General Intro | Contracts | Contract Definition, What is a Promise, Legal Enforceability

Summary

Professor Tracy introduces the concept of contracts through the lens of promises. She explains that a contract is a promise or set of promises recognized by law, enforceable through legal remedies. Key elements of a promise include a clear intention to act or refrain from acting, communicated outwardly to justify a promisee's understanding of commitment. The video distinguishes between contractual promises, which are part of an exchange and thus legally enforceable, and gratuitous promises, which lack legal enforcement unless fulfilled. This foundational lesson sets the stage for deeper exploration into contract law.

Takeaways

• 📚 A contract is legally defined as a promise or set of promises, enforceable by law when a breach occurs.
• 🗣️ The core of a contract is a 'promise', which is a commitment to perform or refrain from performing a specified action.
• 👤 The person making the promise is known as the 'promisor', and the person to whom the promise is made is the 'promisee'.
• 💡 A promise in law must be a clear intention to act or refrain from acting in a specified way, communicated to the promisee.
• 🗣️ For a promise to be legally recognized, it must be outwardly expressed, not just an internal thought.
• 🔍 The legal system uses three main tools to interpret promises: ordinary meaning of words, technical meaning where applicable, and surrounding circumstances.
• 💭 The intention to act or refrain from acting is crucial; a promise must be specific and not just a hope or general statement.
• 💬 Promises can be made verbally, in writing, or inferred from conduct, depending on the context and clarity of the commitment.
• 📜 Not all promises are legally enforceable; only 'contractual' promises, which are part of an exchange or have consideration, are typically enforceable by law.
• 🎓 A 'gratuitous' or 'naked' promise, made without expectation of something in return, is generally not legally enforceable unless other conditions are met.
• 🏛️ The script introduces an analytical framework for understanding contracts, starting with formation, moving through defenses, interpretation, breach, and remedies.

Q & A

What is the legal definition of a contract according to the script?

A contract is defined as a promise or a set of promises for which the law recognizes either a duty or provides a legal remedy in case of a breach, which is the failure to fulfill the promise.

What are the key elements to consider when determining if a statement is a legal promise?

The key elements include a manifestation of intention to act or refrain from acting in a specified way, made in a manner that would justify a promisee in understanding that a commitment has been made.

Who are the 'promisor' and 'promisee' in the context of a promise?

The 'promisor' is the person making the promise, while the 'promisee' is the person to whom the promise is made.

How can a promise be manifested according to the script?

A promise can be manifested through spoken or written words, or it can be inferred from conduct, depending on the surrounding circumstances.

What is the difference between a contractual promise and a gratuitous promise?

A contractual promise is part of an exchange, usually involving a return promise or performance, and is legally enforceable. A gratuitous promise, on the other hand, is not part of an exchange and is generally not legally enforceable.

What is 'consideration' in the context of contract law as discussed in the script?

Consideration is a return promise or performance given in exchange for a promise, which makes the promise contractual and legally enforceable.

How does the script explain the enforceability of a promise in a legal sense?

The script explains that not every promise is legally enforceable. A promise is enforceable if it is part of a contract, which typically involves an exchange and provides for legal remedies in case of breach.

What are the three interpretive tools used to determine if a promise is a commitment?

The three interpretive tools are: giving words their ordinary meaning, using technical meanings for specific terms, and considering all surrounding circumstances to understand the intention behind the promise.

What is an example of a gratuitous promise provided in the script?

An example of a gratuitous promise is when Bob says, 'I promise to take you to Disney World over winter break,' without expecting anything in return, making it a naked promise that is not legally enforceable.

How does the script suggest determining whether a promise is part of an exchange?

The script suggests that a promise is part of an exchange if there is a return promise or performance, which is indicative of a contractual relationship and makes the promise legally enforceable.