Contract Overview

Question 1

What is the contract life cycle?

Answer 1

Formation-
offer, acceptance, consideration, statute of frauds

Finding Terms- ambiguity, interpretation, parole evidence, modification

Performance- material breach, substantial performance, cure, repudiation, partial breach, total breach

Defenses-
capacity-based, fact-based, assent-based, circumstance-based, policy-based

Remedies-
equitable relief, specific performance, monetary damages, evidentiary limitations

Question 2

How do I deal with a contract problem?

Answer 2

GO BIG DRE3

G- Governing law
O- Objective manifestation of assent
B- Bargain for exchange
I- Interpretation of terms
G-Gripe / Breach performance
D-Defenses
R-Remedies
3- Third Party issues

Question 3

What are the six primary purposes of contract law

Answer 3

1. Private Intent/autonomy
2. Economic Efficiency
3. Channeling
4. Cautionary
5. Evidentiary
6. Expectation/ Reliance

Question 4

What are the Formal and Functional purposes of Contract Law?

Answer 4

“Formal purposes”
Evidentiary
Cautionary
Channeling
*** Formal purposes tend to be less concerned with how the rule applies in any given circumstance. Formal purposes prioritize systemic interest.

“Functional purposes”
Private intent & autonomy
Expectation & Reliance
Economic Efficiency & preventing Unjust Enrichment
***Functional purposes tended to be more concerned with the immediate result in a contract.