Intro to Law- Exam 2 Contracts

Basics of a Contract - ans - is a promise or set of promises enforced by the law Requirements of a contract (3 things) - ans - offer: manifestation of willingness to enter into a bargain - Acceptance: an unequivocal (leaving no doubt; unambiguous) assent (agreeing to something) to the terms - Consideration: bargained for exchange Two general remedies in contract law - ans 1. Monetary: the breaching party must pay a designated amount of money to the non-breaching party for their breach 2. Specific performance: the breaching party must perform what they were obligated to perform under the contract; usually only awarded in circumstances when monetary damages will not suffice. (Lucy v. Zehmer, Lucy got the farm as damages) 2 types of monetary damages - ans 1. compensatory damages: damages that put the non-breaching party in the same position they would have been in absent the breach (i.e. so they get the benefit of the bargain) 2. Punitive damages: damages intended to punish the party (You cannot collect punitive damages in contract law) Mutual Assent (Lucy v. Zehmer) - ans Facts: Lucy had wanted to buy the farm from Zehmer for many years. One night, Zehmer wrote out an agreement after discussion of it for 40 minutes, there were multiple drafts, a discussion of what's included in the sale, provision to examine the title, completeness of the instrument, and Lucy took the signed agreement and Zehmer did not ask for it back. Zehmer claimed it was a joke, but he led Lucy to think he was serious (his objective intent was to sell, even if that was not his subjective intent) Objective manifestation - ans - We look at the objective manifestation (what a reasonable person would think is in the person's head based on what they say, what they do, and any additional facts that may be relevant)