Restatement 2D of Contracts

Restatement 2d of Contracts: An Overview

The Restatement Second of Contracts, often abbreviated as “Restatement 2d,” is a set of legal principles governing contract law in the United States. Written by the American Law Institute (ALI), it is considered a leading authority on the subject, and is widely cited in legal cases across the country.

The Restatement 2d of contracts was first published in 1979, and is an updated version of the original Restatement of Contracts published in 1932. While the first Restatement provided a foundational framework for contract law, the Restatement 2d is more detailed and nuanced in its exploration of the subject.

One of the key contributions of Restatement 2d is its focus on the idea of “promissory estoppel.” This principle holds that if one party makes a promise to another, and that promise is relied on by the second party to their detriment, then the first party can be held legally responsible for the harm caused by their broken promise.

Another major feature of Restatement 2d is its treatment of “unconscionability,” which refers to contracts that are so one-sided as to be unfair or oppressive. The Restatement establishes a framework for determining when a contract is unconscionable, and provides remedies for such situations.

Restatement 2d also addresses numerous other aspects of contract law, including the formation of contracts, breach of contract, and damages. It is widely used in legal practice as a reference guide, and has been cited in many landmark cases.

Overall, Restatement 2d of Contracts provides a comprehensive and sophisticated framework for understanding contract law in the United States. Whether studying law, practicing law or just curious about contract law, Restatement 2d is a must-read for anyone interested in the subject.