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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.
The Restatements of the Law is one of the most respected and well-used sources of secondary authority, covering nearly every area of common law. While considered secondary authority (compare to primary authority), the authoritativeness of the Restatements of the Law is evidenced by their acceptance by courts throughout the United States.
The Restatement (Second) of Contracts states that the elements of consideration are as follows: 1. A performance or a return promise must be bargained for. 2. A performance or return promise is bargained for if it is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise. 3.
The pre-existing duty rule has been abrogated under the Restatement, Second of Contracts § 89, which does not require independent consideration if the parties mutually and voluntarily agree to the modification (see Angel v. Murray for an early application of the Restatement). [25]
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 ...
Restatement of Contracts, Second, completed by the American Law Institute in 1979; Restatement of Policy on Germany, a famous speech by James F. Byrnes, then United States Secretary of State, held in Stuttgart on September 6, 1946