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Contracts I

Final exam studying set

QuestionAnswer
A contract is ...a promise or a set of promises for the breach of which the law gives a rememdy, or the performance of which the law in some way recognizes as a duty. (Second Restatement §1)
A promise is ...a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made. (Second Restatement §2(1))
Promisor The person manifesting the intention is the... (Second Restatement §2(2))
Promisee The person to whom the manifestation is addressed is the... (Second Restatement §2(3))
Beneficiary Where performance will benefit a person other than the promisee, that person is a... (Second Restatement §2(4))
An agreement is ...a manifestation of mutual assent on the part of two or more persons. (Second Restatement §3)
A bargain is ...an agreement to exchange promises or to exchange a promise for a performance or to exchange performances. (Second Restatement §3)
How may a promise be made? A promise may be stated in words either oral or written, or may be inferred wholly or partly from conduct. (Second Restatement §4)
A term of a promise or agreement is ...that portion of the intention or assent manifested which relates to a particular matter. (Second Restatement §5(1))
A term of a contract is ...that portion of the legal raltions resulting from the promise or set of promises which relates to a particular matter, whether or not the parties manifest an intention to create those relations. (Second Restatement §5(2))
A voidable contract is ...one where one or more parties have the power, by a manifestation of election to do so, to avoid the legal relations created by the contract, or by ratification of the contract to extinguish the power of avoidance. (Second Restatement §7)
An unenforceable contract is ...one for the breach of which neither the remedy of damages nor the remedy of specific performance is available, but which is recognized in some other way as creating a duty of performance, though there has been no ratification. (Second Restatement §8)
Number of parties required for a contract? There must be at least two parties to a contract, a promisor and a promisee, but there may be any greater number. (Second Restatement §9)
More than one promisor? Where there are more promisors than one in a contract, some or all of them may promise the same performance, whether or not there are also promises of separate performances. (Second Restatement §10(1))
More than one promisee? Where there are more promisees than one in a contract, a promise may be made to some or all of them as a unit, whether or not the same or another performance is separately promised to one or more of them. (Second Restatement §10(2))
Can a person be both promisor and promisee? A contract may be formed between two or more persons acting as a unit and one or more but fewer than all these persons, acting singly or with other persons. (Second Restatement §11)
What is capacity to contract? No one can be bound by contract who has not legal capacity to incur at least voidable contractual duties. (Second Restatement §12(1))
Is there partial capacity to contract? Capacity to contract may be partial and its existence in respect of a particular transaction may be depend upon the nature of the transaction or upon other circumstances. (Second Restatement §12(1))
Four barriers to capacity to contract? A natural person who manifests assent to a transaction has full legal capacity to inur contractual duties thereby unless he is (a) under guardianship, or (b) an infant, or (c) mentally ill or defective, or (d) intoxicated. (Second Restatement §12(2))
Guardianship barrier? A person has no capacity to incur contractual duties if his property is under guardianship by reason of adjudication of mental illness or defect. (Second Restatement §13)
Infant barrier? Unless a statute provides otherwise, a natural person has the capacity to incur only voidable contractual duties until the beginning of the day before the person's eighteenth birthday. (Second Restatement §14)
What type of contract may a mentally ill person enter? A person incurs only voidable contractual duties by entering into a transaction if by reason of mental illness or defect. (Second Restatement §15(1))
What must mental illness cause so the person only gets voidable contracts? (a) He is unable to understand in a reasonable manner the nature and consequences of the transaction, or (b) he is unable to act in a reasonable manner in realtion to the transaction and the other party has reason to know of his condition. (2nd R. §15(1))
What if the other party is without knowledge of the mental illness or defect? Where the contract is made on fair terms & ..., the power of avoidance under Sub. (1) terminates to the extent that the contract has been so performed in whole or in part or the circumstances have so changed that avoidance would be unjust. (2nd R §15(2))
Intoxicated persons barrier? A person incurs only voidable contractual duties by entering into a transaction if the other party has reason to know that by reason of intoxication... (Second Restatement §16)
If by reason of intoxication? (a) He is unable to understand in a reasonable manner the nature and consequences of the transaction, or (b) he is unable to act in a reasonable manner in relation to the transaction. (Second Restatement §16)
Requirements of a Bargain (1)? (1) Except as stated in Sub (2) the formation of a contract requires a bargain in where there is a manifestation of mutual assent to the exchange and a consideration. (Second Restatement §17(1))
Requirements of a Bargain (2)? (2) Whether or not there is a bargain a contract may be formed under special rules applicable to formal contracts or under the rules stated in §§ 82-94. (Second Restatement §17(2))
Manifestation of mutual assent? ...to an exchange requires that each party either make a promise or begin or render a performance. (Second Restatement §18)
Define offer ...is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it. (2nd R. §24)
Define Option Contracts ...is a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer. (2nd R. §25)
Define Preliminary Negotiations A manifestation of willingness to enter into a bargain is not an offer if the person to whom it is addressed knows or has reason to know that the person making it does not intend to conclude a bargain until he has made a further mani. of assent. (§26)
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