Please enable JavaScript.
Coggle requires JavaScript to display documents.
Contracts - Coggle Diagram
Contracts
Step 2: Formation
-
-
-
No Defenses
-
-
Lack of capacity (under 18, mentally incompetent, intoxicated, if the other party has reason to know)
-
-
-
-
-
Third Parties
Delegation of Assignment: When a third party agrees to satisfy a performance obligation owed by one of the parties to a contract.
-
Beneficiary: Intended Beneficiaries: may enforce contract against a breaching promisor
Incidental Beneficiaries: Has no standing to enforce the contract:
Step 5: Remedies
Specific Performance: remedy available only when a monetary award would be inadequate to grant relief to the aggrieved party (for unique objects).
Equitable Remedies: specific performance, restitution, unjust enrichment, and negative injunctive relief
Common Law: Monetary damages range from expectation damages, reliance damages, and restitution to liquidated damages.
UCC: Seller's remedies depend on whether the goods have been delivered.
Step 4: Performance
Performance is also discharged if performance is illegal, impossible, impractical, frustrated, or rescinded
-
Duty to perform according to the contract is discharged by performance, by tender of performance, and by a completed condition subsequent
-
Step 3: Interpretation
Parol Evidence Rule
Integration: whether the parties intended written contract to be the final discussion as to specific terms.
Merger Clause: states words to the effect that the writing is the complete and entire agreement of the parties.
Whether meaning of document can be determined by negotiations of parties prior to the written contract
-