Equity Overview

Question 1

Contract

Answer 1

An OFFER was made

K cannot exist without consideration

Past consideration is not sufficient for enforceable contract

Question 2

Promissory Estoppel

Answer 2

Restatement 2d of Contracts § 90: Promise Reasonably Inducing Action or Forbearance

A claim under § 90 must satisfy all 4 elements:

1. A promise;
2. The Promisor reasonably expects to induce an action or forbearance by the Promisee as a result of the promise;
3. The Promisee actually relies on the promise to their detriment; AND
4. Injustice can only be avoided by enforcing the promise.

Question 3

Restitution

Answer 3

Restatement 2d of Contracts § 370-77
(Previously called Implied-at-law Contract or Quasi-Contract)

A legal fiction created by the Court in order to allow recovery for detrimental reliance and unjust enrichment outside of Contract law.

There is no contract, agreement, or promise but if the Court were not to step in, one party would bee unjustly enriched.

Aids a performing party in recovering damages from another party that was unjustly enriched because of the detriment incurred by the performing party.

Question 4

Promissory Restitution

Answer 4

A PROMISE was made AFTER the performance

A class of promises made in recognition of a benefit receive in the past with the absence of consideration