Contracts LAW OF LEXIS.docx

Contracts LAW OF LEXIS.docx

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ContractsLAWOFLEXIS

CATELOGE

LexisNexisCapsuleSummary5

Contracts5

Chapter15

SOURCESANDDEFINITIONSOFCONTRACTLAW5

§1.01WhatisaContract?

5

§1.02TypesofContracts5

§1.03SourcesofContractLaw5

§1.04ContractsfortheSaleofGoods6

PARTI.CONTRACTFORMATION9

Chapter29

OVERVIEWOFCONTRACTFORMATION9

§2.01MutualAssent9

§2.02BasisforRemedy9

§2.03ContractFormationbyElectronicAgents10

§2.04ReceiptofElectronicCommunications10

Chapter311

OFFER11

§3.01WhatisanOffer?

11

§3.02WhenistheOfferEffective?

13

§3.03Revocation14

Chapter416

ACCEPTANCE16

Arejectionofanofferbytheoffereeiseffectivewhenreceivedbytheofferor.Ifanoffereedispatchesmorethanoneresponsetoanoffer,regardlessofwhethertherejectionissentbeforeoraftertheacceptance,iftherejectionisreceivedlaterthanwhentheacceptancewasdispatched,acontractisformedsinceanacceptanceiseffectiveupondispatchbutarejectioniseffectiveuponreceipt.Nevertheless,estoppelmayoperatetobarenforcementofsuchacontractwheretheofferorreceivestherejectionbeforetheacceptance,andactsinrelianceonsuchrejection.20

Chapter522

CONSIDERATION22

STATUTEOFFRAUDS25

§6.03Signature26

[3]SignedConfirmationBetweenMerchants27

[4]SignaturebyParty'sAgent27

§6.04AvoidanceoftheWritingRequirement27

[1]GoodsContracts27

Contractsforthesaleofgoodsthatfallwithinthestatuteoffraudsmaybeenforced,atleastpartially,intheabsenceofawriting,inthefollowingcircumstances:

27

3）wherethepartyagainstwhomenforcementissoughtadmitsinapleading,testimonyorotherwiseunderoaththatacontractwasmadebutthecontractisonlyenforceableuptothequantityofgoodsadmitted.[UCC§2-201（3）（c）]28

[2]ContractsfortheSaleofRealEstate28

[3]ContractsThatCannotbeCompletedWithinOneYear28

[5]PromissoryEstoppel28

Chapter729

PAROLEVIDENCERULE29

§7.05MergerClauses30

Chapter831

CONTRACTINTERPRETATION31

§8.07AdhesionContracts33

Chapter934

MODIFICATION34

§9.01GoodFaithModification34

§9.02Consideration34

ifthemodificationisfairandequitableinlightofcircumstancesnotanticipatedbythepartiesatthetimecontractwasmade（the"unforeseendifficultiesexception"）;or34

§9.03WritingRequirement34

§9.04IneffectiveModificationasWaiverofOriginalTerms34

PARTIV.ENFORCEMENTANDAVOIDANCE36

Chapter1036

PROMISSORYESTOPPEL36

Chapter1138

VOIDANDVOIDABLECONTRACTS38

§11.01DistinctionBetweenVoidandVoidableContracts38

Certaindefenses–generallythosethataffectassent–canrenderacontractvoidablebytheaggrievedparty.Otherdefenses–typicallythosethatpertaintolawandpublicpolicy–mayrenderacontractvoid.Thedistinctionisnotclear-cut;forexample,whiledefensessuchasincapacity,duressormistakegenerallyrenderacontractmerelyvoidable,ifthecircumstancespreventedameetingoftheminds,thecontractwillbedeemedvoid.Likewise,contractswithanillegalpurposewillgenerallybedeemedvoidunlessthepartiesarenotinparidelicto.38

Thelegaleffectsofacontractbeingdeemedvoidableasopposedtovoidare:

38

1）Whereacontractismerelyvoidable,theinnocentpartymayenforcethecontract,butthecontractcannotbeenforcedagainsthim.Ifacontractisvoid,neitherpartycanenforcethecontract.38

2）Rightsinavoidablecontractaretransferable;rightscannotbetransferredinavoidcontract.38

3）Ifapartyimproperlytransferspropertytoabonafidepurchaserforvalue,theinjuredpartymayrecoverthepropertyifthecontractgoverningthetransactionisvoidbutnotifitwasvoidable.38

4）Voidablecontractsmayberatifiedbythepartywiththepowertoavoidthecontractoncethereasonforsuchavoidance–suchasminorage,mentalimpairment,duress,undueinfluenceormistake–nolongerexists.Voidcontractscannotberatified.38

§11.02DefensesAffectingAssent38

[1]Incapacitytocontract38

[2]Duress39

[3]Undueinfluence40

[a]Mutualmistake40

[b]Unilateralmistake41

[5]Misrepresentation41

[a]Generally41

§11.03Duress,UndueInfluence,orMisrepresentationbyaThirdParty42

§11.05DefensesBasedonUnconscionability,LawandPublicPolicy43

[1]Unconscionability43

[2]IllegalityandViolationofPublicPolicy44

Chapter1246

IMPRACTICABILITYANDFRUSTRATIONOFPURPOSE46

§12.01SuperveningImpossibilityandImpracticabilityofPerformance46

Increasedcostalonedoesnotexcuseperformancebutanalternativeperformancethatrequiresanunreasonableexpenditureofresourcesmaymakeperformanceofthecontractimpracticable.46

§12.02PartialImpracticability46

Ifthecircumstancesgivingrisetotheimpracticabilityaffectonlypartoftheperformance,andthepromisorcanrendersubstantialperformanceofhisobligations,hemustdoso,aswellasmakereasonablesubstituteperformanceifavailable.Performancewillbedischargedonlyifthepartialimpracticabilitymakestheremainingperformancesubstantiallymoreburdensome.46

Ingoodscontracts,iftheimpracticabilityaffectsonlyapartoftheseller'scapacitytoperform,thesellermustallocateproductionanddeliveriesamongitscustomers.[UCC§2-615（b）]47

§12.03SuperveningFrustrationofPurpose47

If,afterthecontractisformed,circumstancesarisewhichsubstantiallyfrustrateaparty'spurposeinenteringintothecontract,theparty'sremainingdutiesaredischarged,provided:

47

§12.04ExistingImpracticabilityandFrustrationofPurpose47

Iftheimpracticabilityorfrustrationofpurposeexistsatthetimethecontractwasmade,nodutytoperformariseswhere:

47

1）thepartyraisingtheexcuse,withoutfault,hadnoreasontoknowofthefactsgivingrisetotheimpracticabilityorfrustration;and47

2）thenon-existenceofsuchfactsisabasicassumptiononwhichthecontractwasmade.[Restatement§266]47

§12.05TemporaryImpracticabilityandFrustration47

§17.02Rescission68

[3]Consideration68

§17.05Novation69

§17.06AccountStated69

§17.07ReleaseofaCo-obligor69

[5]RightsEmbodiedinaTangibleItem71

[6]RevocationofAssignments71

[7]ModificationofContractFollowingAssignment71

[9]MultipleAssignmentsoftheSameRight72

§18.02DelegationofDuties73

[3]LiabilityofDelegatee74

[4]DelegationClauses74

§18.03InterpretationofAssignmentClauses74

Unlesscircumstancesindicateotherwise,acontracttermprohibiting"assignmentofthecontract"barsonlythedelegationofperformanceofadutyorconditionbytheassignortoanassignee.Acontracttermprovidingfor"assignmentofthecontract"or"allofmyrightsunderthecontract"orothersimilartermsencompassesbothanassignmentofrightsanddelegationofunperformeddutiesunderthecontract.[Restatement§§322

（1）,328

（1）;UCC§2-210（3）,（4）]74

§19.01ThirdParty'sRightofEnforcement75

§19.02FromWhomThirdPartyMaySeekEnforcement75

§19.03VestingofThirdParty'sRights75

§19.04DefensesAgainsttheThirdPartyBeneficiary76

LexisNexisCapsuleSummary

Contracts

Chapter1

SOURCESANDDEFINITIONSOFCONTRACTLAW

§1.01WhatisaContract?

Acontractisformedinanytransactioninwhichoneorbothpartiesmakealegallyenforceablepromise.Apromiseisacommitmentorundertakingthatagiveneventwillorwillnotoccurinthefutureandmaybeexpressorimpliedfromconductorlanguageandconduct.Apromiseislegallyenforceablewhereit:

∙wasmadeaspartofabargainforvalidconsideration;

∙reasonablyinducedthepromiseetorelyonthepromisetohisdetriment;or

∙isdeemedenforceablebyastatutedespitethelackofconsideration.

§1.02TypesofContracts

Contractmaybeofthefollowingtypes:

1）Express–anagreementmanifestedbywords

2）Implied-in-fact–anagreementmanifestedbyconduct

3）Implied-in-law（"quasi-contract"）–notatruecontractbutanobligationimposedbyacourtdespitetheabsenceofapromiseinordertoavoidaninjustice

§1.03SourcesofContractLaw

1）CommonLaw–inmostjurisdictions,contractlawisnotcodified,andthustheprimarysourceofgeneralcontractlawiscaselaw.

2）Restatement–writtenbytheAmericanLawInstitutetoprovideguidancetothebenchandbar,theRestatementofContracts（currentlyinthesecondedition）hasnolegalforcebutneverthelessprovideshighlypersuasiveauthority.

3）UniformCommercialCode（UCC）–createdundertheauspicesoftheAmericanLawInstituteandtheNationalConferenceofCommissionersonUniformStateLaws,hasbeenadoptedbyeverystateexceptLouisiana.ProposedrevisionstoArticle2,governingcontractsforthesaleofgoods,havebeenfinalizedandpresentedtothestatesforenactment.

4）UnitedNationsConventiononContractsfortheInternationalSaleofGoods（CISG）–ratifiedbymanyoftheleadingtradingnationsincludingtheUnitedStatesandChina（butnottheUnitedKingdomandJapan）,itgovernsmanytransactionsforthesaleofgoodsbetweenpartieswithplacesofbusinessindifferentnations.

5）UNIDROITPrinciplesofInternationalCommercialContracts–non-bindingauthoritativetextsimilartotheRestatement.

6）UniformComputerTransactionsAct（UCITA）–addressesissuesarisingoutofcomputerlicensingbuthasonlybeenenactedinVirginiaandMaryland.

7）UniformElectronicTransactionsAct（UETA）–adoptedbymoststates,thisactdoesnotaffectbasiccontractdoctrinebutgovernstheuseofelectroniccommunications.Itappliesto"transactions,"definedas"theconductofbusiness,commercialorgovernmentalaffairs."Thus,itdoesnotgoverncontractssuchasthosebetweenfamilyme