Restatements Of Contracts

Front 1

R2KS 14 INFANCY Default Rule

Back 1

Unless a statute provides otherwise, a natural person has the capacity to incur only voidable contractual duties until the beginning of the day before the person's eighteenth birthday.

Front 2

R2KS 15 Mental Illness of Defect

Back 2

(1) A person incurs only voidable contractual duties by entering into a transaction if by reason of mental illness or defect(a) he is unable to understand in a reasonable manner the nature and consequences of the transaction, or(b) he is unable to act in a reasonable manner in relation to the transaction and the other party has reason to know of his condition.

Front 3

R2kS 24 Offer Defined

Back 3

An offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.

Front 4

R2KS 63 Time when Acceptance Takes Effect

Back 4

Unless the offer provides otherwise,(a) an acceptance made in a manner and by a medium invited by an offer is operative and completes the manifestation of mutual assent as soon as put out of the offeree's possession, without regard to whether it ever reaches the offeror

Front 5

R2KS 71 Requirement of Exchange (Consideration)

Back 5

1) To constitute consideration, a performance or a return promise must be bargained for.(2) A performance or return promise is bargained for if it is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise.(3) The performance may consist of(a) an act other than a promise, or(b) a forbearance, or(c) the creation, modification, or destruction of a legal relation.

Front 6

R2KS 42 Revocation By Communication From Offeror Received By Offeree

Back 6

An offeree's power of acceptance is terminated when the offeree receives from the offeror a manifestation of an intention not to enter into the proposed contract.

Front 7

R2KS 43 Indirect Communication or Revocation

Back 7

An offeree's power of acceptance is terminated when the offeror takes definite action inconsistent with an intention to enter into the proposed contract and the offeree acquires reliable information to that effect.

Front 8

R2KS 90 Reliance

Back 8

Promissory Estoppel: 1. Promise 2. Reasonably relied upon 3. Actual Reliance 4. Damages for injustice

Front 9

R2KS 77 Illusory Promise

Back 9

A promise or apparent promise is not consideration if by its terms the promisor or the purported promisor reserves a choice of alternative performances

Front 10

R2KS 175 DURESS

Back 10

If a party's manifestation of assent is induced by an improper threat by the other party that leaves the victim no reasonable alternative, the contract is voidable by the victim.

Front 11

R2KS 20 Effect of Misunderstanding

Back 11

There is no manifestation of mutual assent to exchange if the parties attach materially different meanings to their manifestations

Front 12

R2K2 30 Acceptance

Back 12

An offer may invite or require acceptance to be made by an affirmative answer in words, or by performing or refraining from performing a specified act, or may empower the offeree to make a selection of terms in his acceptance.

Front 13

R2KS 56 Necessity of Notification for Acceptance

Back 13

It is essential to an acceptance by promise either that the offeree exercise reasonable diligence to notify the offeror of acceptance or that the offeror receive the acceptance seasonably.

Front 14

R2KS 159 Misrepresentation Defined

R2Ks 162

Back 14

A misrepresentation is an assertion that is not in accord with the facts.

A misrepresentation is fraudulent if the maker intends his assertion to induce a party to manifest his assent and the make

Front 15

R2KS 177 Undue Influence

Back 15

unfair persuasion of a party who is under the domination of the person exercising the persuasion or who by virtue of the relation between them is justified in assuming that that person will not act in a manner inconsistent with his welfare.

Front 16

R2KS 201 Whose Meaning Prevails

Back 16

Where the parties have attached the same meaning to a promise or agreement or a term thereof, it is interpreted in accordance with that meaning.

Front 17

R2KS 79 Adequacy of Consideration

Back 17

If the requirement of consideration is met, there is no additional requirement of (a) a gain, advantage, or benefit to the promisor or a loss, disadvantage, or detriment to the promisee

Front 18

R2KS 178 Unenforceable on Public Policy

Back 18

A promise or other term of an agreement is unenforceable on grounds of public policy if legislation provides what is unenforceable or the interest in its enforcement is clearly outweighed in the circumstances by a public policy against the enforcement of such terms

Front 19

R2KS 213 Parol Evidence Rule

Back 19

A binding integrated agreement discharges prior agreements to the extent that it is inconsistent with them

Front 20

R2KS 350 Availability as limitation on Damages

Back 20

damages are not recoverable for loss that the injured party could have avoided

Front 21

R2KS 351

Back 21

Damages are not recoverable for stuff breaching party could not foresee

Front 22

R2KS 352 Uncertainty as Limitation on Damages

Back 22

Damages are not recoverable for loss beyond an amount that the evidence permits to be established with reasonable certainty.

Front 23

R2KS 344 Purpose of Remedies

Back 23

(a) his "expectation interest," which is his interest in having the benefit of his bargain by being put in as good a position as he would have been in had the contract been performed,(b) his "reliance interest," which is his interest in being reimbursed for loss caused by reliance on the contract by being put in as good a position as he would have been in had the contract not been made, or(c) his "restitution interest," which is his interest in having restored to him any benefit that he has conferred on the other party.Comments:

Front 24

R2KS 45 Option K Created by Part Performance

Back 24

Where an offer invites an offeree to accept by rendering a performance and does not invite a promissory acceptance, an option contract is created when the offeree tenders or begins the invited performance or tenders a beginning of it.