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INTRODUCTION TO CONTRACTS

INTRODUCTION TO CONTRACTS. “Contracts are agreements made up of big words and little type.” Sam Ewing, quoted in Saturday Evening Post, May 1993. T. LEIGH ANENSON, J.D., LL.M. Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent.

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INTRODUCTION TO CONTRACTS

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  1. INTRODUCTION TO CONTRACTS “Contracts are agreements made up of big words and little type.” Sam Ewing, quoted in Saturday Evening Post, May 1993 T. LEIGH ANENSON, J.D., LL.M.

  2. Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Capacity to Contract Illegality Writing Rights of Third Parties Performance & Remedies CONTRACT LAW

  3. What contracts have you made recently?

  4. Learning Objectives • Nature of contracts • Basic elements of a contract • Basic contract types • Sources of contract law • Non-contract obligations

  5. NATURE OF CONTRACTS • Not every promise is legally enforceable • But when a set of promises has the status of contract, a person injured by a breach of that contract is entitled to call on the government (courts) to force the breaching party to honor the contract • Contract law is ancient law, but has evolved to reflect social change

  6. ELEMENTS OF A CONTRACT • 1) AGREEMENT • 2) CONSIDERATION • 3) CAPACITY • 4) LAWFUL OBJECT

  7. CONTRACT CLASSIFICATIONS

  8. SOURCES OF CONTRACT LAW • COMMON LAW • UNIFORM COMMERCIAL CODE (SALE OF GOODS ONLY) • CONVENTION ON THE INTERNATIONAL SALE OF GOODS (CISG)

  9. UCC: “SALE OF GOODS” • GOODS: tangible, movable, personal property • DOES NOT APPLY TO: • sale of services • intangible property (stocks, intellectual property) • real estate • MIXED SALE SITUATION: whether goods or services predominates in the contract (vs. “gravamen test” focuses on part of contract at issue)

  10. The UCC and Common Law

  11. NON-CONTRACT DUTIES • QUASI-CONTRACT • PROMISSORY ESTOPPEL • Hurdis Realty v. Town of North Providence • Holt v. Home Depot, U.S.A., Inc.

  12. FOUR ELEMENTS: PROMISSORY ESTOPPEL • 1) PROMISE • 2) REASONABLE RELIANCE • 3) ACTUAL RELIANCE • 4) INJUSTICE

  13. REVIEW: CONTRACT AND NONCONTRACT RECOVERY

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