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I - Free Law School Outlines Professor Subject
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)
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
Consideration - 2012 Book Archive

... Aspen, 1973), 46. In short, “courts do not inquire into the adequacy of consideration.” 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 - ePublications@bond
Introduction - ePublications@bond

... 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 cr ...
Contracts Outline, Fall 2003, Prof. Haley
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
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)  no ¢  two kinds: (1) reliance and (2) unjust enrichment (aggravated case of reliance)  subst ...
Contracts – 2010/2011 – MacDougall
Contracts – 2010/2011 – MacDougall

Contracts -Schooner – Fall 2011
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
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." ...
Daveed Gartenstein-Ross
Daveed Gartenstein-Ross

... 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
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..
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
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 ...
10_chapter 6
10_chapter 6

... 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 the ...
1

Estoppel

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"".
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