UGBA 175 Lecture 17: UGBA175 Lec 17 10_27_2016
28 Oct 2016
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Chapter 17, problem 21 contracts, company is worth nothing. City won, if lawyers had won the case everything could sue and win money: company"s assets are the contracts it possess, if they cant transfer their. Solution: should put a (cid:498)in consideration of(cid:499) clause. Even though they were intended beneficiaries, the court said they weren"t. Timing of conditions (1) subsequent: event terminates the previous existing duty, ex. Return of goods (satisfaction condition: subsequent of performance (2) precedent, happens before performance (3) concurrent, conditions happen simultaneously, mutual duties occur at the same time. Implied in fact conditions infer from contract. Implied in law conditions implied by the court. If selling a car, it is implied that you are the lawful owner of that vehicle and that you are paying in the u. s. dollars. Ucc is generally more lenient to promote trade (1) no mirror rule/ counteroffer (2) no consideration for modification (3) only quantity required to be specified.
