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ANGLO-AMERICAN

CONTRACTS LAW

英 美 契 约

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OVERVIEW

Introduction Creation of contract Breach of contract Remedies Third parties

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INTRODUCTION

What is a contract? Contract = agreement + enforceable by court Contract = promise(s) + remedy

Governing law:

Contract

Article 2 UCC (sale of goods)Common law

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INTRODUCTION

Types of contracts

express (words)

implied (conduct)

quasi-contract (equitable remedy)

unilateral (promise + performance)

bilateral (promise + promise)

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INTRODUCTION

Validity:

valid

unenforceable

voidable

invalid / void

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CREATION OF CONTRACT

3.MUTUAL ASSENT

1. OFFER 2. ACCEPTANCE

4. CONSIDERATION

5. NO DEFENSE

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BREACH

BREACH

minor material

not discharge counterperformance

Discharge counterperformance

discharge counterperformanceall remedies

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REMEDIES

REMEDIES

DAMAGES PERFORMANCETORT

QUASI-CONTRACTRESCISSIONRESTITUTION

UCC REMEDIES

seller’s remedies buyer’s remedies

withold/stop deliveryresell + recover difference

recovercancel

specific performancecover + recover

recovercancel

cover

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THIRD PARTY BENEFICARY

THIRD PARTY BENEFICIARYASSIGNMENT OF RIGHTSDELEGATION OF DUTIES