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ContractsOutlineSourcesofLaw: CommonLaw RestatementofContracts UniformCommercialCode(UCC)o I.Governssaleofgoods,goods ontracta. Offeri. ignalthatacceptancewillconcludethedealii. Availableforareasonableamountoftimeiii. Personwhogivesoffercanrevokeitatanytimeb. Acceptancei. Expression;orii. Silence;or1. Custominlongrelationshipsiii. Action.iv. Cannotberevoked1. MailboxRule tchc. Considerationi. agreementneedstobeanexchange,youneedbotharrowsii. nexchangeiii. anditisadetrimentiv. moral/pastconsideration generallynotsufficientv. preexistinglegaldutyisnotconsiderationd. Formation:UCC§2- kinge. Bilateralv.UnilateralContractsi. BilateralContract exchangeofmutualpromises1. Exs.Horseexchange,anygoodsii. Unilateralcontract ;and2. ii.offertothepublica. Ex.Bountyhunter“wanteddeadoralive”
b. Ex.Radioshowoffer 100tothe99thcallerc. dgewalkfor f. Deadmanstatute y,needevidencetostronglycorroborateanagreementg. StatuteofWills formalrequirementhelpscourtsavoidswampyanalysish. StatuteofFrauds lpractice)(UCCversionis§2- ‐201) TypesofKsthatmustbeinwriting:1. Suretyshipprovision(ex.Co- ‐singer)2. Kforsaleofinterestinland3. ne- inayear.4. Saleofgoodsinexcessofcertainvalue( 500ormoreinUCC) ExceptiontoStatuteofFrauds:(UCCexceptions§2- ‐201(3))o PromissoryEstoppel§139restatemento Speciallymadeproductso AdmittanceincourtthatKwasmadeo .BenefitsofLegalFormality(Fuller’sF(n)ofForm):i. 1.Evidence;ii. 2.Caution;iii. 3.Channelingj. PromissoryEstoppel(Restatement90) hepromisorshouldbeestoppedfromnotperforming.i. if:1. orbearance;and2. yisRelianceDamages).k. i. miseIjustexchangedis(0value)withwhatIgiveyou)1. mymind.”ii. ment,promisorislimitedbygoodfaith1. ork.”
II.PolicyApproachestoJudicialInterventiona. StrangleHoldPolicy consequences,courtsshouldinterveneb. DismalSwampPolicy enec. HotPotatoPolicy fpartiesd. LivingTreePolicy Casesa. Balfourv.Balfour . Mehrenv.Dargan ypolicyfavoringno- ‐faultdivorce,penaltyclausec. Millerv.Miller ublicpolicyreasons,notbringinguppastargumentsd. Marvinv.Marvin pportrightsonnon- ‐maritalpartners.i. Vallerav.Vallera–e. aTRUST,atrusthasnostatuteoflimitation.i. Trust agiftwithstringsattached,notaK1. Iwouldhavehadtoputawaymoneyforyouii. gainstthelawf. lawjustbeingnice?g. CONDITIONALGIFTSi. sumefamiliesaredoingunlessevidencetothecontraryii. oppel,niecewinsonpromissoryestoppel1. workandwillpayherX
2. senotthepaper.3. Notehereisjustevidenceofapromisetopayh. omissoryestoppel.i. ipulatedkdoctrinetofitthe“correct”outcome.i. Brackenberyv.Hodgkin- thehousei. ewiththeK.(UCC§2- ‐301)a.b.c.d.V.DeliverGoods§2- ‐301ShipmentunderReservation§2- ‐505TransfertheGoodstoBuyer§2- ‐301ThePerfectTenderRule§2- ‐601i. Goodsmustperfectlyconformtowhatwascontractedforii. Tendermustbemadeatareasonabletime§2- ‐503(1)(a)iii. IfbreachofPTR,thenBuyercan:1. Rejectthegoods;2. Acceptthegoods;or3. nsa. Acceptgoodsb. Makepaymentsc. Merchant’sDutiesUponRejectionofGoods§2- ‐603i. Uponrejection,amerchantbuyermust:1. Contacttheseller2. Buyermust:a. Takea§2- ‐711securityinterestinthegoodsb. otoseller)c. ice(§2- ‐712;§2- ‐713)3. PerformanceofObligationsExcused
Remedies( mmeruita. 3initialquestionstoask:i. alremedyorremediestoredressit;ii. ndcomprehensivelycompensatesforit;iii. thedefendant’sliabilityfortheloss.b. non- ‐material.c. SpecificPerformancei. thatwouldrequirealotofoversight)ii. UCC§2- ‐716–Buyer’sRighttoSPorReplevin1. Goodsareuniqueorinotherpropercircumstancesiii. Woodwardsaysthiswouldbelikeinvoluntaryservituded. Expectationi. yperformedii. eeninhadtheKbeenfullyperformed.iii. ablybeconsideredeitherarisingnaturally t”
1. UCC§2- ‐715(2)(a)–expressionofHadleyRULES:2. Arisingnaturallya. Generaldamages whatyounormallygetfrombreachofK,diff 3. Reasonablyforeseeablea. SpecialDamages damagesspecifictothiscase&specifictothesefactsiv. quidatedDs1. versiontokeepthematerial2. tterwhatpointtheKwasbreached3. LDclauseisvalidwhenthereisaproportionality4. BenefitofLDsa. Keepbreachfromhappeningb. Predictabilityyouknowtheworstcasescenarioc. Shorterlitigationtimev. Goldenparachute–pg.1111. Usingwealthtooppresspeople2. “poundofflesh” wedon’twanttosupportretributivestuffvi. EfficientBreach NIPSCOgoodexample.1. 2. CoaseTheorem onthatvaluesthegoodsthemosta. thingvii. itlysaythatviii. Parkerv.20thCentury(51)- ‐1. - ‐709)(b).2. Wedon’tgive &inferioroffers.ix. ipforbetterdamagesinsettlement(law&action)1. UniquenessTest(UCC2- ‐716)a. queorinotherpropercircumstances.
x. yvariablesinvolvedinastartup–youneedawell- aintyoflostprofitsxi. edpersonisentitledtorecoverintort”1. ofbreaching2. Proofofdamagesnewbusinessesxii. ebreachingparty’sperformance each- ‐ anypaymentsreceivedfromthebreachingparty- ‐ - ‐anycostssavedasaresultofthebreach ExpectationDamagesoftheAggrievedPartyxiii. UCCSections:§2- ‐709,§2- ‐7151. cidentalexpenses Expensesavoided2. ��Kprice–incidentalexpenses expensesavoidedxiv. LiquidatedDamages:§2- eirK1. tbeenforced§2- ‐718(1).a. Caseexamplewherewehadpenaltydamagesxv. IncidentalDamages:1. Sellers§2- ‐706,§2- . Buyers§2- sxvi. DirectDamages1. Damagesforprice§2- ‐708(1)marketprice–Kprice;OR2. Damagesforpriceifresold2- ‐706resaleprice–Kprice;OR3. LostProfit§2- ‐708(2)IF:a. Damagesforpriceare“inadequate”b. les)Lostprofit retailsaleprice–Kprice Neriv.RetailMarineCorp.(65) firstwasnotbreached?UCC- ‐2- ‐708(2)
asbreachedandanyother.(Pg.79casebook)e. Reliancei. . to0.ii. Restatement§349iii. adtogowithreliancedamages.1. ,sogowitheasierruleofreliance2. PerfectTenderRule§2- ptall,oracceptanyunitsandrejectrest3. Reliancehastobereasonableiv. .f. Restitution(essentiallyrescindingtheentireK)i. ed “Quantummeruit” reasonablevalueofservicesii. Unjustenrichmentiii. OnlyremedyavailableifnoKformediv. llyperformedthenyougetmarketvalue.v. Restatement§370- ‐§373vi. UCCSections:§2- ‐705,§2- ‐305,§2- ‐716vii. otequalacceptance1. Acceptance§2- ‐6062. Reasonsyoucanrevokeacceptance§2- ‐608(1)a. Mustsubstantiallyimpairsthevaluetohim3. Materialbreachviii. Kprice.1. dtothemaxofthecontractprice2. yourservices3. Pwantedthisbecausemore andexpectationdamageswouldbehardertoprove
g. buildingKsi. DeLeonv.Aldretie(189)- se,nothavingthetiretothecarwasanon- ‐conforminggoodTenderofNon- Buyer'sRemedy2- ‐711,2- okeRighttoCureExecerised(nobreach)2- . goingtoletitgoi. .Purposetobeserved&desireto1. Factorstoweigh:begratipieda. Purposetobeservedb. Desiretobegratifiedc. Excusefordeviationd. lyofenforcingadherencei.Plantev.Jacobs(1
Contracts)Outline)! SourcesofLaw:!! Common!Law! Restatement!of!Contracts! UniformCommercial!Code!(UCC)!! o Governs!sale!of!goods,!goods! !any!movable!item! Convention!on!SaleofInternational!Goods(CISG)!! I. Contract)Basics:)) a. Offer) i. t;andsignalthatacceptancewill! concludethedeal! ii.
