Editing Contracts/Outline
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===Reliance / Estoppel=== | ===Reliance / Estoppel=== | ||
*(exception to the Consideration ) | *(exception to the Consideration ) | ||
* Restatement § 90(1) ( | * Restatement § 90(1) (Promissory Esopptel) | ||
** A '''promise''' that should | ** A '''promise''' that should | ||
** Reasonably expect to '''induce action or forbearance''' on the part of promisee or a third party | ** Reasonably expect to '''induce action or forbearance''' on the part of promisee or a third party | ||
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*** Reliance does not fit in with Consideration | *** Reliance does not fit in with Consideration | ||
****use Estoppel in Pais (Stop a Fact) to include Promissory | ****use Estoppel in Pais (Stop a Fact) to include Promissory | ||
** Rule: | ** Rule: Promissory estoppel applies when a promise is made and the promissee relied on the promise and took action, based on the promise, which reliance and action were reasonably foreseeable by promisor | ||
*** Case: [[Feinberg v. Pfeiffer Co.]] | *** Case: [[Feinberg v. Pfeiffer Co.]] | ||
* Reliance | * Reliance | ||
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**#*Out of Pocket Costs: Net cost incurred in reliance less the value produced that may be realized after breach. | **#*Out of Pocket Costs: Net cost incurred in reliance less the value produced that may be realized after breach. | ||
**NOTE : Although courts prefer the reliance measure, there is no fixed measurement of damages to apply to every case, rather damages should be tailored to fit the facts, and should only be what justice requires. | **NOTE : Although courts prefer the reliance measure, there is no fixed measurement of damages to apply to every case, rather damages should be tailored to fit the facts, and should only be what justice requires. | ||
==ELEMENT OF A BARGAIN== | ==ELEMENT OF A BARGAIN== | ||
===Introduction=== | ===Introduction=== |