|
Williams V. Walker-Thomas Furniture Co.
''Williams v. Walker-Thomas Furniture Co.'', 350 F.2d 445 (D.C. Cir. 1965), was a court opinion, written by Judge J. Skelly Wright, that had a definitive discussion of unconscionability as a defense to enforcement of contracts in American contract law. As a staple of first-year law school contract law courses, it has been briefed extensively. It flows from interpretation of the Uniform Commercial Code § 2-302 (1954) and is relevant for the Restatement (Second) of Contracts § 208. Facts The case involved Walker-Thomas Furniture Company (Washington, D.C. at 7th St. & L St. NW) extending credit to Williams for a series of furniture purchases made between 1957 and 1962. Williams had been paying monthly installments for several years, before finally defaulting on a payment after purchasing a stereo. The contract that Williams had signed with Walker-Thomas stipulated that the purchaser cannot own any item until their entire balance has been paid off. When Williams defaulted on the c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Court Of Appeals For The District Of Columbia Circuit
The United States Court of Appeals for the District of Columbia Circuit (in case citations, D.C. Cir.) is one of the thirteen United States Courts of Appeals. It has the smallest geographical jurisdiction of any of the U.S. federal appellate courts, and covers only one district court: the U.S. District Court for the District of Columbia. It meets at the E. Barrett Prettyman United States Courthouse, near Judiciary Square, Washington, D.C. The D.C. Circuit's prominence and prestige among American federal courts is second only to the U.S. Supreme Court because its geographic jurisdiction contains the U.S. Capitol and the headquarters of many of the U.S. federal government's executive departments and government agencies, and therefore it is the main federal appellate court for many issues of American administrative law and constitutional law. Four of the current nine justices on the Supreme Court were previously judges on the D.C. Circuit including Chief Justice John Roberts, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Restatement (Second) Of Contracts
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 treatisesAcceptable citation format under the Bluebook: "Restatement (Second) of Contracts § ___ (1981)." The Bluebook: A Uniform System of Citation § 12.8.5 (Columbia Law Review Ass'n et al. eds., 17th ed. 2000) in all of American jurisprudence. Every first-year law student in the United States is exposed to it, and it is a frequently cited non-binding authority in all of U.S. common law in the areas of contracts and commercial transactions. It is a work without peer in terms of overall influence and recognition among the bar and bench, with the possible exception of the Restatement of Torts. The American Law Institute began work on the second edition in 1962 and completed it in 1979; the version in use at present ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lloyds Bank Ltd V Bundy
is a landmark case in English contract law, on undue influence. It is remarkable for the judgment of Lord Denning MR who advanced that English law should adopt the approach developing in some American jurisdictionsFor America, see the case, ''Williams v. Walker-Thomas Furniture Co.'', 350 F.2d 445 (D.C. Cir. 1965). that all impairments of autonomy could be collected under a single principle of "inequality of bargaining power." Facts Herbert James Bundy (Mr. Bundy) was a farmer. His son, Michael, owned a business that was in financial trouble. Mr. Bundy had already guaranteed the business with a £7,500 charge over his only asset, his farmhouse, to Lloyds Bank.McKendrick (2007) p.367. The asset was the farmhouse at Yew Tree Farm, Broadchalke, Wiltshire. Michael's company got into further financial difficulty. Mr. Bundy then increased his exposure to £11,000 after the assistant manager of Lloyds failed to notify him of the company's true financial condition. Lloyds foreclosed on t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Modern Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and beh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Case Study
A case study is an in-depth, detailed examination of a particular case (or cases) within a real-world context. For example, case studies in medicine may focus on an individual patient or ailment; case studies in business might cover a particular firm's strategy or a broader market; similarly, case studies in politics can range from a narrow happening over time (e.g., a specific political campaign) to an enormous undertaking (e.g., a world war). Generally, a case study can highlight nearly any individual, group, organization, event, belief system, or action. A case study does not necessarily have to be one observation ( N=1), but may include many observations (one or multiple individuals and entities across multiple time periods, all within the same case study). Research projects involving numerous cases are frequently called cross-case research, whereas a study of a single case is called within-case research. Case study research has been extensively practiced in both the social and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consent
Consent occurs when one person voluntarily agrees to the proposal or desires of another. It is a term of common speech, with specific definitions as used in such fields as the law, medicine, research, and sexual relationships. Consent as understood in specific contexts may differ from its everyday meaning. For example, a person with a mental disorder, a low mental age, or under the legal age of sexual consent may willingly engage in a sexual act that still fails to meet the legal threshold for consent as defined by applicable law. United Nations agencies and initiatives in sex education programs believe that teaching the topic of consent as part of a comprehensive sexuality education is beneficial. Types of consent include implied consent, express consent, informed consent and unanimous consent. Types * An expression of consent is one that is unmistakably stated, rather than implied. It may be given in writing, by speech (orally), or non-verbally, e.g. by a clear gesture ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inequality Of Bargaining Power
Inequality of bargaining power in law, economics and social sciences refers to a situation where one party to a bargain, contract or agreement, has more and better alternatives than the other party. This results in one party having greater power than the other to choose not to take the deal and makes it more likely that this party will gain more favourable terms and grant them more negotiating power (as they are in a better position to reject the deal). Inequality of bargaining power is generally thought to undermine the freedom of contract, resulting in a disproportionate level of freedom between parties, and that it represents a place at which markets fail. Where bargaining power is persistently unequal, the concept of inequality of bargaining power serves as a justification for the implication of mandatory terms into contracts by law, or the non-enforcement of a contract by the courts. Historical development The concept of inequality of bargaining power was long recognised, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Commercial Code
The Uniform Commercial Code (UCC), first published in 1952, is one of a number of Uniform Acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States. While largely successful at achieving this ambitious goal, some U.S. jurisdictions (e.g., Louisiana and Puerto Rico) have not adopted all of the articles contained in the UCC, while other U.S. jurisdictions (e.g., American Samoa) have not adopted any articles in the UCC. Also, adoption of the UCC often varies from one U.S. jurisdiction to another. Sometimes this variation is due to alternative language found in the official UCC itself. At other times, adoption of revisions to the official UCC contributes to further variation. Additionally, some jurisdictions deviate from the official UCC by tailoring the language to meet their unique needs and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unconscionability
Unconscionability (sometimes known as unconscionable dealing/conduct in Australia) is a doctrine in contract law that describes terms that are so extremely unjust, or overwhelmingly one-sided in favor of the party who has the superior bargaining power, that they are contrary to good conscience. Typically, an ''unconscionable'' contract is held to be unenforceable because no reasonable or informed person would otherwise agree to it. The perpetrator of the conduct is not allowed to benefit, because the consideration offered is lacking, or is so obviously inadequate, that to enforce the contract would be unfair to the party seeking to escape the contract. Overview Unconscionability is determined by examining the circumstances of the parties when the contract was made, such as their bargaining power, age, and mental capacity. Other issues might include lack of choice, superior knowledge, and other obligations or circumstances surrounding the bargaining process. Unconscionable condu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law School
A law school (also known as a law centre or college of law) is an institution specializing in legal education, usually involved as part of a process for becoming a lawyer within a given jurisdiction. Law degrees Argentina In Argentina, lawyers-to-be need to obtain an undergraduate degree in law in order to practice the profession, as opposed to the US system in which a law degree is not obtained until successfully completing a postgraduate program. In spite of that, it is customary to call Argentine lawyers 'doctors,' although the vast majority of them do not hold a Juris Doctor degree. The reason lies in that the career was originally called 'Doctorate in Laws' (''Doctorado en Leyes''), which was an undergraduate degree. There were no graduate studies available in the country at the time of its creation, and they would be instituted only in 1949. After the university reform of 1918 the career was renamed ' Attorney'. It is 5–6 years long, some universities also offeri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
