UNIVERSITY OF TRIER
International Legal Studies – Semester II
Helen Campbell, Lecturer
Meeting #3
Contracts
a.
b.
c.
d.
e.
f.
g.
I.
Contracts in General
Definition
Freedom of contract
Private law
Void, voidable, unconscionable
Sources of contract law
Express and Implied contracts
Bilateral/Unilateral contracts
a.
b.
c.
d.
e.
f.
II.
Offer
Made in jest
Distinguished from expression of opinion
Preliminary negotiations distinguished from offers
Price quotations distinguished from offers
Advertisements
Invitations to bid
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
III.
Acceptance
Bilateral, unilateral contracts
Unequivocal (“Mirror Image”)
By oral agreement, conduct
Duration
Lapse of time
Revocation
Death or incapacity of offeror/offeree
Supervening illegality
Irrevocable offers—part performance or detrimental reliance
Problems—Genuineness of Assent (“Meeting of the Minds”)
a. Mistake—unilateral and bilateral
b. Fraud, misrepresentation
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c. Duress
d. Undue influence
IV.
Indefiniteness
a. In general
b. Necessary terms
c. Where court will supply missing terms
V.
Consideration
a. Mutual benefits/ mutual sacrifices (“detriment”)
b. Bargaining
c. Problems—past consideration, pre-existing duty
d. Promises binding without consideration—promises to pay past debts,
promissory estoppel
VI.
Capacity
a. Defined
b. Minors
c. Mental incompetents
d. Parties under the influence of substances
VII. Legality
a. Defined
b. Types of illegal contracts
a. Gambling
b. Usury
c. Covenants not to compete
d. Exculpatory clauses
e. Unlicensed transactions
f. Contrary to public policy
g. Unconscionable contracts
VIII. Statute of Frauds
a. Defined
b. Types of contracts—land, novations, pre-nuptials, contracts requiring
more than a year to complete
IX.
Parole Evidence Rule
a. Defined
b. Purpose
X.
Conditions and Breach
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a. Classification of conditions—precedent, concurrent, subsequent (when
does breach occur?)
b. Breach defined
c. Substantial Performance
d. Anticipatory Repudiation
e. Impossibility
f. Impracticability
g. Frustration of Purpose
a.
b.
c.
d.
e.
XI.
Discharge of Contracts
Rescission
Accord and Satisfaction
Substituted agreement
Novation
Release and Covenant Not to Sue
IX. Remedies
a. Law and equity (“quasi contract”)
b. Equitable remedies—restitution and specific performance (note: personal
service contracts)
c. Remedies at law (“damages”)
1. Nominative
2. Compensatory
3. Quantum Meruit
4. Mitigation of damages
5. Punitive
6. Liquidated
X. Assignment and Delegation
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