L S 3323 Study Guide - Final Guide: Quid Pro Quo, Quasi-Contract, Contract
16 Apr 2018
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Document Summary
Law/contract law should seek to facilitate private market activities. Contract rules reduce market costs in 3 ways. Providing a clear and reliable sanction for breach, contract rules encourage performance of mutually advantageous exchanges. Prohibits things like fraud and duress (seek to assure exchanges are meaningful and voluntary) Provides set of standard terms that become part of exchanges without the parties discussing them. Promise or set of promises for the breach of which the law gives a remedy. Involve exchange, quid pro quo (this for that) All parties must be of sound mind and of legal age. Must not have an illegal effect, such as commission of a tort or crime, or violation of public policy. If contract was agreed to because of a misrepresentation, duress, undue influence, mutual mistake or unconscionable conduct, there is no true assent and the contract is not enforceable.
