Zehmer - Study guides, Class notes & Summaries

BLAW Exam #3 Review Questions and Answers A theory under which the intent to form a contract will be judged by outward, objective facts (what the party said when entering into the contract, how the party acted or appeared, and the circumstances surrounding the transaction) as interpreted by a reasonable person, rather than by the party's own secret, subjective intentions. What is the objective theory of contracts? 1. agreement 2. consideration 3. contractual capacity 4. legality Wh...

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BLS 342 Lucy v. Zehmer Problem Presented: Lucy and Zehmer met while having drinks in a restaurant. During the course of their conversation, Lucy offered to buy Zehmer’s 450-acre farm for $50,000 cash. Although Zehmer claims that he thought the offer was made in jest, he wrote the following on the back of a pad: “We hereby agree to sell to Lucy the Ferguson Farm complete for $50,000, title satisfactory to buyer.” Zehmer then signed the writing and induced his wife Jane to do the sam...

BLS 342 Lucy v. Zehmer Problem Presented: Lucy and Zehmer met while having drinks in a restaurant. During the course of their conversation, Lucy offered to buy Zehmer’s 450-acre farm for $50,000 cash. Although Zehmer claims that he thought the offer was made in jest, he wrote the following on the back of a pad: “We hereby agree to sell to Lucy the Ferguson Farm complete for $50,000, title satisfactory to buyer.” Zehmer then signed the writing and induced his wife Jane to do the same. She c...

EXAM 2 CASES- EC410  Case Presentation 17: Bargain Theory--Hamer v. Sidway (1890) o “established that forbearance of legal rights (voluntarily abstaining from one's legal rights) on promises of future benefit made by other parties can constitute valid consideration (the element of exchange generally needed to establish a contract's enforceability in common lawsystems).” o Hamer sued Sidway (in charge of Story I’s estate) for $5000. Story II (son) was promised this money if he a...

Lucy v Zehmer IRAQ for Contract Law w/ helpful analysis to understand the case and apply it to the final exam/class Package includes 4 pages of; (1) Visual and Organized IRAQ of Lucy v Zehmer case about expectations damages. (2) Comparison of Plaintiff and Defendant's arguments and the Courts answer/holding. (3) Common Cold Call Questions with Answers - Be prepared to discuss it in class or helpful review to see if you know the case for the final! (4) The Key Takeaways from the case and its leg...

EC410 Exam 2 Study Guide  Bargain Theory: Hamer v. Sidway  Bargain Theory: Allegheny College v. Chautauqua National Bank  Contract Formation: Lucy v. Zehmer  Optimal Reliance: Hadley v. Baxendale  Optimal Reliance: Allied Canners & Packing v. Victor Packing Co.  Optimal Reliance & Promissory Estoppel: Pertz v. The Edward J. Corporation  Optimal Reliance & Promissory Estoppel : Hoffman v. Red Owl Stores  Gratuitous Promises: Cosgrove v. Bartolotta  Mistakes: A...

Basics of a Contract - ans - is a promise or set of promises enforced by the law Requirements of a contract (3 things) - ans - offer: manifestation of willingness to enter into a bargain - Acceptance: an unequivocal (leaving no doubt; unambiguous) assent (agreeing to something) to the terms - Consideration: bargained for exchange Two general remedies in contract law - ans 1. Monetary: the breaching party must pay a designated amount of money to the non-breaching party fo...