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THE LAW OF CONTRACT by Mind Map: THE LAW OF CONTRACT
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THE LAW OF CONTRACT

Blaisdell - No state shall pass any law impairing the obligation of contracts - the reason for this Clause was that the framers didn't want the rich and powerful to be let out of Ks. In Blaisdell, Congress passed legislation extending the period of repayment of mortgages to help people against foreclosures. SCOTUS said that this was okay because of the reasoning behind the Clause and because of exigent circumstances.

QUESTION 1: Has there been an agreement or a promise?

Objective Test

Possible Stages

QUESTION 2: Is there a reason why the agreement would not be enforceable? (Consideration & Reliance)

Consideration - bargained for legal detriment. (No masturbation in contracts).

Detrimental reliance

DOES THIS K FALL WITHIN THE STATUTE OF FRAUDS? - concern with Ps fraudulently alleging the existence of a K.

IS THIS K BARRED BY THE STATUTE OF LIMITATIONS?

OTHER REASONS FOR NON-ENFORCEABILITY

THE DOCTRINE OF MISTAKE, AND MISUNDERSTANDING - All about a person, on her own, getting a wrong idea (not because of what the other party said, which is misrepresentation.)

QUESTION 3: What are the terms of the agreement?

Have the parties signed a single contract?

QUESTION 4: PERFORMANCE, CONDITIONS, EXCUSES

Common Law - a MATERIAL BREACH EXCUSES the other party from performance. The CONDITION upon which performance (i.e. payment) depended was not met.

Common Law - a NON-MATERIAL BREACH does NOT EXCUSE the other party from performance. It must perform, and can then sue for damages. The CONDITION upon which performance (i.e. payment) depended was still SATISFIED.

ANTICIPATORY REPUDIATION - where one of the two King parties unambiguously indicates that she is unable or unwilling to perfom.

UCC

CONDITIONS

IMPOSSIBILITY AND FRUSTRATION OF PURPOSE - Some unanticipated post-agreement occurrence that affects a party's ability to perform.

EXCUSES

QUESTION 6: CONTRACT REMEDIES

Remedies as EQUITY

Remedies at LAW

UCC - Different versions of UCC adopted in 49 states.

Applies to goods (not land) of $500 or more, not sales

CHOICE OF LAW

Predominant purpose test as per BMC Indus. Inc. v. Barth Indus. Inc.

CISG applies where CISG governs contracts made between parties who are residents of different countries who are signatories to it.