time ........................................................................................................................................................................ 9 Otherwise assumed to be a reasonable amount of time .................................................................................... 9 Death of offeror .................................................................................................................................................................... 9 Acceptance ................................................................... ..................................................................... ......................... 9 action that establishes a k ....................................................................................................................................................... 9 Must be made .............................................................................................................................................................................. 9 before offer is revoked ....................................................................................................................................................... 9 during time when is effective .......................................................................................................................................... 9 General rule: no contract until the acceptance of an offer is communicated to the offeror ........................... 9 Can be made by silence/inaction ......................................................................................................................................... 9 Rst 2 nd §69 .............................................................................................................................................................................. 9 Mirror image rule .....................................................................................................................................................................10 Counter-o ff er........................................................................... ..................................................................... .......... 10 Constitutes a rejection ...........................................................................................................................................................10 Creates a new offer ..................................................................................................................................................................10 distinguished from an inquiry .............................................................................................................................................10 Equal value is not required ..................... ........................................................................... ............................. 10

k's course outline

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