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Contracts 1L Mod 7-8

Contracts 1L Mod 7-8 Things to know

QuestionAnswer
Discuss Mutuality of Obligation. Both parties must be biund to perform their obligation or the law will state that neither party is bound to perform.
How does one avoid the court from invoking MUTUALITY OF OBLIGATION? By limiting the court's discretion to cancel the contract or not perform.
Discuss unilateral contracts and mutuality There is no mutuality of obligation in a unilateral contract.
Why is there NO mutuality in a UNIlateral contract? Because at no time has the OFFEREE been bound to do anything. An unsolicited promise would be a nullity p.177
Define Doctrine of Constructive Conditions. The doctrine states unless specific language or context indicates otherwise, mutual promises in a bilateral contract are constructively conditional upon each other. NOTE: Promises that are exchanged are not independent.
Discuss VOIDABLE and UNENFORCEABLE PROMISES Just because a promise is voidable or uneforceable by law doesn't mean it is not consideration-There is mutuality of consideration evthough one or btoh of the parties' promises is voidable or unenforceable.
What is the policy behind Statute of Frauds. Purpose was to prevent people from making up contracts that didn't really exist.
Define ILLUSSORY PROMISE. An expression cloaked in promissory terms but on closer examination reveals that the promisor is not committed to any act or forbearance. There is an absence of mutuality.
Discuss Liquidated Debt.
Discuss Ubliquidated Debt.
Define ALEATORY PROMISE. Is conditional on the happening of a fortuitous event, or an event supposed by the parties to be fortuitous. p.184
Void Contracts-Are they automatically null? NO, not if there has been performance under the void bilateral agreement, as life may be breathed in to it. (Doctrine of forging a good unilateral contract out of a bad bilateral contract) p.185
Created by: Rochelle28nm