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The Restatement (Second) of the Law of Contracts is a legal treatise from the second series of the Restatements of the Law, and seeks to inform judges and lawyers about general principles of contract common law. It is one of the best-recognized and frequently cited legal treatises [1] in all of American jurisprudence.
Restatement, Second, Contracts §§153-154; Speckel v Perkins; Mutual mistakes, shared assumptions. Restatement, Second, Contracts §§151-152 and 154; Sherwood v. Walker 66 Mich 568, 33 NW 919 (1887) Nester v Michigan Land & Iron Co; Griffith v Brymer; Wood v Boynton; Firestone & Parson, Inc v Union League of Philadelphia; Everett v Estate of ...
An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract. Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87(1).
When there is a material mistake about a material aspect of the contract, the essential purpose of the contract, there is the question of the assumption of the risk. This risk may be determined contractually or according to custom. In American law, the Restatement (Second) of Contracts Sec. 154 deals with this scenario.
Most states have adopted the UCC, which governs transactions in goods. Contracts for services or land, for example, would not be governed by the UCC. The second Restatement of Contracts also provides that when parties have not agreed to an essential term, "a term which is reasonable in the circumstances is supplied by the court." However, it ...
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Angel v. Murray, 113 R.I. 482, 322 A.2d 630 (1974), was a case decided by the Rhode Island Supreme Court that first accepted the rule articulated in the Uniform Commercial Code §2-209(1) and the Restatement Second of Contracts §89(a) that the modification of a contract does not require its own consideration if the modification was made in good faith and was voluntarily accepted by both parties.
Restatement may refer to: Restatements of the Law , published by the American Law Institute as scholarly refinements of black letter law; these include: Restatement of Contracts, Second , completed by the American Law Institute in 1979
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