Contracts 1L Mod 7-8 Things to know
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| 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.
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| How does one avoid the court from invoking MUTUALITY OF OBLIGATION? | By limiting the court's discretion to cancel the contract or not perform.
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| Discuss unilateral contracts and mutuality | There is no mutuality of obligation in a unilateral contract.
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| 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
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| 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.
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| 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.
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| What is the policy behind Statute of Frauds. | Purpose was to prevent people from making up contracts that didn't really exist.
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| 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.
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| Discuss Liquidated Debt. |
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| Discuss Ubliquidated Debt. |
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| Define ALEATORY PROMISE. | Is conditional on the happening of a fortuitous event, or an event supposed by the parties to be fortuitous. p.184
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| 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
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