BLAW 2200 Lecture Notes - Lecture 9: Uniform Commercial Code, Fax
31 Oct 2017
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Document Summary
Elements required for contract formation: agreement (offer and acceptance, consideration (bargained-for exchange, contractual capacity (legal ability to enter binding contract, legal object. Defenses to enforcement of contract: lack of genuine assent (fraud, duress, undue influence, misrepresentation) true honesty, lack of proper form requirements (statute of frauds writing requirement) Sources of contract law: state common law, uniform commercial code (article 2, governs contracts for the sale of goods. Classification of contracts: bilateral or unilateral: bilateral contract: exchange of promises (promise to perform, unilateral contract: promise in return for performance of act (actual performance) Classification of contracts: valid, void, or voidable: valid contract: all elements of contract formation satisfied, void contract: illegal purpose/subject matter; unenforceable, voidable contract: 1 or both parties withdraw from contract. Classification of contracts: executed or executory: executed contract: all terms of contract fully performed, executory contract: some duties under contract not performed by 1/both parties.
