BLE-214 Chapter Notes - Chapter 13: Uniform Commercial Code, Executory Contract, A Void
Document Summary
Restatement of contracts defines a contract as (cid:862)a pro(cid:373)ise or set of pro(cid:373)ises for (cid:271)rea(cid:272)h of which the law gives a remedy or the performance of which the law in some way recognizes a duty(cid:863) Elements of a contract: there are four elements that are necessary for a contract to exist, #1. The agreement: consists of an offer, by one party, called the offeror, to enter into a contract and an acceptance of the terms of the offer by the other party, called the offeree: #2. Consideration: the bargained-for exchange or what each party gets in exchange for his or her promise under the contract: #3. Contractual capacity: is the legal ability to enter into a binding agreement: #4. Legal object: to be enforceable, the contract cannot be either illegal or against public policy. Defenses to the enforcement of a contract: defenses fall into two categories, #1.
