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  • Pa Contracts Bar

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    superxl2009
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    This document outlines key distinctions regarding Pennsylvania (PA) contract law, including: 1) Consideration substitutes such as promissory estoppel where a promise reasonably induces reliance and injustice would result without a remedy, and letters of intent where the signer intends to be legally bound without consideration. 2) Defenses such as economic duress cannot be used if the injured party has an immediate legal remedy. 3) The Statute of Frauds requires certain contracts to be in writing, such as those that cannot be completed within one year.

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    This document outlines key distinctions regarding Pennsylvania (PA) contract law, including: 1) Consideration substitutes such as promissory estoppel where a promise reasonably induces reliance and injustice would result without a remedy, and letters of intent where the signer intends to be legally bound without consideration. 2) Defenses such as economic duress cannot be used if the injured party has an immediate legal remedy. 3) The Statute of Frauds requires certain contracts to be in writing, such as those that cannot be completed within one year.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
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    49 views1 page

    Pa Contracts Bar

    Uploaded by

    superxl2009
    This document outlines key distinctions regarding Pennsylvania (PA) contract law, including: 1) Consideration substitutes such as promissory estoppel where a promise reasonably induces reliance and injustice would result without a remedy, and letters of intent where the signer intends to be legally bound without consideration. 2) Defenses such as economic duress cannot be used if the injured party has an immediate legal remedy. 3) The Statute of Frauds requires certain contracts to be in writing, such as those that cannot be completed within one year.

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    © All Rights Reserved
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    PA CONTRACTS DISTINCTIONS

    1) Consideration Substitutes
    a) Promissory Estoppel
    i) Promise
    ii) Reasonably expected to induce reliance
    iii) Reliance in act induced
    iv) Remedy limited as !ustice re"uires
    b) Promises in #ritin$ %&etters o Intent are Enorceable)
    i) Express 'ritten statement t(at si$ner intends to be le$ally bound
    ii) )alid and enorceable e*en or lac+ o considerations
    c) Promises under seal do not re"uire consideration %not applicable in ,CC cases)
    -) &ac+ o Capacity Deense
    a) Economic duress or business compulsion
    b) Economic loss as a result
    c) In!ured party (as an immediate le$al remedy to ma+e (er '(ole 'it(out *oidin$ t(e contract
    .) Statute o /rauds
    a) 0eneral Re"uirements
    i) #ritin$
    ii) Si$ned by t(e party to be c(ar$ed
    iii) Su1cient indication o terms
    iv) Terms are ascertainable 'it( certainty
    v) Intent of the party to be charged to be bound
    b) Perormance O*er One 2ear3 No 'ritin$ re"uired
    c) &eases o Real Property3 /or more than three years must be in 'ritin$
    d) ,nconscionability
    i) Si$nin$ party lac+s meanin$ul c(oice in acceptin$ t(e c(allen$ed contract or clause
    ii) C(allen$ed contract or clause must unreasonably favor t(e assertin$ party
    4) T(ird Party 5ene6ciaries
    a) Intended 5ene6ciary Test
    i) Intent o t(e parties and
    ii) Perormance satis6es promisee7s obli$ation to pay t(e bene6ciary or
    iii) Promisee intended to $i*e t(e bene6ciary t(e bene6t o t(e promised perormance
    b) )estin$ o Ri$(ts
    i) Immediately
    ii) Cannot be modi6ed unless expressly reser*ed in t(e contract
    iii) Party to t(e contract can assert all deenses a$ainst t(e bene6ciary
    8) /orum Selection Clauses
    a) 0eneral Rule3 )alid
    b) Exception3 unreasonable under t(e circumstances
    9) Conse"uential Dama$es
    a) /ailure to ac(ie*e special purpose o t(e contract
    b) ,nusual circumstances +no'n to t(e parties '(en contracted
    c) No reco*ery or emotional distress
    d) Can be limited or eliminated by contract pro*ision
    :) ,CC #arranties or T(ird Parties
    a) Natural person
    b) /amily; (ouse(old; or $uest
    c) Personal in!ury

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