Contracts Outline

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MODIFICATIONS A modification is a new contract and requires consideration, in most cases. o General Principle Pre-existing duty is not valid consideration 83, 273, 278 (sub. Performance) 281 (accord and satisfaction) UCC 1-308

MISTAKE - a belief that is not in accord with the facts must relate to fact existent at time of K o can not be prediction as to future occurrence or nonoccurrence 152-54 o Bilateral v. unilateral mistakes Release- is binding on the parties thereto, unless executed under fraud, duress, or mutual mistake.

PUBLIC

POLICY Doctrine in this area are contingent on context. 178-179 Restrain of Trade 185-88 o Reasonable restraints allowed, not unreasonable restraints Reasonable if: Is no greater than required for protection of employer, Does not impose undue hardship on employee, Not injurious to the public.

UNCONSCIONABILITY

O TO FIND UNCONSCIONABLITY Must be substantive unconscionable, what is in the K , Is is unreasonably un fair to one party, Must also be procedurally unconscionable, what happened before the creation of K. surprise terms, fine print. Ect. -Tennessee defines a contract of adhesion as a standardized contract form offered to consumers of goods and services on essentially a take it or leave it basis, without affording the consumer a realistic opportunity to bargain and under such conditions that the consumer cannot obtain the desired product or service except by acquiescing to the form of the contract. Cooper v. MRM Inv. Co., 367 F.3d 493, 499 (6th Cir. 2004)

11/14/2011 9:33:00 AM

11/14/2011 9:33:00 AM