BLAW 2013 Lecture Notes - Lecture 11: Meeting Of The Minds, Oral Contract, Uniform Commercial Code
21 Mar 2017
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An agreement that a court is willing to enforce. Offer & acceptance: one party must offer & the other must accept: mutual assent (agreement): parties must agree on terms of contract & manifest to each other. *not necessarily have to be written: consideration. Any promise must supported by legally suf cient & bargained-for consideration. Something of value received/ promised to convince making deal (money: capacity (to understand contract) Must possess characteristics qualifying as competent parties: legality. Goal must be legal & not against public policy. Under 18= able to cancel contract anytime they want. Sources of contract law: common law of contracts, restatement of contracts. = law nder (not the law itself: uniform commercial code (ucc) Every state adapts the code (all follow the same law) => easier to do business across states. Types of contracts: bilateral contract. Offer= accept simply by promising to perform. Avoid the failure of performance (e. g. fail to make payment: unilateral contract.
