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Lecture Notes — Contract Law and Contract Formation, Schemes and Mind Maps of Contract Law

Wakefield CollegeContract Law

Theory of Contracts. -. An agreement between two or more parties enforceable under law. -. Purpose: to tie down the future (predictability).

Typology: Schemes and Mind Maps

2021/2022

Uploaded on 09/12/2022

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CONTRACT LAW AND FORMATION
• Theory of Contracts
- An agreement between two or more parties enforceable under law
- Purpose: to tie down the future (predictability)
- Involves a bargain or trade, a “meeting of the minds”
• Types of Contracts, by Expression of Agreement
- Express contracts
* Written contracts
* Oral contracts
- Implied contracts
- Quasi-contracts
• Bilateral and Unilateral Contracts
- Bilateral contracts involve an exchange of mutual promises (or completed
performance and a promise of future performance)
- Unilateral contracts are like a contest, with no promise of performance by the
contestant
• Types of Contracts as to Validity
- Valid contract
- Void contract
- Voidable contract
- Unenforceable contract
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CONTRACT LAW AND FORMATION

  • Theory of Contracts
    • An agreement between two or more parties enforceable under law
    • Purpose: to tie down the future (predictability)
    • Involves a bargain or trade, a “meeting of the minds”
  • Types of Contracts, by Expression of Agreement
    • Express contracts

  • Written contracts

  • Oral contracts

  • Implied contracts
  • Quasi-contracts
  • Bilateral and Unilateral Contracts
  • Bilateral contracts involve an exchange of mutual promises (or completed performance and a promise of future performance)
  • Unilateral contracts are like a contest, with no promise of performance by the contestant
  • Types of Contracts as to Validity
  • Valid contract
  • Void contract
  • Voidable contract
  • Unenforceable contract
  • Elements of a Valid and Enforceable Contract
    • Proper offer
    • Proper acceptance
    • Mutual consideration
    • Absence of a valid defense to enforcement
  • Termination of the Offer and Timing of Acceptance
    • Recipient may reject offer or make a counter-offer; both terminate the offer
    • An offer terminates after a “reasonable” period of time
    • Offer terminates as a matter of law upon death or insanity of the parties or destruction of the subject matter
    • The offeror may revoke the offer, effective upon communication to the other party
    • Timing problems with acceptance/revocation

  • Offers and their revocation are effective when received by the second party

  • But acceptances are effective when made, even if not yet received by the offeror

  • The “mailbox rule” and the risk of multiple acceptances

  • The Legal Concept of “Consideration”
    • Giving or agreeing to give something of value
    • Doing or offering to do something of detriment
    • Examples: payment of money, performing a service, giving up ownership of something, agreeing to forego anything that has the possibility of being valuable
    • “Illusory” promises do not constitute consideration
    • Consideration may go to a third party (“third party beneficiary”)
    • A substitute for consideration: detrimental reliance/promissory estoppel

Assignment of Rights and Delegation of Duties

  • Assignment: Giving a Contract Right or Duty to Another Party and Being Disconnected from the Transaction
  • Delegation: Same as Assignment, Except that the “Giver” Stays Involved in the Transaction
  • What Can be Assigned or Delegated?
    • Personal duties usually cannot be assigned/delegated
    • General/generic duties usually can be assigned/delegated