LAW 805 Lecture Notes - Lecture 6: Liquidated Damages, Usury, Uniform Commercial Code

• School: University of Kentucky
• Department: Law
• Course: LAW 805
• Professor: Mary Davis

Document Summary

A contract is a promise for the breach of which the law provides a remedy. Sources of contract law: the common law generally governs all contracts, contracts for the sale and lease of goods are governed by the uniform commercial code (ucc). Shrink-wrap agreement is the terms expressed in a package you receive. Consideration- o(cid:373)ethi(cid:374)g of (cid:448)alue (cid:373)ust (cid:271)e (cid:396)e(cid:272)ei(cid:448)ed o(cid:396) p(cid:396)o(cid:373)ised. You are legally obligated to provide for your minors. Duh. : agreements that lack consideration- p(cid:396)ee(cid:454)isti(cid:374)g duties (cid:894)i (cid:272)a(cid:374)"t (cid:373)ake a (cid:374)e(cid:449) (cid:272)o(cid:374)t(cid:396)a(cid:272)t (cid:272)o(cid:374)(cid:272)e(cid:396)(cid:374)i(cid:374)g a previous contract. He(cid:455) i k(cid:374)o(cid:449) i said i"d do this fo(cid:396) 5(cid:1004) dolla(cid:396)s (cid:271)ut (cid:374)o(cid:449) i"(cid:373) half(cid:449)a(cid:455) do(cid:374)e a(cid:374)d i"(cid:448)e de(cid:272)ided i"(cid:373) (cid:374)ot goi(cid:374)g to do this u(cid:374)less (cid:455)ou pa(cid:455) (cid:373)e (cid:1005)(cid:1004)(cid:1004) dolla(cid:396)s(cid:895). Past co(cid:374)side(cid:396)atio(cid:374) (covenants not to compete must has something offered in return, like a raise. ) (bargaining for events that have already occurred.