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Chapter 9

BLAW 3201 Chapter Notes - Chapter 9: Quasi-Contract, Estoppel, United Nations Convention On Contracts For The International Sale Of Goods


Department
Business Law
Course Code
BLAW 3201
Professor
G.Duplechain
Chapter
9

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Contracts
Types of contract (few examples) → see powerpoint slides for more
Sales
Leases
Employment
Insurance
construction
What is a contract? → primarily governed by state common law
The law of enforceable promises
Agreement that is legally binding
A relationship between its parties
Entails mutual rights and duties
Courts provide a remedy for breach → breach: the failure to perform contractual promises
properly
A binding agreement for the breach of which the law gives a remedy or the performance
of which the law in some way recognizes as a duty
The law generally recognizes contractual obligations whenever the parties clearly
manifest an intent to be bound.
Remedies provided for a breach of contract include, compensatory damages, equitable
remedies, reliance damages, and restitution
Law allows a party to be excused from contractual duties where fraud, duress, undue influence,
mistake, unconscionability, or impossibility is present.
All contracts are promises, but not all promises are contracts
Some promises are unenforceable
For a promise to be enforced, it must include all essential requirements of a legal,
binding contract
Two principal types of contracts:
1. Business to business (commercial contracts)
2. Business to consumer (consumer contracts)
Common law & the Restatement apply the same rules to both commercial and consumer
contracts.
In 2012, the ALI began a new project: the Restatement of the Law of Consumer Contracts
find more resources at oneclass.com
find more resources at oneclass.com
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