INTRODUCTION TO CONTRACTS T. LEIGH ANENSON, J.D., LL.M. Contracts are agreements made up of big...
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Transcript of INTRODUCTION TO CONTRACTS T. LEIGH ANENSON, J.D., LL.M. Contracts are agreements made up of big...
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INTRODUCTION TO CONTRACTS
T. LEIGH ANENSON, J.D., LL.M.
“Contracts are agreements made up of big words and little type.”
Sam Ewing, quoted in Saturday Evening Post, May 1993
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CONTRACT LAW• Introduction to
Contracts
• The Agreement: Offer
• The Agreement: Acceptance
• Consideration
• Reality of Consent
• Capacity to Contract
• Illegality
• Writing
• Rights of Third Parties
• Performance & Remedies
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What contracts have you made recently?
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Learning Objectives
• Nature of contracts
• Basic elements of a contract
• Basic contract types
• Sources of contract law
• Non-contract obligations
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• Not every promise is legally enforceable
• But when a set of promises has the status of contract, a person injured by a breach of that contract is entitled to call on the government (courts) to force the breaching party to honor the contract
• Contract law is ancient law, but has evolved to reflect social change
NATURE OF CONTRACTS
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ELEMENTS OF A CONTRACT
• 1) AGREEMENT
• 2) CONSIDERATION
• 3) CAPACITY
• 4) LAWFUL OBJECT
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CONTRACT CLASSIFICATIONS UNILATERAL BILATERAL
EXECUTORYEXECUTED
VALIDVOIDABLE
VOID
EXPRESSIMPLIED
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SOURCES OF CONTRACT LAW
• COMMON LAW
• UNIFORM COMMERCIAL CODE
(SALE OF GOODS ONLY)
• CONVENTION ON THE INTERNATIONAL SALE OF GOODS
(CISG)
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UCC: “SALE OF GOODS”– GOODS: tangible, movable, personal property
– DOES NOT APPLY TO: • sale of services • intangible property (stocks, intellectual property) • real estate
– MIXED SALE SITUATION: whether goods or services predominates in the contract (vs. “gravamen test” focuses on part of contract at issue)
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The UCC and Common Law
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NON-CONTRACT DUTIES
• QUASI-CONTRACT
• PROMISSORY ESTOPPELHolt v. Home Depot, U.S.A., Inc.
Hurdis Realty v. Town of North Providence
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FOUR ELEMENTS: PROMISSORY ESTOPPEL
• 1) PROMISE
• 2) REASONABLE RELIANCE
• 3) ACTUAL RELIANCE
• 4) INJUSTICE
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REVIEW: CONTRACT AND NONCONTRACT RECOVERY