LAW2001 Lecture Notes - Lecture 2: Arbitration Clause, Life Insurance, Intentional Tort
Document Summary
Sources of contract law: common law for all contracts except sales and leases, ucc article 2 governs the sale of goods. (cid:1688)goods(cid:1689) means anything moveable, except for money, securities, and certain legal rights. (chapter 11) An express contract can be a: written contract, verbal contract (oral, but not written or signed, expressed in writing. Implied contract, where the contract and its terms are created by law, due to the conduct of the parties. If the parties act like they have an agreement, a court can enforce the agreement. Promisee: obligor in a party of 2. Agreement: agreement requires offer and acceptance, parties must show mutual assent to terms of contract, they must understand each other and intend to reach an agreement, offer. It is communicated to the offeree: problems with intent must be certain, an advertisement is generally not an offer, a statement of future intent may or may not be an.
