What are the forms of damages in contract law?
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The main types of damages are compensatory, liquidation, punitive,
nominal, and ordinary damages.
What is the "objective theory of contracts" and how does it work?
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The objective theory of contracts holds that an agreement between parties
is legally binding if, in the opinion of a reasonable person who is not a
party to the contract, an offer has been made and accepted.
,What's the difference between nominal and sham consideration?
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(1) was the consideration bargained- for? (2) was the consideration induced
by reciprocal consideration? (3) was the consideration actually paid or
exchanged? (4) were there any circumstances that suggest a fraudulent or
bad faith intent in this transaction?
What are the three major issues of voluntary consent in K enforceability- for example,
what's the difference between duress and undue influence- and when might it be
appropriate to use them to inquire into voluntariness of entering an agreement by a
party?
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False Misrepresentation- must include a wrong material fact with an intent
to deceive, & innocent party must "detrimentally rely" on the
misrepresentation.
Duress- must render the target incapable of substantial free will (blackmail,
physical threat); economic need is not generally adequate, but economic
pressure (usually some tortious use of financial resources- e.g. blackmail,
aggressive debt collection practices) may be.
Undue Influence- again, free will compromised; an individual in a dominant
position places substantial stress (moral, social, persuasive) on a person for
a K.
What is a "contract"?
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, a promise or set of promises supported by the exchange of bargained-for
consideration for the breach of which the law gives a remedy, or the
performance of which the law recognizes as an enforceable duty
Stilk v. Myrick
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determines that agreements cannot be altered without the provision of
fresh consideration to underpin the promise and contractually bind the
parties.
You should also understand the basics of void contracts, e.g. those for illegal
purposes or which are prohibited by law.
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Void contract is a contract that never existed in the eyes of a law.
How does the law of contracts handle mental states, such as minors, intoxication and
mental incapacity generally?
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Give this one a try later!
The main types of damages are compensatory, liquidation, punitive,
nominal, and ordinary damages.
What is the "objective theory of contracts" and how does it work?
Give this one a try later!
The objective theory of contracts holds that an agreement between parties
is legally binding if, in the opinion of a reasonable person who is not a
party to the contract, an offer has been made and accepted.
,What's the difference between nominal and sham consideration?
Give this one a try later!
(1) was the consideration bargained- for? (2) was the consideration induced
by reciprocal consideration? (3) was the consideration actually paid or
exchanged? (4) were there any circumstances that suggest a fraudulent or
bad faith intent in this transaction?
What are the three major issues of voluntary consent in K enforceability- for example,
what's the difference between duress and undue influence- and when might it be
appropriate to use them to inquire into voluntariness of entering an agreement by a
party?
Give this one a try later!
False Misrepresentation- must include a wrong material fact with an intent
to deceive, & innocent party must "detrimentally rely" on the
misrepresentation.
Duress- must render the target incapable of substantial free will (blackmail,
physical threat); economic need is not generally adequate, but economic
pressure (usually some tortious use of financial resources- e.g. blackmail,
aggressive debt collection practices) may be.
Undue Influence- again, free will compromised; an individual in a dominant
position places substantial stress (moral, social, persuasive) on a person for
a K.
What is a "contract"?
Give this one a try later!
, a promise or set of promises supported by the exchange of bargained-for
consideration for the breach of which the law gives a remedy, or the
performance of which the law recognizes as an enforceable duty
Stilk v. Myrick
Give this one a try later!
determines that agreements cannot be altered without the provision of
fresh consideration to underpin the promise and contractually bind the
parties.
You should also understand the basics of void contracts, e.g. those for illegal
purposes or which are prohibited by law.
Give this one a try later!
Void contract is a contract that never existed in the eyes of a law.
How does the law of contracts handle mental states, such as minors, intoxication and
mental incapacity generally?
Give this one a try later!
