Nd
Contracts Outline
Professor Murray
1. Contract Remedies (Chapter One)
What is a contract?- promise or set of promises, for breach of which the law gives a remedy or the performance of which the law recognizes as a duty.
Types of contracts-
a. express: formed by language, oral or written
b. implied: formed by manifestations of assent other than oral or written language; by conduct.
c. quasi: not contracts at all, construed by courts to avoid unjust enrichment, by permitting plaintiff to bring an action in restitution to recover the amount of the benefit conferred on defendant.
Critical Elements of a Contract:
a. promise- undertaking or commitment that something shall or shall not be done
b. exchange-something the law recognizes as value is exchanged
c. enforcement-the law sanctions such promissory exchanges by putting coercive machinery behind them.
d. mutual assent “meeting of the minds”
2. The Agreement Process (Chapter Two)
INTENTION TO BE LEGALLY BOUND
Mutual Assent: an expression of agreement or among the parties
Agreement: a manifestation of mutual assent on the part of 2 or more
Bargain: an agreement to exchange promises or to exchange a promise for a performance or the exchange performances
A. Objective Theory
(when it is ambiguous as to whether a contract is formed.)
Courts do not care what was the intent of the parties.
(can not possibly prove what we were thinking-not objective)
Therefore courts look ...