BUL-3310 Lecture Notes - Lecture 13: Consequential Damages, Rescission, Specific Performance
22 Oct 2017
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Document Summary
Contract defined: contract- involves a promise or several promises that are enforceable in court, the law recognizes a duty to perform as a result of the promises in the contract. Elements of a contract: four basic elements of a contract, an agreement, bargained-for consideration, legal capacity of the bargaining parties, a legal purpose. Sources of contract law: most contract law is judge-made case law, contract law varies significantly from state to state, ucc deals with the sales of goods, many specialized areas have legislative laws governing the contracts, unconscionable contracts. Introduction: bilateral and unilateral contracts, express and implied-in-fact contracts. Express & implied-in-fact contracts: express contract, where agreement is stated orally or in writing. Implied-in-fact: parties manifest their intent to be bound by contract by their conduct, one party expects to be paid and the other expects to pay, conduct must establish both expectations.
