I - Free Law School Outlines Professor Subject
... consideration - something of value received by a promisor from a promisee; necessary for an
agreement to be enforceable; it can include a benefit (right, interest or profit), or a detriment (forebearance,
loss or responsibility). Consideration requires the voluntary assumption of an obligation by on ...
Contracts Outline (Murphy)
... a. Find the promise!! (promise vs. statement of fact)
i. Promise requires something that seems like a commitment (more
than just a statement of fact)
1. Example: House next to empty lot: A seeks to buy lot from
B. B asks if A plans to build a gas station. A says “I intend
to build a house” not a p ...
Consideration - 2012 Book Archive
... Aspen, 1973), 46. In short, “courts do not inquire into the adequacy of
Of course, normally, parties to contracts will not make such a one-sided deal as
Scrooge and Caspar’s. But there is a common class of contracts in which nominal
consideration—usually one dollar—is recited in prin ...
Introduction - [email protected]
... Instead of paying recipient Bank X where A had an account, ABC Bank paid
Bank Y where A also happened to have an account. Can ABC Bank recover the
payment from Bank Y? Consider another scenario: customer B had instructed
ABC Bank to pay $50,000 to recipient Z. By virtue of a computer error, Z was
Contracts Outline, Fall 2003, Prof. Haley
... A. The Objective Standard for Determining Assent
1. Legal assent to a contract is determined not by trying to ascertain if the parties subjectively
believed that they had an agreement, but by having regard to their apparent intent as shown by
their overt acts and words.
2. It would defeat the reason ...
torts outline - NYU School of Law
... 3. unjust enrichment – someone gave something up while other gained or kept something (loss
to A and inappropriate gain to B); a subset of reliance
gratuitous promise (enforceable under R90, but NOT R71)
two kinds: (1) reliance and (2) unjust enrichment (aggravated case of reliance)
Contracts -Schooner – Fall 2011
... v. Under objective theory, if intent to enter into a K is ambiguous…
1. In business transactions assume parties intended to be bound
2. In social and domestic assume parties did NOT intend to be bound
1. Intention to be Bound: Objective Theory of Contract
RAY v. EURICE BROS. (contractors and eng ...
Contracts Outline - NYU School of Law
... Ct. cites that "there is no evidence that either of the parties took Δ's assurances seriously
or acted upon them in any way. There was, therefore, no consideration, and the promises
did not amount to a K."
... c. This case turns on what is justifiable reliance. Court found material misrepresentation, without which
there is no claim for fraud. Misrepresentation occurred in calling it a lease agreement. Under the
circumstances/added pressure, the Karteses were diligent and acted with due care.
Defenses to c ...
Article - UCLA Law Review
... Whereas the Restatement (First) of Contracts provided that “[a] promise which the promisor
should reasonably expect to induce action or forbearance of a definite and substantial character on
the part of the promisee and which does induce such action or forbearance is binding if injustice can
be avoi ...
Enforcement of Promi..
... Note: The Seller is both a promisor and a promisee. Likewise, the Buyer
is both a promisor and a promisee.
Modern: Question with Sample Answer Chapter 17: Sole
... Classen cannot hold Daniel liable as a partner, because a true partnership never
existed; nor is Daniel liable under a theory of partnership by estoppel. A partnership is defined as an association of two or more persons to conduct, as
co-owners, a business for profit [UPA 101(6)]. To determine that ...
... was submitted on behalf of the State that various notifications granting sales tax exemption to the dealers resulted in
severe resource crunch. On reconsideration of the financial
position, it was found that the exemption granted was outside the scope of exemption notification uls 6. ConSidering
In law, estoppel is a set of doctrines in which a court prevents a litigant from taking an action the litigant normally would have the right to take, in order to prevent an inequitable result. Estoppel occurs when a party ""reasonably relies on the promise of another party, and because of the reliance is injured or damaged"". For example, estoppel precludes ""a person from denying, or asserting anything to the contrary of, that which has, in contemplation of law, been established as the truth, either by the acts of judicial or legislative officers, or by his own deed, acts, or representations, either express or implied"".