Tag Archive
Contracts; Mistake
Restatement of Contracts 2d §151 defines mistake as "a belief that is not in accord with the facts." Mistakes are separated into four basic categories: Unilateral Mistakes (Mechanical Errors), Mistakes in Transcription; Reformation, Mutual Mistake (Shared Mistaken Assumptions or Common Mistake), and Nondisclosure. »
Contract Law: Consideration
For a contract to be valid and enforceable, there must be consideration. “A valuable consideration, in the sense of the law, may consist either in some right, interest, profit, or benefit accruing to the one party or some forbearance, detriment, loss, or responsibility given, suffered or undertaken by the courts. Courts will not ask... »
Contract Law: Acceptance of an Offer
Acceptance of an offer is a manifestation of assent to the terms made by the offeror in a manner invited or required by the offer. An offer can only be accepted by the offeree to whom the offer was made. Acceptance by performance requires partial performance by the offeree, preparations for acceptance alone are... »
Contract Law: Efficient Breach
Efficient breach theory holds that a party should be allowed to breach a contract and pay damages if breach would be more economically efficient than performance. This theory stems from the law-and-economics movement. Black’s Law Dictionary 9th Ed. The most well known analysis of the theory of efficient breach is in Richard Posner’s book,... »
Contract Law: Modification of an Offer
An offeror may modify the offer at anytime before acceptance. »
Contract Law: Revocation of an Offer
Offers can only be revoked by an offeror. An offer is nothing more than an informal agreement and, as such, is binding as a bargain only if supported by consideration »
Contract Law: Mailbox Rule
The traditional rule surrounding the before mentioned modes of communication is that a communication is effective when received. »
Contract Law: Counter-Offer
Why are counter-offers so important? Offer & Acceptance preclude the formation of an enforceable contract. Often times the parties will want to change one or more of the terms in a contract by way of a counter-offer. »
Contract Law: Certainty
damages may not be merely speculative, possible or imaginary, but must be reasonably certain and directly traceable to the breach, not remote or the result of other intervening causes. »
Contract Law: Mitigation of Damages
A plaintiff cannot hold a defendant liable for damages which need not have been incurred; or, as it is often stated, the plaintiff must, so far as he can without loss to himself, mitigate the damages caused by the defendant's wrongful act. »