Understanding Contracts: A Comprehensive Guide, Slides of Contract Law

Download Understanding Contracts: A Comprehensive Guide and more Slides Contract Law in PDF only on Docsity! The Educational  Suggested Resources and Practical Advice, Four Books to Read to Help Win with Contracting & Personal Life Docsity.com Getting to Yes How to Negotiate Without Giving In Docsity.com Repacking Your Bags Continue to grow and refine your skill set! Docsity.com The Legal Stuff Written by a Real Attorney Docsity.com I. What Is a Contract? A. Some concepts: 1. A contract is an agreement between parties to perform or not perform certain acts in the future, the conduct is of a kind that the parties intend to be legally binding, and the agreement is such that a court may measure the loss suffered as a result of a breach. 2. A contract is a promissory agreement between two or more persons that creates, modifies, or destroys a legal relation. 3. A contract is an agreement upon sufficient consideration to do or not to do a particular thing. 4. In order to be a contract, the promise made must be sufficiently definite “to justify a promisee in understanding that a commitment has been made.” Restatement (Second) of Contract § 2. Docsity.com I. What Is a Contract? D. Sometimes “contract” is thought only to be the writing between the parties. The writing itself is not the contract. Certain types of contracts must be evidenced by a writing, but other contracts that are evidenced by oral communications or conduct may be enforceable. A contract is an “abstract legal relationship between the parties.” J. E. Murray, Jr., Contracts: Cases and Materials, 5. Docsity.com I. What Is a Contract? E. Importantly, a contract is whatever the court says it is. Case law has modified, elaborated, refined and expanded general common law principles and has construed and interpreted statutory requirements. Legal research may find case law that will determine the applicability of these basic concepts to any given situation Promise: A commitment that something will or will not be done in the future. It must be definite enough to qualify as a promissory. 1. An “implied contract” or “quasi-contract” is an obligation imposed by law for the purpose of bringing about justice and equity, without reference to the parties’ intention. Although it is not a contract, it is treated as a contract. Restitution and unjust enrichment are two important principles: a person who has been unjustly enriched at the expense of another is required to make restitution to the other. Docsity.com II. Promise: Offer and Acceptance A. An offer is a promise to perform, conditional on receiving acceptance. 1. Sometime there is “lack of mutuality”: one party may have made no promise at all or made a promise that will permit that party to decline to perform. In this case, the contract is “illusory” because one party is not under any obligation at all. Docsity.com II. Promise: Offer and Acceptance D. Acceptance: may be made verbally, in writing, or it may be inferred from silence or conduct. Docsity.com II. Promise: Offer and Acceptance E. To be enforceable, the promise must be definite. Docsity.com II. Promise: Offer and Acceptance F. An offer may be revoked before acceptance, unless it is a firm offer, under the Uniform Commercial Code, § 8.2-205[1]: An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open is not revocable, for lack of consideration, during the time stated or if no time is stated for a reasonable time, but in no event may such period of irrevocability exceed three months; but any such term of assurance on a form supplied by the offeree must be separately signed by the offeror. [1] In Virginia, Article 2, the Uniform Commercial Code, codified at Title 8.2 of the Code of Virginia, governs contracts for the sale of goods. This Article will be referenced throughout this presentation as UCC § 8.2-xxx. Docsity.com