BUL 4421 Lecture Notes - Lecture 9: Quid Pro Quo, Executory Contract, Quasi-Contract

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3 Oct 2018
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Chapter 13 Class Notes:
Overview of Contract Law:
Contract law reflects what promises/commitments our society believes should be legally
binding.
What is legally binding is consideration, “quid pro quo” , something for something, ie. you give
me something I did not legally have before, like money, in exchange for something.
Every contract has a promise, an enforceable promise. But not all promises are contracts, like if
I tell you i’m taking you to lunch, this is not a contract, because it is gratuitous in nature.
Contract law reflects what justifications our society will accept for breaking a contractual
commitment.
Offeror- person proposing an agreement
Offeree- the person to whom the offeror proposed the agreement to
When you break a contract you may be subject to injunctive relief by court.
Legal object- the contract must have legality of purpose.
Defenses to enforcement of a contract:
1. Lack of genuine assent (ie. lack of voluntary consent)
2. Lacks proper form
Contracts to purchase real property must be in writing due to the legal doctrine called statute of
frauds.
Objective theory of contracts- we base existence of a contract on the parties outward
manifestations of intent.
Ie. Christina has a 2018 ferrari and she said she is going to sell it for $200, a reasonable person
wouldn’t think she is serious therefore there is no contract formed.
Quasi contract-if you get a package sent to your house and you know it’s not for you and you
keep it, you may have to pay for it from the quasi contract
Courts impose them to prevent unjust enrichment of one party at the expense of another.
Contracts are not enforceable if you entered them under false pretenses, under duress, entered
by a minor, or where one of the parties lack contractual capacity.
Executed contract- completely performed by both parties.
Executory contract- not yet been fully performed, still in the performance stage.
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