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Contracts need 3 things
- 1. meeting of the minds
- 2. offer and acceptance
- 3. consideration
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contracts must be ___ given
freely
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is contract enforceable if fraud is evident
no
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is contract enforceable if entered under duress
no
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is contract enforceable if it is unconsionable
no
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are contracts enforceable if against public policy
no
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What two people are lack the capacity to contract
- mental disabilities
- minors
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When can a contract be voided
- 1. fraud
- 2. duress
- 3. unconsionable
- 4. against public policy
- 5. if they lack capacity to contract
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Which case was about contracts being unconsionable
Williams v. Walker Thomas Furniture Company
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What was Williams v. Walker Thomas Furniture Co. about
unconscienable contracts targeted African Americans
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How do you determine if there is true acceptance of contract
look for actions and words that imply promise of contract
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Which case was about looking for acceptance of contract
Lucy v. Zehmer
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What was Lucy v. Zehmer about
looking to see if true acceptance sell of farm via napkin
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What things (modern day) must be in writing via Statute of Frauds
- 1. interest in land
- 2. goods over 500
- 3. services that can't be performed in less than a year
- 4. contracts and consideration of marriage
- 5. contracts to pay someone else's debt
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what else can be looked at to see if acceptance existes
can look at letters, forms, checks, receipts
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For non written contracts - what will court look at to see if acceptance exist
- 1. language of parties
- 2. course of dealings (past)
- 3. usage of trade (how business usually handled)
- 4. course of performanc (how you have acted)
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Will courts feel in "key" gaps in contract
no
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Pre-existing duty rule says you only have to finish
the original contract
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How do you get out of contract (4 ways)
- 1. fraud, minor, duress, etc
- 2. mutual mistake
- 3. impossibility
- 4. breach
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Which case was about a mutual mistake
Sherwood v. Walker
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What was Sherwood v. Walker about
selling a cow believed to be barron, but both parties were wrong, court let them out of contract
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Which case was about impossibility
Taylar v. Caldwell
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What was Taylar v. Caldwell about
a dancehall that burned down and it was impossible to have dance there
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What case was about substantial performance instead of strict performance
Jacob and Young v. Kent
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What was Jacob and Young v. Kent about
builder using Cohoes pipes instead of Redding pipes-since no difference in products can't sue
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Jacob and Young v. Kent
said that functional satisfication can't sue but can over personal satisfaction
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If you breach a contract can the court order you to follow through (why)
yes, special performance for unique services or products
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What is an efficient breach
when you break a contract because is good for you personally
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What does the Law of Economics Movement say
you should break a contract if it is in your best interest
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