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BLAW CH. 8 Notes

by: Lexie Barclay


Marketplace > University of Arkansas > BLAW > BLAW CH 8 Notes
Lexie Barclay

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About this Document

Finishing up Contract Law
Business Law
John Norwod
Class Notes
25 ?




Popular in Business Law

Popular in Department

This 2 page Class Notes was uploaded by Lexie Barclay on Monday October 10, 2016. The Class Notes belongs to BLAW at University of Arkansas taught by John Norwod in Fall 2016. Since its upload, it has received 4 views.


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Date Created: 10/10/16
BLAW, CH. 8 Voluntary Consent→ ​major part of ● Mistake→ not a defense if it’s just one pa​ oth​ parties, contract is ​void ● Fraud→ ​deliberate​ misstatement of the material fact (more info in book) ● Misrepresentation→ ​accidental​ misstatement of material fact ● Undue Influence→ amicable relationship influences ● duress→ a threat influences to enter into contract ● Adhesion→ *CH. 7 Notes* Conditions ● “Condition Precedent”→ unless something happens, contract is voided Discharged ● Substantial Performance Doctrine→​ ust still be paid​ for work if it is reasonably deviated from standard (usually associated with construction contracts) ● Satisfaction Doctrine ● Discharge by Breach of Other Party ● Participatory Breach ● Time for Performance→ slightly tardy performance is usually okay unless time is “of the essence” ● Discharge by Agreement of Operation of Law ○ Operation of Law ■ bankruptcy→ federal law allows this to void contracts ■ impossibility/Impracticality ■ Illegality Remedies ● Compensatory damages (including “incidental damages”)→ dollar amount to make victim whole again ● Consequential Damages→ Smith vs. Russ (read on Blackboard) fayetteville ● Mitigation Doctrine→ make damages as small ● Punitive Damages (not allowed in breach of contract cases) ● Non-Pecuniary (economic) damages→ to make up for pain/suffering, not economic loss Courts will normally only award ​damages​ to economic losses. Liquidated Damages→ ​when two parties promise that they will follow through with contract, and if the don’t they pay these ​“liquidated damag​ hat the two parties pre-discussed and agreed on→ o​ nly enforceable if reasonable Equitable Remedies​ (no $$$ involved) ​ ● Injunctio​ ​ don’t do something ● Specific Performance→​ an order to do something Attorney’s Fees ● Each party pays their own attorney fees BUT it is common for contract to state that party found at fault has to pay other side’s attorney fees 1. C 2. D 3. C 4. E 5. C


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