ACC 205 Lecture 10: Lecture10
Document Summary
Ucc: code that every state in the us has adopted in some form article 2, sale of goods. Cl: everything that"s not the sale of goods or merchants. K: symbol used in place of contract . Contractual capacity : legal ability to enter into binding k. Legal objec t: k must have a lawful purpose or subject. Minors, incompetent, agent acting outside scope, etc. No k"s to do illegal activity, statute of frauds, etc. Sof: certain contracts have to be in writing: sale of land, or not legal. Didn"t actually agree to do the contract. If the state says there has to be a certain type of form (how a contract looks or created) Bc: a promise in exchange for a promise is either bilateral or unilateral. Bill agtees to pay fred in exchange for fred"s promise to complete the work by oct. 31. Uc: a promise in return for performance of act.
